<SEC-DOCUMENT>0000950123-11-044759.txt : 20110504
<SEC-HEADER>0000950123-11-044759.hdr.sgml : 20110504
<ACCEPTANCE-DATETIME>20110504170837
ACCESSION NUMBER:		0000950123-11-044759
CONFORMED SUBMISSION TYPE:	F-4
PUBLIC DOCUMENT COUNT:		131
FILED AS OF DATE:		20110504
DATE AS OF CHANGE:		20110504

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRECISION DRILLING Corp
		CENTRAL INDEX KEY:			0001013605
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926
		FILM NUMBER:		11811258

	BUSINESS ADDRESS:	
		STREET 1:		150 - 6TH AVENUE S.W.
		STREET 2:		SUITE 4200
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		403-716-4500

	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 TRUST
		DATE OF NAME CHANGE:	20051121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PRECISION DRILLING CORP
		DATE OF NAME CHANGE:	19960506

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREY WOLF INTERNATIONAL, INC.
		CENTRAL INDEX KEY:			0001038891
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				760000351
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-05
		FILM NUMBER:		11811263

	BUSINESS ADDRESS:	
		STREET 1:		10350 RICHMOND AVENUE, SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		(403) 716-4500

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREY WOLF INTERNATIONAL INC
		DATE OF NAME CHANGE:	19980618

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DI INTERNATIONAL INC
		DATE OF NAME CHANGE:	19970508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DI ENERGY, INC.
		CENTRAL INDEX KEY:			0001038893
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				742175411
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-07
		FILM NUMBER:		11811265

	BUSINESS ADDRESS:	
		STREET 1:		10350 RICHMOND AVENUE, SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		(403) 716-4500

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DI ENERGY INC
		DATE OF NAME CHANGE:	19970508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MURCO DRILLING CORP
		CENTRAL INDEX KEY:			0001064400
		IRS NUMBER:				720512163
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-04
		FILM NUMBER:		11811262

	BUSINESS ADDRESS:	
		STREET 1:		10350 RICHMOND AVENUE, SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		(403) 716-4500

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Precision Drilling Co LP
		CENTRAL INDEX KEY:			0001243343
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				760590999
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-03
		FILM NUMBER:		11811261

	BUSINESS ADDRESS:	
		STREET 1:		10350 RICHMOND AVENUE, SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		(403) 716-4500

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREY WOLF DRILLING CO LP
		DATE OF NAME CHANGE:	20030618

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Precision Drilling LLC
		CENTRAL INDEX KEY:			0001243345
		IRS NUMBER:				721433406
		STATE OF INCORPORATION:			LA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-01
		FILM NUMBER:		11811259

	BUSINESS ADDRESS:	
		STREET 1:		10350 RICHMOND AVENUE, SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		(403) 716-4500

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREY WOLF LLC
		DATE OF NAME CHANGE:	20030618

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Precision Drilling Holdings Co
		CENTRAL INDEX KEY:			0001243347
		IRS NUMBER:				741987143
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-02
		FILM NUMBER:		11811260

	BUSINESS ADDRESS:	
		STREET 1:		10350 RICHMOND AVENUE, SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		(403) 716-4500

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREY WOLF HOLDINGS CO
		DATE OF NAME CHANGE:	20030618

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DI/PERFENSA INC.
		CENTRAL INDEX KEY:			0001243350
		IRS NUMBER:				760378440
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-06
		FILM NUMBER:		11811264

	BUSINESS ADDRESS:	
		STREET 1:		10350 RICHMOND AVENUE, SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		(413) 716-4500

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DI  PERFENSA INC
		DATE OF NAME CHANGE:	20030618

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Grey Wolf Supply Inc.
		CENTRAL INDEX KEY:			0001517999
		IRS NUMBER:				270185992
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-14
		FILM NUMBER:		11811272

	BUSINESS ADDRESS:	
		STREET 1:		10350 RICHMOND AVENUE, SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		(403)716-4500

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Precision Completion & Production Services Ltd.
		CENTRAL INDEX KEY:			0001518003
		IRS NUMBER:				980679637
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-13
		FILM NUMBER:		11811271

	BUSINESS ADDRESS:	
		STREET 1:		10350 RICHMOND AVENUE, SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		(403)716-4500

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Precision Directional Services, Inc.
		CENTRAL INDEX KEY:			0001518005
		IRS NUMBER:				450603611
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-12
		FILM NUMBER:		11811270

	BUSINESS ADDRESS:	
		STREET 1:		10350 RICHMOND AVENUE, SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		(403)716-4500

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Precision Drilling, Inc.
		CENTRAL INDEX KEY:			0001518023
		IRS NUMBER:				264435759
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-11
		FILM NUMBER:		11811269

	BUSINESS ADDRESS:	
		STREET 1:		10350 RICHMOND AVENUE, SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		(403)716-4500

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Precision Drilling Oilfield Services Corp
		CENTRAL INDEX KEY:			0001518024
		IRS NUMBER:				263638348
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-17
		FILM NUMBER:		11811275

	BUSINESS ADDRESS:	
		STREET 1:		10350 RICHMOND AVENUE, SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		(403)716-4500

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Precision Oilfield Personnel Services Ltd.
		CENTRAL INDEX KEY:			0001518141
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-16
		FILM NUMBER:		11811274

	BUSINESS ADDRESS:	
		STREET 1:		4200, 150-6TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		(403)716-4500

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Precision Limited Partnership
		CENTRAL INDEX KEY:			0001518144
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-15
		FILM NUMBER:		11811273

	BUSINESS ADDRESS:	
		STREET 1:		4200, 150-6TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		(403)716-4500

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Grey Wolf International Drilling Corp
		CENTRAL INDEX KEY:			0001518146
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-10
		FILM NUMBER:		11811268

	BUSINESS ADDRESS:	
		STREET 1:		4200, 150 - 6TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		(403)716-4500

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Precision Drilling International Corp
		DATE OF NAME CHANGE:	20110413

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Precision Drilling Canada Limited Partnership
		CENTRAL INDEX KEY:			0001518149
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-09
		FILM NUMBER:		11811267

	BUSINESS ADDRESS:	
		STREET 1:		4200, 150 - 6TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		(403)716-4500

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Precision Diversified Oilfield Services Corp.
		CENTRAL INDEX KEY:			0001518150
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-173926-08
		FILM NUMBER:		11811266

	BUSINESS ADDRESS:	
		STREET 1:		4200, 150 - 6TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
		BUSINESS PHONE:		(403)716-4500

	MAIL ADDRESS:	
		STREET 1:		4200, 150 - 6TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3Y7
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-4
<SEQUENCE>1
<FILENAME>o69608fv4.htm
<DESCRIPTION>FORM F-4
<TEXT>
<HTML>
<HEAD>
<TITLE>fv4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As
filed with the Securities and Exchange Commission on May 4, 2011.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Registration No.&nbsp;333&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>


<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: 12pt"><B><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM F-4<BR>
REGISTRATION STATEMENT</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 1pt"><B><I>Under<BR>
The Securities Act of 1933</I></B><BR>
<DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 1pt"><B>Precision Drilling Corporation</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">
<DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>N/A</B><BR>
(Translation of Registrant&#146;s name into English)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>SEE TABLE OF ADDITIONAL REGISTRANTS</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Alberta, Canada</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1381</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>(Primary Standard Industrial Classification
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>(I.R.S. Employer Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Code Number)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV><BR style="font-size: 6pt">

<B>4200, 150 &#151; 6</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>th</B></SUP><B> Avenue S.W.</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Calgary, Alberta, Canada T2P 3Y7</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(403)&nbsp;716-4500<BR>
(Address and telephone number of<BR>
Registrant&#146;s principal executive offices)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Precision Drilling Oilfield Services Corporation<BR>
10350 Richmond Avenue, Suite&nbsp;700<br>
Houston, Texas 77042<br>
(713)&nbsp;435-6184<br>
(Name, address and telephone number of agent for service)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 1pt"><I>Copies to:</I></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Joanne L. Alexander, Esq.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Ris&#235; B. Norman, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Precision Drilling Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Simpson Thacher &#038; Bartlett LLP</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">4200, 150 &#151; 6th Avenue S.W.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">425 Lexington Avenue</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Calgary, Alberta, Canada T2P 3Y7
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York, New York 10017</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(403) 716-4500
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(212)-455-2000</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Approximate date of commencement of proposed sale to the public: </B>As soon as practicable
after the effective date of this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same
offering. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities
Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If applicable, place an X in the box to designate the appropriate rule provision relied upon
in conducting this transaction:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Act Rule&nbsp;13e-4(i) (Cross-Border Issuer Tender Offer) <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Act Rule&nbsp;14d-1(d) (Cross-Border Third-Party Tender Offer) <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>
<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CALCULATION OF REGISTRATION FEE</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="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="17" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Aggregate</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of each class of Securities to</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount to be</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price Per Note</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate Offering Price</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of Registration</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>be Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(1)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>(1)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
                    <TD align="center" valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">6.625% Senior Notes due 2020
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 1px solid #000000">US$650,000,000
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="bottom" style="border-top: 1px solid #000000">100</TD>
    <TD nowrap valign="bottom" style="border-top: 1px solid #000000">%</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 1px solid #000000">US$650,000,000
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 1px solid #000000">US$75,465</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Guarantees of 6.625% Senior
Notes due 2020 (2)
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 1px solid #000000">N/A
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="bottom" style="border-top: 1px solid #000000">N/A</TD>
    <TD nowrap valign="bottom" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 1px solid #000000">N/A
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 1px solid #000000">N/A (3)</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="17" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(f) under
the Securities Act of 1933, as amended (the &#147;Securities Act&#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="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>See inside facing page for table of registrant guarantors.</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>Pursuant to Rule 457(n) under the Securities Act, no separate filing fee is required for the
guarantees.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The registrants hereby amend this Registration Statement on such date or dates as may be
necessary to delay its effective date until the registrants shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in
accordance with </B><B>Section 8(a)</B><B> of the Securities Act, or until the Registration Statement shall
become effective on such date as the Securities and Exchange Commission, acting pursuant to said
Section&nbsp;</B><B>8(a)</B><B>, may determine.</B>
</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>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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














<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF ADDITIONAL REGISTRANT GUARANTORS</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="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Primary Standard</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Industrial</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Guarantor as Specified in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Classification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>I.R.S. Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Addresses and Telephone</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>its Charter (or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Numbers of Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Organizational Document)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">DI Energy, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">74-2175411
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite&nbsp;700
Houston, TX 77042<BR>

(713)&nbsp;435-6184</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">DI/Perfensa Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0378440
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite&nbsp;700
Houston, TX 77042<BR>

(713)&nbsp;435-6184</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grey Wolf International, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0000351
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite&nbsp;700
Houston, TX 77042<BR>

(713)&nbsp;435-6184</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grey Wolf International
Drilling Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Canada
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not Applicable
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4200, 150 &#151; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>
Avenue, S.W. Calgary, Alberta,
Canada T2P 3Y7 <BR>(403) 716-4500</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grey Wolf Supply Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">27-0185992
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite
700 Houston, TX 77042 <BR>
(713) 435-6184</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Murco Drilling Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">72-0512163
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite
700 Houston, TX 77042 <BR>
(713) 435-6184</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Completion &#038;
Production Services Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">98-0679637
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite
700 Houston, TX 77042 <BR>
(713) 435-6184</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Directional
Services, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">45-0603611
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite
700 Houston, TX 77042 <BR>
(713) 435-6184</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Diversified
Oilfield Services Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Alberta, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not Applicable
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4200, 150 &#151; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>
Avenue, S.W. Calgary, Alberta,
Canada T2P 3Y7 <BR>
(403) 716-4500</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Canada
Limited Partnership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Alberta, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Not Applicable
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4200, 150 &#151; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>
Avenue, S.W. Calgary, Alberta,
Canada T2P 3Y7 <BR>
(403) 716-4500</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Company LP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0590999
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite
700 Houston, TX 77042 <BR>
(713) 435-6184</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
   <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>

</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Primary Standard</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Industrial</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Guarantor as Specified in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Classification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>I.R.S. Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Addresses and Telephone</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>its Charter (or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Numbers of Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Organizational Document)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling
Holdings Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">74-1987143
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite
700 Houston, TX 77042 <BR>
(713) 435-6184</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">26-4435759
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite
700 Houston, TX 77042 <BR>
(713) 435-6184</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Louisiana
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">72-1433406
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite
700 Houston, TX 77042 <BR>
(713) 435-6184</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling
Oilfield Services
Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">26-3638348
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite
700 Houston, TX 77042 <BR>
(713) 435-6184</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Limited Partnership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Alberta, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not Applicable
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4200, 150 &#151; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>
Avenue, S.W. Calgary, Alberta,
Canada T2P 3Y7 <BR>
(403) 716-4500</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Oilfield
Personnel Services Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Alberta, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1381</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Not Applicable
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4200, 150 &#151; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>
Avenue, S.W. Calgary, Alberta,
Canada T2P 3Y7 <BR>
(403) 716-4500</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #C41E3A">The
information in this prospectus is not complete and may be
changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these
securities and it is not soliciting an offer to buy these
securities in any state where the offer or sale is not
permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="color: #C41E3A">SUBJECT TO COMPLETION, DATED MAY
    4, 2011</FONT></B>
</DIV>

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="o69608o6960800.gif" alt="(PRECISION DRILLING LOGO)"><B> </B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">US$650,000,000</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 24pt">PRECISION DRILLING
    CORPORATION</FONT></B>
</DIV>

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

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

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

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Offer to Exchange all outstanding US$650,000,000
    6.625%&#160;Senior Notes due 2020 (the &#147;outstanding
    notes&#148;) for an equal amount of 6.625%&#160;Senior Notes due
    2020, which have been registered under the Securities Act (the
    &#147;exchange notes&#148;).
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We will exchange all outstanding notes that are validly tendered
    and not validly withdrawn for an equal principal amount of
    exchange notes that are freely tradable.
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    You may withdraw tenders of outstanding notes at any time prior
    to the expiration date of the exchange offer.
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The exchange offer expires at 11:59&#160;p.m., New York City
    time,
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011, unless extended. We do not currently intend to extend the
    expiration date.
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The exchange of outstanding notes for exchange notes in the
    exchange offer will not be a taxable event for U.S.&#160;federal
    income tax purposes.
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We will not receive any proceeds from the exchange offer.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The exchange notes are being offered in order to satisfy certain
    of our obligations under the registration rights agreement
    entered into in connection with the placement of the outstanding
    notes.
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The terms of the exchange notes to be issued in the exchange
    offer are substantially identical to the outstanding notes,
    except that the exchange notes will be freely tradable.
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Certain of Precision Drilling Corporation&#146;s United States
    and Canadian subsidiaries initially jointly and severally,
    irrevocably and unconditionally guarantee, on a senior basis,
    the performance and full and punctual payment when due, whether
    at maturity, by acceleration or otherwise, of all obligations of
    Precision Drilling Corporation under the outstanding notes, the
    exchange notes and the indenture governing the notes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Resales
    of Exchange Notes</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The exchange notes may be sold in the over-the-counter market,
    in negotiated transactions or through a combination of such
    methods. We do not plan to list the exchange notes on a national
    market.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All untendered outstanding notes will continue to be subject to
    the restrictions on transfer set forth in the outstanding notes
    and in the indenture. In general, the outstanding notes may not
    be offered or sold, unless registered under the Securities Act,
    except pursuant to an exemption from, or in a transaction not
    subject to, the Securities Act, and applicable state securities
    laws. Other than in connection with the exchange offer, we do
    not currently anticipate that we will register the outstanding
    notes under the Securities Act.
</DIV>

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

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

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

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

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You should consider carefully the risk factors beginning on
    page&#160;9 of this prospectus before participating in the
    exchange offer.</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of the
    exchange notes to be distributed in the exchange offer or passed
    upon the adequacy or accuracy of this prospectus. Any
    representation to the contrary is a criminal offense.</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Your ability to enforce civil liabilities under the United
    States federal securities laws may be affected adversely because
    we are incorporated in Canada, most of our officers and
    directors and some of the experts named in this prospectus are
    not residents of the United States, and many of our assets and
    all or a substantial portion of the assets of such persons are
    located outside of the United States.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each broker-dealer that receives exchanges notes for its own
    account pursuant to the exchange offer must acknowledge that it
    will deliver a prospectus in connection with any resale of such
    exchange notes. The letter of transmittal states that by so
    acknowledging and by delivering a prospectus, a broker-dealer
    will not be deemed to admit that it is an
    &#147;underwriter&#148; within the meaning of the Securities
    Act. This prospectus, as it may be amended or supplemented from
    time to time, may be used by a broker-dealer in connection with
    resales of the exchange notes received in for the outstanding
    notes where such outstanding notes were acquired by such
    broker-dealer as a result of market-making activities or other
    trading activities. Precision Drilling Corporation has agreed
    that, for a period of 180&#160;days after the expiration date,
    it will make this prospectus available to any broker-dealer for
    use in connection with any such resale. See &#147;Plan of
    Distribution.&#148;
</DIV>

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

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

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

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

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

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

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

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

<DIV align="left">
<A name="O69608tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608101'><FONT style="font-variant: SMALL-CAPS">Enforceability
    of Civil Liabilities Against Foreign Persons</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608102'><FONT style="font-variant: SMALL-CAPS">Presentation
    of Financial Information</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608103'><FONT style="font-variant: SMALL-CAPS">Currency
    Translation</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608104'><FONT style="font-variant: SMALL-CAPS">Documents
    Incorporated by Reference and Where You Can Find More
    Information</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    iii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608105'><FONT style="font-variant: SMALL-CAPS">Market and
    Industry Data</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    iv
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608106'><FONT style="font-variant: SMALL-CAPS">Trademarks
    and Service Marks</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    iv
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608107'><FONT style="font-variant: SMALL-CAPS">Summary</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608108'><FONT style="font-variant: SMALL-CAPS">Risk
    Factors</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608109'><FONT style="font-variant: SMALL-CAPS">Use of
    Proceeds</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608110'><FONT style="font-variant: SMALL-CAPS">Selected
    Historical Consolidated Financial and Operating Data</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608111'><FONT style="font-variant: SMALL-CAPS">Management</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608112'><FONT style="font-variant: SMALL-CAPS">Compensation
    Discussion and Analysis</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608113'><FONT style="font-variant: SMALL-CAPS">Beneficial
    Ownership of Precision Drilling Corporation Securities</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608114'><FONT style="font-variant: SMALL-CAPS">Related
    Party Transactions</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608115'><FONT style="font-variant: SMALL-CAPS">The
    Exchange Offer</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608116'><FONT style="font-variant: SMALL-CAPS">Description
    of the Exchange Notes</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608117'><FONT style="font-variant: SMALL-CAPS">Certain
    Federal Income Tax Considerations</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    120
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608118'><FONT style="font-variant: SMALL-CAPS">Certain
    ERISA Considerations</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    121
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608119'><FONT style="font-variant: SMALL-CAPS">Plan of
    Distribution</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    123
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608120'><FONT style="font-variant: SMALL-CAPS">Canadian
    Securities Laws Matters</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    124
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608121'><FONT style="font-variant: SMALL-CAPS">Legal
    Matters</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    125
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#O69608122'><FONT style="font-variant: SMALL-CAPS">Experts</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    125
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus does not constitute an offer to sell, or a
    solicitation of an offer to buy, any of the exchange notes to
    any person in any jurisdiction where it is unlawful to make such
    an offer or solicitation. The information contained or
    incorporated by reference in this prospectus speaks only as of
    the date of this prospectus or the date of such incorporated
    document unless the information specifically indicates that
    another date applies. No dealer, salesperson or other person has
    been authorized to give any information or to make any
    representations other than those contained or incorporated by
    reference in this prospectus in connection with the offer
    contained herein and, if given or made, such information or
    representations must not be relied upon as having been
    authorized by Precision Drilling Corporation. Neither the
    delivery of this prospectus nor any sales made hereunder shall
    under any circumstances create any implication that there has
    been no change in our affairs or that of our subsidiaries since
    the date hereof.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    i
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<A name='O69608101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">ENFORCEABILITY
    OF CIVIL LIABILITIES AGAINST FOREIGN PERSONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Precision Drilling Corporation is a corporation amalgamated
    under the laws of the Province of Alberta and is governed by the
    applicable provincial and federal laws of Canada. A majority of
    our directors and officers and some of the experts named in this
    prospectus and the documents incorporated by reference herein
    reside principally in Canada. Because most of these persons are
    located outside the United States, it may not be possible for
    you to effect service of process within the United States on
    these persons. Furthermore, it may not be possible for you to
    enforce against us or them, in the United States, judgments
    obtained in United States courts, because a portion of our
    assets and a substantial portion of the assets of these persons
    are located outside the United States.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There is doubt as to the enforceability, in original actions in
    Canadian courts, of liabilities based on the United States
    federal securities laws or &#147;blue sky&#148; laws of any
    state within the United States and as to the enforceability in
    Canadian courts of judgments of United States courts obtained in
    actions based on the civil liability provisions of the United
    States federal securities laws or any such state securities or
    blue sky laws. Therefore, it may not be possible to enforce
    those judgments against us, our directors and officers or some
    of the experts named in this prospectus or the documents
    incorporated by reference herein.
</DIV>

<A name='O69608102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">PRESENTATION
    OF FINANCIAL INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In this prospectus references to &#147;C$&#148; and
    &#147;Canadian dollars&#148; are to Canadian dollars and
    references to &#147;US$&#148; and &#147;U.S.&#160;dollars&#148;
    are to United States dollars. See &#147;Currency
    Translation&#148; below.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Rounding adjustments have been made in calculating some of the
    financial information included in this prospectus or
    incorporated by reference herein. As a result, numerical figures
    shown as totals in some tables may not be exact arithmetic
    aggregations of the figures that precede them.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The financial statements incorporated by reference in this
    prospectus have been prepared in accordance with Canadian
    generally accepted accounting principles, or &#147;Canadian
    GAAP.&#148; Canadian GAAP differs in some material respects from
    U.S.&#160;GAAP, and so these financial statements may not be
    comparable to the financial statements of U.S.&#160;companies.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain financial information incorporated by reference in this
    prospectus has been prepared in accordance with International
    Financial Reporting Standards (&#147;IFRS&#148;). IFRS differs
    in some material respects from U.S.&#160;GAAP, and so this
    financial information may not be comparable to the financial
    information of U.S.&#160;companies.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The audited financial statements of Precision incorporated by
    reference in this prospectus have been reconciled to
    U.S.&#160;GAAP. For an explanation of the differences between
    U.S.&#160;GAAP and Canadian GAAP as they relate to the audited
    financial statements, see Note&#160;20 to our audited
    consolidated financial statements for the year ended
    December&#160;31, 2010, incorporated by reference in this
    prospectus.
</DIV>

<A name='O69608103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">CURRENCY
    TRANSLATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth certain exchange rates based on
    the noon exchange rate provided by the Bank of Canada (the
    &#147;noon exchange rate&#148;). These rates are set forth as
    U.S.&#160;dollars per C$1.00 and are the inverse of rates quoted
    by the Bank of Canada for Canadian dollars per US$1.00. On May
    3, 2011, the noon exchange rate was C$1.00 per US$1.0537.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="41%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    High for the period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    US$
</TD>
<TD nowrap align="right" valign="bottom">
    1.0782
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    US$
</TD>
<TD nowrap align="right" valign="bottom">
    0.9716
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    US$
</TD>
<TD nowrap align="right" valign="bottom">
    1.0289
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    US$
</TD>
<TD nowrap align="right" valign="bottom">
    1.0905
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    US$
</TD>
<TD nowrap align="right" valign="bottom">
    0.9099
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Low for the period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.9970
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.7692
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.7711
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.8437
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.8528
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    End of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.9980
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.9555
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.8256
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.0203
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.8621
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Average for the period(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.0300
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.8833
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.9397
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.9418
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.8846
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Average represents the average of the rates on the last day of
    each month during the period.</TD>
</TR>

</TABLE>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    ii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="29%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>November</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>January</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>February</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>April</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    High for the period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    US$
</TD>
<TD nowrap align="right" valign="bottom">
    1.0022
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    US$
</TD>
<TD nowrap align="right" valign="bottom">
    1.0075
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    US$
</TD>
<TD nowrap align="right" valign="bottom">
    1.0140
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    US $
</TD>
<TD nowrap align="right" valign="bottom">
    1.0268
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    US $
</TD>
<TD nowrap align="right" valign="bottom">
    1.0324
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    US $
</TD>
<TD nowrap align="right" valign="bottom">
    1.0581
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Low for the period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.9722
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.9735
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.9978
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.0045
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.0083
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.0331
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<A name='O69608104'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DOCUMENTS
    INCORPORATED BY REFERENCE AND<BR>
    WHERE YOU CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following documents of Precision Drilling Corporation
    (&#147;Precision&#148; or the &#147;Company&#148;), filed with
    the SEC (available on EDGAR at www.sec.gov) include important
    business and financial information about the company and are
    specifically incorporated by reference into and form an integral
    part of this prospectus:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Precision&#146;s annual report on
    <FONT style="white-space: nowrap">Form&#160;40-F</FONT>
    for the year ended December&#160;31, 2010 (filed on Edgar on
    March&#160;30, 2011), which includes:
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="8%"></TD>
    <TD width="4%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    our annual information form dated March&#160;25, 2011 for the
    year ended December&#160;31, 2010;
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="8%"></TD>
    <TD width="4%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    our consolidated financial statements for the fiscal year ended
    December&#160;31, 2010;
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="8%"></TD>
    <TD width="4%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (c)&#160;
</TD>
    <TD align="left">
    management&#146;s discussion and analysis of financial condition
    and results of operations for the fiscal year ended
    December&#160;31, 2010;
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the management information circular of Precision dated
    April&#160;1, 2011 (filed on EDGAR on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    on April&#160;15, 2011);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the 2011 first quarter financial results of Precision (filed on
    EDGAR on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    on April&#160;26, 2011);&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Information we file, to the extent specified in such filing to
    be incorporated by reference in this prospectus, with the SEC
    after the date of this prospectus and prior to the consummation
    of the exchange offer.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Any statement contained in a document incorporated by
    reference herein shall be deemed to be modified or superseded
    for the purposes of this prospectus to the extent that a
    statement contained herein modifies or supersedes such
    statement. The modifying or superseding statement need not state
    that it has modified or superseded a prior statement or include
    any other information set forth in the document that it modifies
    or supersedes. The making of a modifying or superseding
    statement shall not be deemed an admission for any purposes that
    the modified or superseded statement, when made, constituted a
    misrepresentation, an untrue statement of a material fact or an
    omission to state a material fact that is required to be stated
    or that is necessary to make a statement not misleading in light
    of the circumstances in which it was made. Any statement so
    modified or superseded shall not be deemed, except as so
    modified or superseded, to constitute a part of this
    prospectus.</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our SEC filings can be read and copied at the SEC&#146;s public
    reference room at the following location:
</DIV>

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

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

    <FONT style="font-family: 'Times New Roman', Times">Public
    Reference Room<BR>
    100&#160;F&#160;Street, N.E.<BR>
    Room&#160;1580<BR>
    Washington, DC 20549
    </FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Please call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the public reference room. These SEC
    filings are also available to the public from commercial
    document retrieval services and at the Internet web site
    maintained by the SEC at
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
    Reports and other information concerning us also may be
    inspected at the offices of the New York Stock Exchange, which
    is located at 20&#160;Broad Street, New York, New York 10005.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus contains summaries of certain agreements that we
    have entered into, such as the indenture governing the exchange
    notes offered hereby, the registration rights agreement relating
    to the exchange notes and certain other material agreements
    described in this prospectus. The descriptions contained in this
    prospectus of these agreements do not purport to be complete and
    are subject to, or qualified in their entirety by reference to,
    the definitive agreements. Copies of the definitive agreements
    will be made available to you in response to a written request
    to us at our offices at 4200, 150&#160;&#150; 6th&#160;Avenue,
    S.W., Calgary, Alberta, Canada T2P 3Y7.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    iii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<A name='O69608105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">MARKET
    AND INDUSTRY DATA</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Market data and other statistical information used throughout
    this prospectus and the documents incorporated by reference
    herein are based on internal company research, independent
    industry publications, government publications, reports by
    market research firms or other published independent sources.
    Industry surveys, publications, consultant surveys and forecasts
    generally state that the information contained therein has been
    obtained from sources believed to be reliable. Although we
    believe such information is accurate and reliable, we have not
    independently verified any of the data from third-party sources
    cited or used for our management&#146;s industry estimates, nor
    have we ascertained the underlying economic assumptions relied
    upon therein. While we believe internal company estimates are
    reliable, such estimates have not been verified by any
    independent sources, and we make no representations as to the
    accuracy of such estimates. Statements as to our position
    relative to our competitors or as to market share refer to the
    most recent available data.
</DIV>

<A name='O69608106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">TRADEMARKS
    AND SERVICE MARKS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We own or have rights to use the trademarks, service marks and
    trade names that we use in connection with the operation of our
    business. Each trademark, service mark and trade name of any
    other company appearing in this prospectus or the documents
    incorporated by reference herein is, to our knowledge, owned by
    such other company. Solely for convenience, the trademarks,
    service marks and trade names referred to in this prospectus or
    the documents incorporated by reference herein are listed
    without the
    <SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>,

    <SUP style="font-size: 85%; vertical-align: top"><FONT style="font-variant: SMALL-CAPS">sm</FONT></SUP>

    and
    <SUP style="font-size: 85%; vertical-align: top"><FONT style="font-variant: SMALL-CAPS">tm</FONT></SUP>

    symbols, but such references are not intended to indicate in any
    way that we will not assert, to the fullest extent under
    applicable law, our rights or the rights of the applicable
    licensors to these trademarks, service marks and trade names.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    iv
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<A name='O69608107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>This summary highlights information appearing elsewhere in
    this prospectus. This summary is not complete and does not
    contain all of the information that you should consider before
    participating in the exchange offer. You should carefully read
    the entire prospectus and the documents incorporated by
    reference herein, including the financial data and related notes
    and the section entitled &#147;Risk Factors.&#148;</I>
</DIV>

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

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

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

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are a leading independent North American provider of oil and
    natural gas drilling and drilling-related services and products.
    We specialize in providing onshore drilling services in most
    major conventional and unconventional oil and natural gas basins
    in Canada and the United States and have an emerging presence
    internationally. We also provide well servicing and ancillary
    wellsite products and services primarily in Canada. As of the
    date of this prospectus, we believe that we are the largest
    contract land driller in Canada and the second largest in North
    America, based on the number of rigs in our drilling rig fleet,
    which presently consists of 355&#160;land drilling rigs and
    200&#160;well servicing rigs.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our business is carried out in two segments: Contract Drilling
    Services and Completion and Production Services. In Canada, our
    Contract Drilling Services segment includes land drilling
    services, as well as procurement and distribution of oilfield
    supplies and the manufacture and refurbishment of drilling and
    service rig equipment principally for our own use. In the United
    States and internationally, our Contract Drilling Services
    segment carries out land drilling services. Our Completion and
    Production Services segment provides service rigs for well
    completion and workover services, snubbing services, water
    treatment services and camp and catering services primarily for
    the Canadian market. Our rental business provides oilfield
    surface equipment, tubulars, well control equipment and wellsite
    accommodations in support of the drilling and well service
    markets in Canada.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The company was originally incorporated in 1985. Our principal
    executive offices are located at 4200, 150&#160;&#151;
    6th&#160;Avenue S.W., Calgary, Alberta, Canada T2P 3Y7, and our
    telephone number is
    <FONT style="white-space: nowrap">(403)&#160;716-4500.</FONT>
    Our website can be found at www.precisiondrilling.com.
    Information on our website is not a part of this prospectus.
</DIV>

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

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

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

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>2011 Senior Note Offering.</I>&#160;&#160;On March&#160;15,
    2011, Precision announced the closing of its offering (the
    &#147;2011 Note Offering&#148;) of C$200&#160;million aggregate
    principal amount of 6.50%&#160;senior unsecured notes due 2019
    (the &#147;existing notes&#148;) in a private placement offering
    to Canadian investors. The net proceeds from the 2011 Note
    Offering and available cash were used by Precision to repay its
    outstanding indebtedness under its revolving credit facility.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Repayment of the 10%&#160;Senior Note.</I>&#160;&#160;On
    February&#160;23, 2011, Precision repaid, in full, the
    10%&#160;senior unsecured note (the &#147;10%&#160;Senior
    Note&#148;) issued to Her Majesty the Queen in Right of the
    Province of Alberta, represented by the Alberta Investment
    Management Corporation (&#147;AIMCo&#148;). The aggregate
    repayment of approximately C$204&#160;million, included the
    C$175&#160;million in principal, accrued interest and a
    &#147;make-whole&#148; amount payable to AIMCo under the terms
    of the 10%&#160;Senior Note. The repayment was made from cash on
    hand and borrowings under our revolving credit facility. The
    accrued interest and the &#147;make-whole&#148; premium were
    charged to earnings in the first quarter of 2011.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Tax Reassessment.</I>&#160;&#160;On February&#160;9, 2011,
    Precision received a notice of reassessment from Canada Revenue
    Agency for C$216&#160;million relating to a transaction that
    occurred in the 2005 tax year. Precision will appeal this
    reassessment as it vigorously defends what it believes to be a
    correct filing position related to this transaction. The appeal
    process required Precision to pay security of approximately
    C$108&#160;million, which has been paid.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>International Expansion.</I>&#160;&#160;In the first quarter
    of 2011, Grey Wolf International, a wholly-owned subsidiary of
    Precision, commenced opening new offices in Bogota, Colombia and
    redeployed the rig used at the Copiapo mine rescue in Chile to
    shore facilities in Santa Marta, Colombia. Grey Wolf also
    commenced opening new offices in Dubai, United Arab Emirates in
    the first quarter of 2011.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Transition to International Financial Reporting
    Standards.</I>&#160;&#160;As of January&#160;1, 2011, Precision
    began preparing its financial statements under IFRS and future
    financial statements will be prepared in compliance with IFRS as
    if Precision had always followed these standards. Certain
    first-time adoption elections may be made which will impact the
    opening balance sheet amounts.
</DIV>
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</DIV><!-- End box 1 -->

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    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

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

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

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On November&#160;17, 2010, Precision completed the private
    offering of US$650,000,000 aggregate principal amount of our
    6.625%&#160;Senior Notes due 2020, which we refer in this
    prospectus as the &#147;outstanding notes.&#148; The term
    &#147;exchange notes&#148; refers to the 6.625%&#160;Senior
    Notes due 2020 as registered under the Securities Act of 1933,
    as amended (the &#147;Securities Act&#148;). References to the
    &#147;notes&#148; in this prospectus are references to both the
    outstanding notes and the exchange notes. This prospectus is
    part of a registration statement covering the exchange of the
    outstanding notes for the exchange notes.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Precision and the guarantors entered into a registration rights
    agreement with the initial purchasers in the private offering in
    which Precision and the guarantors agreed to deliver to you this
    prospectus as part of the exchange offer and agreed to file the
    registration statement to which this prospectus relates with the
    Securities and Exchange Commission (the &#147;SEC&#148;) not
    later than 270&#160;days after the closing of the private
    offering and to use commercially reasonable efforts to cause
    such registration statement covering the exchange offer to be
    declared effective. You are entitled to exchange in the exchange
    offer your outstanding notes for exchange notes which are
    identical in all material respects to the outstanding notes
    except:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange notes have been registered under the Securities Act;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange notes are not entitled to certain registration
    rights which are applicable to the outstanding notes under the
    registration rights agreement;&#160;and
</TD>
</TR>

<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain additional interest rate provisions are no longer
    applicable.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    The Exchange Offer</TD>
    <TD></TD>
    <TD valign="bottom">
    We are offering to exchange up to US$650,000,000 aggregate
    principal amount of our 6.625%&#160;Senior Notes due 2020, which
    have been registered under the Securities Act, for up to
    US$650,000,000 aggregate principal amount of our existing
    6.625%&#160;Senior Notes due 2020. Outstanding notes may be
    exchanged only in denominations of US$2,000 and integral
    multiples of US$1,000 in excess of US$2,000.</TD>
</TR>

<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Resale</TD>
    <TD></TD>
    <TD valign="bottom">
    Based on an interpretation by the staff of the SEC set forth in
    no-action letters issued to third parties, we believe that the
    exchange notes issued pursuant to the exchange offer in exchange
    for the outstanding notes may be offered for resale, resold and
    otherwise transferred by you (unless you are our
    &#147;affiliate&#148; within the meaning of Rule&#160;405 under
    the Securities Act) in the United States without compliance with
    the registration and prospectus delivery provisions of the
    Securities Act, provided that:</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you are acquiring the exchange notes in the ordinary
    course of your business; and</DIV>
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you have not engaged in, do not intend to engage in,
    and have no arrangement or understanding with any person to
    participate in, a distribution of the exchange notes.</DIV>
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    If you are a broker-dealer and receive exchange notes for your
    own account in exchange for outstanding notes that you acquired
    as a result of market-making activities or other trading
    activities, you must acknowledge that you will deliver this
    prospectus in connection with any resale of the exchange notes.
    See &#147;Plan of Distribution.&#148;</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Any holder of outstanding notes who:</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;is our affiliate;</DIV>
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;does not acquire exchange notes in the ordinary
    course of its business; or</DIV>
</TD>
</TR>

</TABLE>
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    <BR>
    2
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<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;tenders its outstanding notes in the exchange offer
    with the intention to participate, or for the purpose of
    participating, in a distribution of exchange notes;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    cannot rely on the position of the staff of the SEC enunciated
    in <I>Morgan Stanley&#160;&#038; Co. Incorporated </I>(available
    June&#160;5, 1991)&#160;and <I>Exxon Capital Holdings
    Corporation </I>(available May&#160;13, 1988), as interpreted in
    <I>Shearman&#160;&#038; Sterling</I> (available July&#160;2,
    1993), or similar no-action letters and, in the absence of an
    exemption therefrom, must comply with the registration and
    prospectus delivery requirements of the Securities Act in
    connection with any resale of the exchange notes in the United
    States.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Expiration Date; Withdrawal of Tender</TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange offer will expire at 11:59&#160;p.m., New York City
    time,
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011, unless extended by us. We do not currently intend to
    extend the expiration date. You may withdraw the tender of your
    outstanding notes at any time prior to the expiration of the
    exchange offer. We will return to you any of your outstanding
    notes that are not accepted for any reason for exchange, without
    expense to you, promptly after the expiration or termination of
    the exchange offer.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Conditions to the Exchange Offer</TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange offer is subject to customary conditions, which we
    may waive. See &#147;The Exchange Offer&#160;&#151; Conditions
    to the Exchange Offer&#148; of this prospectus for more
    information.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Procedures for Tendering Outstanding Notes</TD>
    <TD></TD>
    <TD valign="bottom">
    If you wish to participate in the exchange offer, you must
    complete, sign and date the accompanying letter of transmittal
    according to the instructions contained in this prospectus and
    the letter of transmittal. You must then mail or otherwise
    deliver the letter of transmittal together with your outstanding
    notes and any other required documents, to the exchange agent at
    the address set forth on the cover page of the letter of
    transmittal.<BR></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    If you hold outstanding notes through The Depository
    Trust&#160;Company (&#147;DTC&#148;) and wish to participate in
    the exchange offer, you must comply with the Automated Tender
    Offer Program procedures of DTC by which you will agree to be
    bound by the letter of transmittal. By signing, or agreeing to
    be bound by, the letter of transmittal, you will represent to us
    that, among other things:</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you are not our &#147;affiliate&#148; within the
    meaning of Rule&#160;405 under the Securities Act;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you do not have an arrangement or understanding with
    any person or entity to participate in the distribution of the
    exchange notes;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you are acquiring the exchange notes in the ordinary
    course of your business; and</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;if you are a broker-dealer that will receive
    exchange notes for your own account in exchange for outstanding
    notes that were acquired as a result of market-making
    activities, you will deliver a prospectus, as required by law,
    in connection with any resale of such exchange notes in the
    United States.</DIV>
</TD>
</TR>

</TABLE>
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    <BR>
    3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Special Procedures for Beneficial Owners</TD>
    <TD></TD>
    <TD valign="bottom">
    If you are a beneficial owner of outstanding notes which are
    registered in the name of a broker, dealer, commercial bank,
    trust company or other nominee, and you wish to tender such
    outstanding notes in the exchange offer, you should contact such
    registered holder promptly and instruct such registered holder
    to tender on your behalf. If you wish to tender on your own
    behalf, you must, prior to completing and executing the letter
    of transmittal and delivering your outstanding notes, either
    make appropriate arrangements to register ownership of the
    outstanding notes in your name or obtain a properly completed
    bond power from the registered holder. The transfer of
    registered ownership may take considerable time and may not be
    able to be completed prior to the expiration date.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Guaranteed Delivery Procedures</TD>
    <TD></TD>
    <TD valign="bottom">
    If you wish to tender your outstanding notes and your
    outstanding notes are not immediately available or you cannot
    deliver your outstanding notes, the letter of transmittal or any
    other required documents, or you cannot comply with the
    procedures under DTC&#146;s Automated Tender Offer Program for
    transfer of book-entry interests prior to the expiration date,
    you must tender your outstanding notes according to the
    guaranteed delivery procedures set forth in this prospectus
    under &#147;The Exchange Offer&#160;&#151; Guaranteed Delivery
    Procedures.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    Effect on Holders of Outstanding Notes</TD>
    <TD></TD>
    <TD valign="bottom">
    As a result of the making of, and upon acceptance for exchange
    of all validly tendered outstanding notes pursuant to the terms
    of the exchange offer, we and the guarantors will have fulfilled
    a covenant contained in the registration rights agreement and,
    accordingly, there will be no increase in the interest rate on
    the outstanding notes under the circumstances described in the
    registration rights agreement. If you are a holder of
    outstanding notes and you do not tender your outstanding notes
    in the exchange offer, you will continue to hold such
    outstanding notes and you will be entitled to all the rights and
    limitations applicable to the outstanding notes as set forth in
    the indenture, except we and the guarantors will not have any
    further obligations to you to provide for the exchange and
    registration of untendered outstanding notes under the
    registration rights agreement. To the extent that outstanding
    notes are tendered and accepted in the exchange offer, the
    trading market for outstanding notes that are not so tendered
    and accepted could be adversely affected.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Consequences of Failure to Exchange</TD>
    <TD></TD>
    <TD valign="bottom">
    All untendered outstanding notes will continue to be subject to
    the restrictions on transfer provided for in the outstanding
    notes and in the indenture. In general, the outstanding notes
    may not be offered or sold in the United States, unless
    registered under the Securities Act, except pursuant to an
    exemption from, or in a transaction not subject to, the
    Securities Act and applicable state securities laws. Other than
    in connection with the exchange offer, we and the guarantors do
    not currently anticipate that we will register the outstanding
    notes under the Securities Act.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Certain Federal Income Tax Consequences</TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange of outstanding notes in the exchange offer will not
    constitute a taxable event for United States federal or Canadian
    federal </TD>
</TR>
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    <BR>
    4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    income tax purposes. See &#147;Certain Federal Income Tax
    Considerations.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    Accounting Treatment</TD>
    <TD></TD>
    <TD valign="bottom">
    We will record the exchange notes in our accounting records at
    the same carrying value as the outstanding notes, which is the
    aggregate principal amount as reflected in our accounting
    records on the date of exchange. Accordingly, we will not
    recognize any gain or loss for accounting purposes upon the
    consummation of the exchange offer. We will record the expenses
    of the exchange offer as incurred.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Regulatory Approvals</TD>
    <TD></TD>
    <TD valign="bottom">
    Other than compliance with the Securities Act and other
    applicable securities laws and qualification of the indenture
    governing the notes under the Trust&#160;Indenture Act, there
    are no federal or state regulatory requirements that must be
    complied with or approvals that must be obtained in connection
    with the exchange offer.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Use of Proceeds</TD>
    <TD></TD>
    <TD valign="bottom">
    We will not receive any cash proceeds from the issuance of
    exchange notes pursuant to the exchange offer. See &#147;Use of
    Proceeds.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    Exchange Agent</TD>
    <TD></TD>
    <TD valign="bottom">
    The Bank of New York Mellon is the exchange agent for the
    exchange offer. The contact information for the exchange agent
    is set forth in the section captioned &#147;The Exchange
    Offer&#160;&#151; Exchange Agent&#148; of this prospectus.</TD>
</TR>

</TABLE>
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    <BR>
    5
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Issuer</TD>
    <TD></TD>
    <TD valign="bottom">
    Precision Drilling Corporation</TD>
</TR>


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

<TR>
    <TD valign="top">
    Securities Offered</TD>
    <TD></TD>
    <TD valign="bottom">
    US$650,000,000 aggregate principal amount of 6.625%&#160;Senior
    Notes due 2020.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Maturity</TD>
    <TD></TD>
    <TD valign="bottom">
    November&#160;15, 2020.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Interest</TD>
    <TD></TD>
    <TD valign="bottom">
    The notes bear interest at a rate of 6.625% per year. We will
    make interest payments in U.S. dollars.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Interest Payment Dates</TD>
    <TD></TD>
    <TD valign="bottom">
    May 15 and November&#160;15, beginning on May&#160;15, 2011.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Guarantees</TD>
    <TD></TD>
    <TD valign="bottom">
    The notes are guaranteed, jointly and severally, by current and
    future U.S. and Canadian subsidiaries that also guarantee our
    revolving credit facility and certain other future indebtedness.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Mandatory Redemption</TD>
    <TD></TD>
    <TD valign="bottom">
    We are not required to make mandatory redemption or sinking fund
    payments with respect to the notes.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Optional Redemption</TD>
    <TD></TD>
    <TD valign="bottom">
    Prior to November&#160;15, 2013, we may redeem up to 35% of the
    notes with the net proceeds of certain equity offerings. At any
    time prior to November&#160;15, 2015, we may redeem the notes in
    whole or in part at their principal amount, plus the applicable
    premium and accrued interest. We may redeem the notes in whole
    or in part at any time on or after November&#160;15, 2015, at
    the redemption prices described under the heading
    &#147;Description of the Exchange Notes&#160;&#151; Optional
    Redemption.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    Additional Amounts and Redemption for Changes in Canadian
    Withholding Taxes</TD>
    <TD></TD>
    <TD valign="bottom">
    Except as required by law, we will make payments on the notes
    free of withholding or deduction for Canadian taxes. If
    withholding or deduction is required, we will, subject to
    certain customary exceptions, be required to pay additional
    amounts so that the net amounts you receive will equal the
    amount you would have received if withholding or deduction had
    not been imposed. If, as a result of a change in law occurring
    on or after the date of the indenture, we are required to pay
    such additional amounts, we may redeem the notes in whole but
    not in part, at any time at 100% of their principal amount, plus
    accrued and unpaid interest, if any, to the redemption date. See
    &#147;Description of the Exchange Notes&#160;&#151; Payment of
    Additional Amounts&#148; and &#147;Description of the Exchange
    Notes&#160;&#151; Optional Redemption&#160;&#151; Redemption for
    Changes in Tax Law.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    Change of Control Repurchase</TD>
    <TD></TD>
    <TD valign="bottom">
    Upon specified change of control events, each holder of a note
    will have the right to sell to us all or a portion of its notes
    at a purchase price in cash equal to 101% of the principal
    amount, plus accrued and unpaid interest, if any, to the date of
    purchase.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Ranking</TD>
    <TD></TD>
    <TD valign="bottom">
    The notes are:</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;our senior unsecured obligations;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;equal in ranking (&#147;pari passu&#148;) with all
    of our existing and future senior unsecured indebtedness; and</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;senior in right of payment to our subordinated
    indebtedness.</DIV>
</TD>
</TR>

</TABLE>
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    <BR>
    6
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Our secured debt, including borrowings under our revolving
    credit facility, and all of our other secured obligations in
    effect from time to time are effectively senior to the notes to
    the extent of the value of the assets securing such debt or
    other obligations.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will be effectively subordinated to all existing and
    future obligations, including indebtedness and trade payables,
    of any of our subsidiaries that do not guarantee the notes. For
    the year ended December&#160;31, 2010, our non-guarantor
    subsidiaries accounted for a de minimus amount of our revenue
    and EBITDA. As of December&#160;31, 2010, our non-guarantor
    subsidiaries also accounted for a de minimus amount of our
    consolidated assets and liabilities.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Each guarantee of the notes is:</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;a senior unsecured obligation of that guarantor;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;pari passu with all existing and future senior
    indebtedness of that guarantor; and</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;senior in right of payment to subordinated
    indebtedness of that guarantor.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Secured debt of that guarantor, including guarantees of
    borrowings under our revolving credit facility, and all other
    secured obligations of that guarantor in effect from time to
    time will be effectively senior to the guarantee to the extent
    of the value of the assets securing such debt or other
    obligations.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Certain Covenants</TD>
    <TD></TD>
    <TD valign="bottom">
    The indenture governing the notes limits our ability and the
    ability of certain of our subsidiaries to, among other things:</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;incur additional indebtedness and issue preferred
    stock;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;create liens;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;make restricted payments;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;create or permit to exist restrictions on our
    ability or the ability of certain of our subsidiaries to make
    certain payments and distributions;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;engage in amalgamations, mergers or consolidations;</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;make certain dispositions and transfers of assets;
    and</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;engage in transactions with affiliates.</DIV>
</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    These covenants are subject to important exceptions and
    qualifications, which are described under &#147;Description of
    the Exchange Notes&#160;&#151; Certain Covenants&#148; in this
    prospectus.</TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    If the notes receive an investment grade rating by
    Standard&#160;&#038; Poor&#146;s and Moody&#146;s Investors
    Service and we and our subsidiaries are not in default under the
    indenture governing the notes, we and our subsidiaries will not
    be required to comply with particular covenants contained in the
    indenture. See &#147;Description of the Exchange
    Notes&#160;&#151; Certain Covenants.&#148;</TD>
</TR>


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

<TR>
    <TD valign="top">
    No Prior Market</TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange notes will be new securities for which there is
    currently no market. Although the initial purchasers in the
    private offering of the </TD>
</TR>
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    <BR>
    7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    outstanding notes have informed us that they intend to make a
    market in the outstanding notes and, if issued, in the exchange
    notes, they are not obligated to do so and they may discontinue
    any market making activities at any time without notice.
    Accordingly, we cannot assure you that a liquid market for the
    outstanding notes or exchange notes will develop or be
    maintained.</TD>
</TR>


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

<TR>
    <TD valign="top">
    Use of Proceeds</TD>
    <TD></TD>
    <TD valign="bottom">
    There will be no cash proceeds to us from the exchange offer.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In evaluating an investment in the exchange notes, prospective
    investors should carefully consider, along with the other
    information in this prospectus and the documents incorporated by
    reference herein, the specific factors set forth under
    &#147;Risk Factors&#148; for risks involved with an investment
    in the exchange notes.
</DIV>

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

</DIV>
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    <BR>
    8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='O69608108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>You should carefully consider the risk factors set forth
    below as well as the other information contained in this
    prospectus and the documents incorporated by reference herein
    before you decide to tender outstanding notes in the exchange
    offer, including, without limitation, the risk factors discussed
    under the heading &#147;Risk Factors&#148; in the annual
    information form of Precision dated March&#160;25, 2011 for the
    year ended December&#160;31, 2010 (filed on EDGAR on
    <FONT style="white-space: nowrap">Form&#160;40-F</FONT>
    on March&#160;30, 2011 and incorporated by reference herein).
    The risks described below are not the only risks that may affect
    us. Additional risks and uncertainties not currently known to us
    or those we currently view to be immaterial may also materially
    and adversely affect our business, financial condition or
    results of operations. Any of the following risks could
    materially and adversely affect our business, financial
    condition or results of operations. In such a case, you may lose
    all or a part of your investment.</I>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to the Exchange Offer</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If you
    choose not to exchange your outstanding notes, the present
    transfer restrictions will remain in force and the market price
    of your outstanding notes could decline.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you do not exchange your outstanding notes for exchange notes
    in the exchange offer, then you will continue to be subject to
    the transfer restrictions on the outstanding notes as set forth
    in the offering circular distributed in connection with the
    private offering of the outstanding notes. In general, the
    outstanding notes may not be offered or sold in the United
    States unless they are registered or exempt from registration
    under the Securities Act and applicable state securities laws.
    Except as required by the registration rights agreement, we do
    not intend to register resales of the outstanding notes under
    the Securities Act. You should refer to
    &#147;Summary&#160;&#151; The Exchange Offer&#148; and &#147;The
    Exchange Offer&#148; for information about how to tender your
    outstanding notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The tender of outstanding notes under the exchange offer will
    reduce the principal amount of the outstanding notes
    outstanding, which may have an adverse effect upon, and increase
    the volatility of, the market price of the outstanding notes due
    to reduction in liquidity.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Certain
    persons who participate in the exchange offer must deliver a
    prospectus in connection with resales of the exchange
    notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Based on interpretations of the staff of the SEC contained in
    <I>Exxon Capital Holdings Corp.</I>, SEC no-action letter
    (May&#160;13, 1988),&#160;<I>Morgan Stanley&#160;&#038; Co.
    Inc.</I>, SEC no-action letter (June&#160;5, 1991)&#160;and
    <I>Shearman&#160;&#038; Sterling</I>, SEC no-action letter
    (July&#160;2, 1993), we believe that you may offer for resale,
    resell or otherwise transfer the exchange notes in the United
    States without compliance with the registration and prospectus
    delivery requirements of the Securities Act. However, in some
    instances described in this prospectus under &#147;Plan of
    Distribution,&#148; certain holders of exchange notes will
    remain obligated to comply with the registration and prospectus
    delivery requirements of the Securities Act to transfer the
    exchange notes in the United States. If such a holder transfers
    any exchange notes in the United States without delivering a
    prospectus meeting the requirements of the Securities Act or
    without an applicable exemption from registration under the
    Securities Act, such a holder may incur liability under the
    Securities Act. We do not and will not assume, or indemnify such
    a holder against, this liability.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to the Notes</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The following risks apply to the outstanding notes and will
    apply equally to the exchange notes.</I>
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    substantial indebtedness could adversely affect our financial
    condition and prevent us from fulfilling our obligations under
    our revolving credit facility, our existing notes and the
    notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have a significant amount of debt. As of December&#160;31,
    2010, our total outstanding long-term debt was
    C$804&#160;million.
</DIV>
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    <BR>
    9
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our substantial debt could have a material adverse effect on our
    financial condition and results of operations as well as our
    ability to fulfill obligations under our revolving credit
    facility, our existing notes and the notes. In particular, it
    could:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increase our vulnerability to general adverse economic and
    industry conditions and require us to dedicate a substantial
    portion of our cash flow from operations to payments on our
    indebtedness, thereby reducing the availability of our cash flow
    to fund working capital, capital expenditures, acquisitions,
    other debt service requirements and other general corporate
    purposes;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    decrease our ability to satisfy our obligations under our
    revolving credit facility, our existing notes and the notes;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increase our vulnerability to covenants relating to our
    indebtedness which may limit our ability to obtain additional
    financing for working capital, capital expenditures and other
    general corporate activities;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increase our exposure to risks inherent in interest rate
    fluctuations and changes in credit ratings or statements from
    rating agencies because certain of our borrowings (including
    borrowings under our revolving credit facility) are at variable
    rates of interest, which would result in higher interest expense
    to the extent we have not hedged these risks against increases
    in interest rates;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increase our exposure to exchange rate fluctuations because a
    change in the value of the Canadian dollar against the
    U.S.&#160;dollar will result in an increase or decrease in our
    U.S.&#160;dollar denominated debt, as expressed in Canadian
    dollars, as well as in the related interest expense;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limit our flexibility in planning for, or reacting to, changes
    in our business or the industry in which we operate;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    place us at a competitive disadvantage compared to our
    competitors that have less debt;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limit our ability to borrow additional funds to meet our
    operating expenses, to make acquisitions and for other
    purposes;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limit our ability to construct, purchase or acquire new rigs.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may incur substantial additional debt in the future,
    including additional secured debt. This could further exacerbate
    the risks associated with our substantial debt.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    notes and guarantees are unsecured and effectively subordinated
    to our and our subsidiaries&#146; existing and future secured
    indebtedness.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our obligations under the notes are not secured and the
    guarantors&#146; obligations under the guarantees are not
    secured, while our obligations under our revolving credit
    facility and each guarantor&#146;s obligations under their
    respective guarantees under our revolving credit facility are
    secured by substantially all of our tangible and intangible
    assets, including our shares of our U.S.&#160;and Canadian
    subsidiaries. Therefore, the lenders under our revolving credit
    facility and holders of any other secured debt that we may incur
    in the future will have claims with respect to these assets that
    have priority over the claims of holders of the notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that we are declared bankrupt, become insolvent or
    are liquidated or reorganized, or if there is an event of
    default under our revolving credit facility, the lenders could
    declare all of the funds borrowed thereunder, together with
    accrued interest, to be immediately due and payable and
    terminate all commitments to extend further credit. If we were
    unable to repay such indebtedness, the lenders could foreclose
    or otherwise realize on the pledged assets to the exclusion of
    holders of the notes, even if an event of default exists under
    the indenture under which the notes were issued. Furthermore, if
    the lenders foreclose or otherwise realize upon and sell the
    pledged equity interests in any guarantor under the notes, then
    that guarantor will be released from its guarantee of the notes
    automatically and immediately upon such sale. In any such
    events, because the notes are not be secured by any of our
    assets or the equity interests in guarantors, it is possible
    that there would be no assets remaining from which your claims
    could be satisfied or, if any assets remained, they might be
    insufficient to satisfy your claims fully.
</DIV>
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    <BR>
    10
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of December&#160;31, 2010, we had C$23&#160;million of
    secured indebtedness for borrowed money (consisting of
    C$23&#160;million of outstanding letters of credit). We had
    approximately C$524&#160;million of secured debt available for
    additional borrowing (including letters of credit) under our
    revolving credit facility as of December&#160;31, 2010, as well
    as an incremental facility of up to C$99&#160;million (subject
    to certain conditions), and up to C$40&#160;million
    (US$40&#160;million) (including outstanding letters of credit)
    of secured debt available for borrowing under operating
    facilities.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    need significant amounts of cash to service our indebtedness,
    including our obligations under the notes. If we are unable to
    generate a sufficient amount of cash to service our
    indebtedness, our financial condition and results of operations
    could be negatively impacted.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We need significant amounts of cash in order to service and
    repay our indebtedness. Our ability to generate cash in the
    future will be, to a certain extent, subject to general
    economic, financial, competitive and other factors that may be
    beyond our control. In addition, our ability to borrow funds in
    the future to service our debt, if necessary, will depend on
    covenants in the indenture governing the notes, the credit
    agreement governing our revolving credit facility, the indenture
    governing our existing notes and other debt agreements we enter
    into in the future. Future borrowings may not be available to us
    under our revolving credit facility or from the capital markets
    in amounts sufficient to enable us to pay our obligations as
    they mature or to fund other liquidity needs. If we are not able
    to obtain such borrowings or generate cash flow from operations
    in an amount sufficient to enable us to service and repay our
    indebtedness, we will need to refinance our indebtedness or be
    in default under the agreements governing our indebtedness and
    could be forced to reduce or delay investments and capital
    expenditures or to dispose of material assets. Such refinancing
    or alternative measures may not be available on favorable terms
    or at all. The inability to service, repay
    <FONT style="white-space: nowrap">and/or</FONT>
    refinance our indebtedness could negatively impact our financial
    condition and results of operations.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, we conduct a substantial portion of our operations
    through our subsidiaries, certain of which are not guarantors of
    the notes or our other indebtedness. Accordingly, repayment of
    our indebtedness, including the notes, is dependent on the
    generation of cash flow by our subsidiaries and their ability to
    make such cash available to us, by dividend, debt repayment or
    otherwise. Unless they are guarantors of the notes or our other
    indebtedness, our subsidiaries do not have any obligation to pay
    amounts due on the notes or our other indebtedness or to make
    funds available for that purpose. Our subsidiaries may not be
    able to, or may not be permitted to, make distributions to
    enable us to make payments in respect of our indebtedness,
    including the notes. Each subsidiary is a distinct legal entity,
    and, under certain circumstances, legal and contractual
    restrictions may limit our ability to obtain cash from our
    subsidiaries. While the indenture that governs the notes and the
    agreements governing certain of our other existing indebtedness
    limit the ability of our subsidiaries to incur consensual
    restrictions on their ability to pay dividends or make other
    intercompany payments to us, these limitations are subject to
    qualifications and exceptions. In the event that we do not
    receive distributions from our subsidiaries, we may be unable to
    make required principal and interest payments on our
    indebtedness, including the notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our inability to generate sufficient cash flows to satisfy our
    debt obligations, or to refinance our indebtedness on
    commercially reasonable terms or at all, would materially and
    adversely affect our financial position and results of
    operations and our ability to satisfy our obligations under the
    notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we cannot make scheduled payments on our debt, we will be in
    default and the holders of the notes could declare all
    outstanding principal and interest to be due and payable, the
    lenders under our revolving credit facility could terminate
    their commitments to lend money and foreclose against the assets
    securing their borrowings and we could be forced into bankruptcy
    or liquidation. All of these events could result in you losing
    your investment in the notes.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Despite
    our current level of indebtedness, we and our subsidiaries may
    still be able to incur substantially more debt. This could
    further exacerbate the risks to our financial condition
    described above.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We and our subsidiaries may be able to incur significant
    additional indebtedness in the future. Although the indenture
    governing our existing notes, the indenture governing the notes
    and our revolving credit facility contain restrictions on the
    incurrence of additional indebtedness, these restrictions are
    subject to a number of qualifications
</DIV>
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    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    and exceptions, and the additional indebtedness incurred in
    compliance with these restrictions could be substantial. If we
    incur any additional indebtedness that ranks equally with the
    notes, subject to collateral arrangements, the holders of that
    debt will be entitled to share ratably with you in any proceeds
    distributed in connection with any insolvency, liquidation,
    reorganization, dissolution or other winding up of our company.
    These restrictions also will not prevent us from incurring
    obligations that do not constitute indebtedness. In addition, as
    of December&#160;31, 2010, our revolving credit facility
    provided for unused commitments of C$524 million, which could
    increase by C$99&#160;million, subject to certain conditions.
    All of those borrowings would be secured indebtedness. If new
    debt is added to our current debt levels, the related risks that
    we and the guarantors now face could intensify. See
    &#147;Description of the Exchange Notes.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    indebtedness contains restrictive covenants.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture governing our existing notes, our revolving credit
    facility and the indenture governing the notes impose
    significant operating and financial restrictions on us. These
    restrictions limit our ability and that of our restricted
    subsidiaries to, among other things:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    pay dividends on, repurchase or make distributions in respect of
    our capital stock or make other restricted payments;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    incur additional indebtedness and issue preferred or
    disqualified stock;
</TD>
</TR>


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    create or permit to exist restrictions on the ability of our
    restricted subsidiaries to make certain payments and
    distributions;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    engage in amalgamations, mergers or consolidations or sell or
    otherwise dispose of all or substantially all of our assets;
</TD>
</TR>


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


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


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


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


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


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


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


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

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, under our revolving credit facility, we are
    required to satisfy and maintain certain financial ratio tests.
    Our ability to meet such tests could be affected by events
    beyond our control, and we may not be able to meet such tests.
    These ratios may be changed by the lenders in certain
    circumstances.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A breach of any of these covenants could result in a default
    under our revolving credit facility, the indenture governing our
    existing notes or the indenture governing the notes. Upon the
    occurrence of an event of default under our revolving credit
    facility, the lenders could elect to declare all amounts
    outstanding under our revolving credit facility to be
    immediately due and payable and terminate all commitments to
    extend further credit. Upon the occurrence of an event of
    default under our existing notes, the noteholders could elect to
    declare all amounts outstanding under our existing notes to be
    immediately due and payable. If we are unable to repay those
    amounts, the lenders under our revolving credit facility could
    proceed to foreclose or otherwise realize upon the collateral
    granted to them to secure that indebtedness. If the lenders
    under our revolving credit facility or the noteholders of our
    existing notes accelerate the repayment of borrowings, we may
    not have sufficient assets to repay our revolving credit
    facility as well as our unsecured indebtedness, including our
    existing notes and the notes. The acceleration of our
    indebtedness under one agreement may permit acceleration of
    indebtedness under other agreements that contain cross-default
    or cross-acceleration provisions. If our indebtedness is
    accelerated, we may not be able to repay our indebtedness or
    borrow sufficient funds to refinance it. Even if we are able to
    obtain new financing, it may not be on commercially reasonable
    terms or on terms that are acceptable to us. The restrictions
    contained in our revolving credit facility, the indenture
    governing the notes or the indenture governing our existing
    notes may adversely affect our ability to finance our future
    operations and capital needs and to pursue available business
    opportunities. Moreover, any new indebtedness we incur may
    impose financial restrictions and other covenants on us that may
    be
</DIV>
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    <BR>
    12
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    more restrictive than our revolving credit facility, the
    indenture governing our existing notes or the indenture
    governing the notes.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    variable rate indebtedness subjects us to interest rate risk,
    which could cause our debt service obligations to increase
    significantly.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Borrowings under our revolving credit facility are at variable
    rates of interest and expose us to interest rate risk. If
    interest rates increase, our debt service obligations on the
    variable rate indebtedness will increase even though the amount
    borrowed remained the same, and our net income and cash flows,
    including cash available for servicing our indebtedness, will
    correspondingly decrease. Assuming all revolving loans are fully
    drawn, each quarter point change in interest rates would result
    in a C$1&#160;million change to annual interest expense of our
    indebtedness under our revolving credit facility. From time to
    time, we may enter into interest rate swaps that involve the
    exchange of floating for fixed rate interest payments in order
    to reduce interest rate volatility. However, we may not maintain
    interest rate swaps with respect to all of our variable rate
    indebtedness, and any swaps we enter into may not fully mitigate
    our interest rate risk.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Claims
    of noteholders will be structurally subordinated to claims of
    creditors of our subsidiaries that do not guarantee the
    notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes are not guaranteed by any of our
    <FONT style="white-space: nowrap">non-U.S.&#160;and</FONT>
    non-Canadian subsidiaries or certain other subsidiaries.
    Accordingly, claims of holders of the notes are structurally
    subordinated to the claims of creditors of these non-guarantor
    subsidiaries, including trade creditors. All obligations of
    these subsidiaries will have to be satisfied before any of the
    assets of such subsidiaries would be available for distribution,
    upon a liquidation or otherwise, to us or creditors of us,
    including the holders of the notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the indenture that governs the notes, subject to
    some limitations, permits these subsidiaries to incur additional
    indebtedness and does not contain any limitation on the amount
    of other liabilities, such as trade payables, that may be
    incurred by these subsidiaries.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the year ended December&#160;31, 2010, our non-guarantor
    subsidiaries accounted for a de&#160;minimus amount of our
    revenue and EBITDA. As of December&#160;31, 2010, our
    non-guarantor subsidiaries also accounted for a de&#160;minimus
    amount of our consolidated assets and liabilities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, our subsidiaries that provide, or will provide,
    guarantees of the notes will be automatically released from
    those guarantees upon the occurrence of certain events,
    including the following:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation of that guarantor as an unrestricted subsidiary;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the release or discharge of any guarantee or indebtedness that
    resulted in the creation of the guarantee of the notes by such
    guarantor;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the sale or other disposition, including the sale of
    substantially all of the assets, of that guarantor.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any guarantor is released, no holder of the notes will have a
    claim as a creditor against that subsidiary, and the
    indebtedness and other liabilities, including trade payables and
    preferred stock, if any, whether secured or unsecured, of that
    subsidiary will be effectively senior to the claim of any
    holders of the notes. See &#147;Description of the Exchange
    Notes&#160;&#151; Guarantees.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">U.S.
    federal and state statutes (and Canadian federal and provincial
    statutes) may allow courts, under specific circumstances, to
    void the guarantees and require noteholders to return payments
    received from guarantors.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under U.S.&#160;federal bankruptcy law and comparable provisions
    of state fraudulent transfer laws, a guarantee could be deemed a
    fraudulent transfer if the guarantor received less than a
    reasonably equivalent value in exchange for giving the guarantee
    and:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    was insolvent on the date that it gave the guarantee or became
    insolvent as a result of giving the guarantee;
</TD>
</TR>

</TABLE>
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    <BR>
    13
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    was engaged in business or a transaction, or was about to engage
    in business or a transaction, for which property remaining with
    the guarantor was an unreasonably small capital;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    intended to incur, or believed that it would incur, debts that
    would be beyond the guarantor&#146;s ability to pay as those
    debts matured.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Similarly, under Canadian federal bankruptcy law and comparable
    provisions of provincial fraudulent preference and fraudulent
    conveyance laws, a guarantee or a payment under a guarantee
    could be deemed to be a fraudulent preference or fraudulent
    conveyance, or could be otherwise avoided if:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the guarantor becomes bankrupt and was insolvent or on the eve
    of insolvency at the time the guarantee was given or the payment
    was made or has an &#147;Initial Bankruptcy Event&#148; as
    defined in the <I>Bankruptcy and Insolvency Act </I>(Canada)
    within one year of giving us the guarantee or making the payment
    under the guarantee;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we were a creditor of the guarantor when the guarantee or
    payment was given;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    (1)&#160;the guarantee or the payment under the guarantee was
    found to have been given with a view to giving us a preference
    over other of the guarantor&#146;s creditors; or (2)&#160;the
    guarantee or the payment under the guarantee has the effect of
    giving us a preference over any of guarantor&#146;s other
    creditors (in which case it is subject to a rebuttable
    presumption that a preference was intended).
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A payment under a guarantee could also be deemed a fraudulent
    preference or conveyance if it is found by a court to have been
    given with the purpose of hindering, delaying or defrauding any
    entity to which the guarantor was or became indebted, on or
    after the date the guarantee was given (and, in the case of
    fraudulent preferences, if the guarantor was insolvent or on the
    eve of insolvency at that time). The measures of insolvency for
    purposes of the foregoing considerations will vary depending
    upon the law applied in any proceeding with respect to the
    foregoing. Generally, however, a guarantor would be considered
    insolvent if:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the sum of its debts, including contingent liabilities, is
    greater than all its assets, at a fair valuation;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the present fair saleable value of its assets is less than the
    amount that would be required to pay its probable liability on
    its existing debts, including contingent liabilities, as they
    become absolute and mature;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it could not pay its debts as they become due.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture governing the notes contains a provision intended
    to limit each guarantor&#146;s liability under its guarantee to
    the maximum amount that it could incur under applicable laws
    without causing the guarantee or a payment thereunder to be a
    fraudulent transfer. This provision may not be effective to
    protect the guarantees or a payment thereunder from being voided
    under applicable fraudulent transfer law. If a guarantee is
    deemed to be a fraudulent transfer it could be voided
    altogether, or it could be subordinated to all other debts of
    the guarantor. In such case, any payment by the guarantor
    pursuant to its guarantee could be required to be returned to
    the guarantor or to a fund for the benefit of the creditors of
    the guarantor. If a guarantee is voided or held unenforceable
    for any other reason, holders of the notes would cease to have a
    claim against the guarantor based on the guarantee and would be
    creditors only of us and any guarantor whose guarantee was not
    similarly voided or otherwise held unenforceable.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Certain
    bankruptcy and insolvency laws may impair your ability to
    enforce your rights or remedies under the indenture governing
    the notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Your ability and the rights of the trustee, or any co-trustee,
    who represents the holders of the notes to enforce your rights
    or remedies under the indenture governing the notes may be
    significantly impaired by the provisions of applicable Canadian
    federal bankruptcy, insolvency and other restructuring
    legislation or by Canadian federal or provincial receivership
    laws. For example, the <I>Bankruptcy and Insolvency Act
    </I>(Canada), the <I>Companies&#146; Creditors Arrangement
    Act</I> (Canada) and the
    <I><FONT style="white-space: nowrap">Winding-up</FONT>
    and Restructuring Act </I>(Canada) contain provisions enabling
    an insolvent debtor to obtain a stay of proceedings against its
    creditors and others and to prepare and file a proposal or a
    plan of arrangement and reorganization for consideration by all
    or some of its creditors, to be voted on by the various classes
    of creditors affected thereby. Such a restructuring proposal or
    arrangement and reorganization, if accepted by the requisite
    majority of each class of affected creditors and if approved by
    the relevant Canadian court, would be binding on all creditors
    of the
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    debtor within the affected classes, including those creditors
    who vote against such a proposal. Moreover, certain provisions
    of the relevant Canadian insolvency legislation permit an
    insolvent debtor to retain possession and administration of its
    property in certain circumstances, subject to court oversight,
    even though such debtor may be in default in respect of certain
    of its obligations during the period that the stay of
    proceedings remains in place.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The powers of the court under Canadian bankruptcy, insolvency
    and restructuring legislation and Canadian federal and
    provincial receivership laws, and particularly under the
    <I>Companies&#146; Creditors Arrangement Act </I>(Canada), are
    exercised broadly to protect a debtor and its estate from
    actions taken by creditors and others. We cannot predict whether
    payments under the notes would be made during any proceedings in
    bankruptcy, receivership, insolvency or other restructuring,
    whether or when you or the trustee, or any co- trustee, could
    exercise their rights under the indenture governing the notes or
    whether, and to what extent, the holders of the notes would be
    compensated for any delays in payment of principal, interest and
    costs, including fees and disbursements of the trustee, or any
    co-trustee. Accordingly, if we were to become subject to such
    proceedings, we may cease making payments on the notes and you
    and the trustee, or any co-trustee, may not be able to exercise
    your rights under the indenture governing the notes following
    commencement of or during such proceedings without leave of the
    court.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">You
    might have difficulty enforcing your rights against us, certain
    of the guarantors and our directors and officers.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We and certain of the guarantors are incorporated or otherwise
    organized under the laws of the province of Alberta, Canada. The
    majority of our directors and officers and certain of the
    experts named in this prospectus and the documents incorporated
    by reference herein reside principally in Canada or otherwise
    outside the United States. Because we, certain of the guarantors
    and these persons are located outside the United States, it may
    not be possible for you to effect service of process within the
    United States on us or them. Furthermore, it may not be possible
    for you to enforce against us or them, in the United States,
    judgments obtained in United States courts, because a
    substantial portion of our and their assets are located outside
    the United States. There is doubt as to the enforceability, in
    original actions in Canadian courts, of liabilities based on the
    United States federal securities laws or the securities or
    &#147;blue sky&#148; laws of any state within the United States
    and as to the enforceability in Canadian courts of judgments of
    United States courts obtained in actions based on the civil
    liability provisions of the United States federal securities
    laws or any such state securities or blue sky laws. Therefore,
    it may not be possible to enforce those judgments against us,
    our directors and officers or some of the experts named in this
    prospectus or the documents incorporated by reference herein.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    not have the ability to finance the change of control repurchase
    offer required by the indenture governing the
    notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon certain change of control events, as that term is defined
    in the indenture governing the notes, including a change of
    control caused by an unsolicited third party, we will be
    required to make an offer in cash to repurchase all or any part
    of each holder&#146;s notes at a price equal to 101% of the
    aggregate principal amount thereof, plus accrued interest. The
    source of funds for any such repurchase would be our available
    cash or cash generated from operations or other sources,
    including borrowings, sales of equity or funds provided by a new
    controlling person or entity. We cannot assure you that
    sufficient funds will be available at the time of any change of
    control event to repurchase all tendered notes pursuant to this
    requirement. Our failure to offer to repurchase notes, or to
    repurchase notes tendered, following a change of control will
    result in a default under the indenture for the notes, which
    could lead to a cross-default under our revolving credit
    facility, the indenture governing our existing notes and under
    the terms of our other indebtedness. Additionally, we may be
    prohibited from repurchasing the notes by our revolving credit
    facility, the indenture governing our existing notes or by the
    terms of future indebtedness. Prior to repurchasing the notes
    upon a change of control event, as required under the indenture
    governing the notes, we may be required to either repay
    outstanding indebtedness under our revolving credit facility or
    obtain the consent of the lenders under that facility. If we do
    not obtain the required consents or repay our outstanding
    indebtedness under our revolving credit facility, we may be
    prohibited from offering to repurchase the notes. Our revolving
    credit facility also provides that a change of control, as
    defined therein, will be a default that permits the lenders to
    accelerate the maturity of borrowings thereunder and, if such
    debt is not repaid, to enforce the security interests in the
    collateral securing such debt. The indenture governing our
    existing notes also provides that upon certain change of control
    events, we will be required to
</DIV>
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    <BR>
    15
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    make an offer to repurchase those notes at a price equal to 101%
    of the aggregate principal amount thereof, plus a make whole
    premium and accrued interest. For further information, see
    &#147;Description of the Exchange Notes.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    One of the events which would trigger a change of control is a
    sale of &#147;all or substantially all&#148; of our assets. The
    phrase &#147;all or substantially all&#148; as used in the
    definition of &#147;change of control&#148; has not been
    interpreted under New York law (which is the governing law of
    the indenture governing the notes) to represent a specific
    quantitative test. As a consequence, investors may not be able
    to determine when a change of control has occurred, giving rise
    to the repurchase obligations under the indenture governing the
    notes. It is possible, therefore, that there could be a
    disagreement between us and some or all of the holders of the
    notes over whether a specific asset sale or sales is a change of
    control triggering event and that holders of the notes might not
    receive a change in control offer in respect of that
    transaction. In addition, in the event the holders of the notes
    elected to exercise their rights under the indenture governing
    the notes and we elected to contest such election, there could
    be no assurance as to how a court interpreting New York law
    would interpret the phrase &#147;all or substantially all.&#148;
    In addition, certain important corporate events, such as
    leveraged recapitalizations that would increase the level of our
    indebtedness, would not constitute a &#147;change of
    control&#148; under the indenture governing the notes.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Your
    ability to transfer the notes may be limited by the absence of
    an active trading market, and there is no assurance that any
    active trading market will develop for the notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We do not intend to apply for a listing of the exchange notes on
    a securities exchange or on any automated dealer quotation
    system. There is currently no established market for the
    exchange notes, and we cannot assure you as to the liquidity of
    markets that may develop for the exchange notes, your ability to
    sell the exchange notes or the price at which you would be able
    to sell the exchange notes. If such markets were to exist, the
    exchange notes could trade at prices that may be lower than
    their principal amount or purchase price depending on many
    factors, including prevailing interest rates, the market for
    similar notes, our financial and operating performance and other
    factors. The initial purchasers in the private offering of the
    outstanding notes have advised us that they intend to make a
    market with respect to the exchange notes as permitted by
    applicable laws and regulations. However, these initial
    purchasers are not obligated to do so, and any market making
    with respect to the exchange notes may be discontinued at any
    time without notice. In addition, such market making activity
    may be limited during the pendency of the exchange offer or the
    effectiveness of a shelf registration statement in lieu thereof.
    Therefore, we cannot assure you that an active market for the
    exchange notes will develop or, if developed, that it will
    continue. Historically, the market for non-investment grade debt
    has been subject to disruptions that have caused substantial
    volatility in the prices of securities similar to the exchange
    notes. The market, if any, for the exchange notes may experience
    similar disruptions and any such disruptions may adversely
    affect the prices at which you may sell your exchange notes.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Certain
    covenants contained in the indenture will no longer be
    applicable once the notes are rated investment grade by
    Moody&#146;s and S&#038;P.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture provides that certain covenants will no longer be
    applicable once the notes are rated investment grade by both
    Moody&#146;s and S&#038;P. These covenants restrict, among other
    things, our ability to pay dividends, incur debt, incur liens,
    sell assets, enter into transactions with affiliates, enter into
    business combinations and enter into other transactions. There
    can be no assurance that the notes will ever be rated investment
    grade.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    However, termination of these covenants would allow us to engage
    in certain transactions that would not be permitted while these
    covenants were in force, even if the notes are subsequently
    downgraded below investment grade. See &#147;Description of the
    Exchange Notes&#160;&#151; Certain Covenants&#160;&#151;
    Covenant Termination.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Credit
    ratings will not reflect all risks of an investment in the notes
    and may change.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any credit ratings applied to notes are an assessment of our
    ability to pay our obligations, including obligations under the
    notes. Consequently, real or anticipated changes in the credit
    ratings will generally affect the market value of the notes. We
    cannot assure you that any credit rating assigned to the notes
    will remain in effect for any given period of time or that any
    rating will not be lowered or withdrawn entirely by the relevant
    rating agency. However, credit ratings will not reflect all
    risks associated with an investment in the notes. Credit
    ratings, for example, may not reflect the potential impact of
    risks related to structure, market or other factors discussed
    herein on the value of notes.
</DIV>
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    <BR>
    16
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<A name='O69608109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will not receive any cash proceeds from the issuance of the
    exchange notes pursuant to the exchange offer. In consideration
    for issuing the exchange notes as contemplated in this
    prospectus, we will receive in exchange a like principal amount
    of outstanding notes, the terms of which are identical in all
    material respects to the exchange notes, except that the
    exchange notes are registered under the Securities Act, are not
    entitled to the registration rights which are applicable to the
    outstanding notes, and are not subject to certain additional
    interest rate provisions applicable to the outstanding notes.
    The outstanding notes surrendered in exchange for the exchange
    notes will be retired and canceled and cannot be reissued.
    Accordingly, issuance of the exchange notes will not result in
    any material change in our capitalization.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='O69608110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">SELECTED
    HISTORICAL CONSOLIDATED FINANCIAL AND OPERATING DATA</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our selected consolidated financial data as of December&#160;31,
    2010 and 2009 and for each of the years ended December&#160;31,
    2010, 2009 and 2008 have been derived from our audited
    consolidated financial statements incorporated by reference in
    this prospectus. The selected consolidated financial data as of
    December&#160;31, 2008, 2007 and 2006 and for each of the years
    ended December&#160;31, 2007 and December&#160;31, 2006 have
    been derived from our audited consolidated financial statements
    which are not incorporated by reference in this prospectus. Our
    financial statements have been prepared in accordance with
    Canadian GAAP, which differs in certain material respects from
    U.S.&#160;GAAP. For a discussion of the principal differences
    between U.S.&#160;GAAP and Canadian GAAP as they relate to our
    financial statements, see Note&#160;20 to our audited
    consolidated financial statements for the years ended
    December&#160;31, 2010, 2009 and 2008, incorporated by reference
    in this prospectus. The selected consolidated financial data set
    forth below is qualified in its entirety by reference to, and
    should be read in conjunction with, our complete consolidated
    financial statements, including the notes thereto, and the
    related &#147;Management&#146;s Discussion and Analysis of
    Financial Condition and Results of Operations&#148; incorporated
    by reference in this prospectus.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
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<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom">
    <B>(in Cdn GAAP, C$ in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1,429,653
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1,197,446
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1,101,891
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1,009,201
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1,437,584
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expenses:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Operating
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    886,748
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    692,243
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    598,181
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    516,094
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    688,207
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    General and administrative
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    107,522
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98,202
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    67,174
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56,032
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    81,217
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    182,719
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    138,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    83,829
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71,604
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73,234
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Loss on asset decommissioning
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    82,173
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,722
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Foreign exchange
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (12,712
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (122,846
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,041
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,398
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (353
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Finance charges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    211,327
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    147,401
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,174
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,318
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,029
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (408
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Earnings from continuing operations before income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54,049
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    162,273
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    340,574
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    349,033
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    587,658
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income taxes:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Current
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,634
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (14,901
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,102
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (737
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34,526
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Future
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15,676
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,471
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,742
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,950
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (19,380
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total income tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8,042
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    570
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,844
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,213
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,146
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Earnings from continuing operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,091
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    161,703
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    302,730
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    342,820
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    572,512
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Discontinued operations, net of tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,956
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,077
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net earnings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    62,091
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    161,703
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    302,730
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    345,776
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    579,589
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>U.S. GAAP&#160;</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1,429,653
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1,197,446
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1,101,891
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1,009,201
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1,437,584
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Earnings from continuing operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,956
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    160,093
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    302,913
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    342,855
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    572,512
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="37%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As of December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom">
    <B>(in Cdn GAAP, C$ in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Balance Sheet Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    256,831
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    130,799
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    61,511
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Working capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    460,179
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    320,860
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    345,329
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    140,374
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    166,484
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,296,788
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,191,713
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,833,702
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,763,477
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,761,186
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    804,494
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    748,725
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,368,349
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    119,826
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    140,880
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Unitholders&#146;/Shareholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,577,919
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,584,501
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,323,879
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,316,673
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,217,075
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Other Financial Data</B>:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of earnings to fixed charges(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44.64
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65.92
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    For purposes of computing the ratio of earnings to fixed
    charges, prepared in accordance with Canadian GAAP,
    (A)&#160;earnings consist of earnings from continuing operations
    before income taxes plus fixed charges, plus amortization of
    capitalized interest, distributed income of equity investors
    paid less interest capitalized and (B)&#160;fixed charges
    consist of interest expensed and capitalized, discounts and
    capitalized expenses related to indebtedness and an estimate of
    the interest within rental expense.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<A name='O69608111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">MANAGEMENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Board of
    Directors</FONT></B>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="51%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name(1)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Age(2)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Position with Precision Drilling Corporation</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    William T. Donovan(3)(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    58
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    W.C. (Mickey) Dunn(4)(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    57
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert J.S. Gibson(3)(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    64
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Allen R. Hagerman(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    59
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stephen J. J. Letwin(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    55
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Patrick M. Murray(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    67
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kevin A. Neveu
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    50
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Director, President and Chief Executive Officer
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Frederick W. Pheasey(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    68
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert L. Phillips(3)(4)(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    60
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Chairman and Director
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Trevor M. Turbidy(4)(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    42
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Director
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Each director&#146;s term of office expires not later than the
    close of business at our next annual meeting, or until
    successors are appointed or a director&#146;s office is vacated.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    As of April&#160;1, 2011.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Member of the Audit Committee.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Member of the Compensation Committee.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Member of the Corporate Governance and Nominating Committee.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>William T. Donovan </I>of North Palm Beach, Florida, U.S.A.
    has been a director of Precision Drilling Corporation since
    December, 2008. Mr.&#160;Donovan has been the Chairman of the
    Board of Rockland Industrial Holdings, LLC, a Wisconsin entity
    engaged in manufacturing wood flooring products for the truck
    trailer and domestic container industries since April, 2006. He
    also serves as a director for several private companies in the
    United States, the United Kingdom and Russia. Mr.&#160;Donovan
    was a director of Grey Wolf, Inc. from June 1997 to December
    2008, prior to its acquisition and was subsequently appointed as
    director of Precision Drilling Corporation on December&#160;23,
    2008. From 1997 to 2005, Mr.&#160;Donovan also served as
    President, Chief Executive Officer and director of Total
    Logistics, Inc., a Wisconsin corporation, which engaged in
    various operating and investment activities. Mr.&#160;Donovan
    previously served as President, Chief Financial Officer and was
    a director of Christiana Companies, Inc., prior to its merger
    with Weatherford International, Inc. in February 1999. From 1980
    to 1998, Mr.&#160;Donovan was a Principal and Managing Director
    of Lubar&#160;&#038; Co., a private investment and venture
    capital firm. Prior to joining Lubar&#160;&#038; Co.,
    Mr.&#160;Donovan was an officer with Manufacturers Hanover
    Trust&#160;Company from 1976 until 1980, where he specialized in
    merger and acquisition financing.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>W.C. (Mickey) Dunn </I>of Calgary, Alberta, Canada has been a
    director of Precision Drilling Corporation since September 1992.
    Mr.&#160;Dunn serves as the Chairman of Bellatrix Exploration
    Inc. and a founding shareholder of CashStore Financial Services
    Inc. From 1982 to 1999, Mr.&#160;Dunn was President and Chief
    Executive Officer of Cardium Service and Supply Limited, Cardium
    Tool Services Inc and Colorado Silica Sand Inc., an
    international manufacturer and service provider of specialty
    downhole equipment and services, in addition to developer,
    provider and marketer of high grade silica sand products.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Robert J.S. Gibson </I>of Calgary, Alberta, Canada has been a
    director of Precision Drilling Corporation since June 1996.
    Mr.&#160;Gibson has served as President of a private investment
    firm, Stuart&#160;&#038; Company Limited, since 1973 and is also
    the Managing Director of Alsten Holdings Ltd. since 1976. He
    serves on the Board of Cash Store Financial Services Inc.
    Mr.&#160;Gibson also serves as a director for a number of
    private companies which are active in real estate investment,
    oil and gas exploration, finance and investments. He is also
    Chairman and Director of the Canadian Defence and Foreign
    Affairs Institute.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Allen R. Hagerman</I>, FCA of Calgary, Alberta, Canada has
    been a director of Precision Drilling Corporation since December
    2006. Mr.&#160;Hagerman currently holds the position of
    Executive Vice President of Canadian Oil
</DIV>
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    Sands Limited, an oil sands mining and upgrading entity, and is
    currently responsible for overseeing crude oil marketing
    operations. Prior to 2007, Mr.&#160;Hagerman was Chief Financial
    Officer of Canadian Oil Sands Limited. Mr.&#160;Hagerman is lead
    director of Capital Power Income LP and a director of the
    Calgary Exhibition and Stampede. He is also a member of the
    Canadian Institute of Chartered Accountants, the Financial
    Executives Institute and is past President of Financial
    Executives Institute, Calgary Chapter, as well as past Chair of
    the Alberta Children&#146;s Hospital Foundation. Previous board
    positions included Syncrude Canada Ltd. and University of
    Calgary. He is a fellow of the Institute of Chartered
    Accountants of Alberta and received their Distinguished Service
    Award.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Stephen J.J. Letwin </I>of Toronto, Ontario, Canada has been
    a director of Precision Drilling Corporation since December
    2006. Effective November&#160;1, 2010, Mr.&#160;Letwin was
    appointed Director and President and Chief Executive Officer of
    IAMGOLD Corporation, a leading mid-tier gold mining company
    producing approximately one million ounces annually, from eight
    gold mines on three continents. Mr.&#160;Letwin has been a
    senior executive with Enbridge since March 1999. Most recently,
    since May 2006, he held the position of Executive Vice President
    of Gas Transportation&#160;&#038; International with Enbridge,
    Inc., with responsibility for Enbridge&#146;s natural gas
    operations, including certain natural gas pipelines, a gas
    distribution company and its international business unit. He
    also serves on the board of a private corporation.
    Mr.&#160;Letwin serves as Patron for Unicef Alberta, was a
    former director of YMCA Calgary, served on the Board of
    Governors at McMaster University, and is an Honorary Director of
    Westpark Hospital in Toronto. Mr.&#160;Letwin is a member of the
    Financial Executives Institute. He also previously served as a
    director of the Canadian and American Gas Association, as well
    as the Interstate Natural Gas Association of America.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Patrick M. Murray </I>of Dallas, Texas, U.S.A. has been a
    director of Precision Drilling Corporation since July 2002.
    Mr.&#160;Murray served as Chairman and CEO of Dresser Inc. from
    2001 until retiring in May 2007. Dresser Inc. is a leading
    manufacturer and marketer of highly engineered equipment for the
    energy industry. Prior to becoming Chairman of the Board of
    Dresser, Inc., Mr.&#160;Murray served as President and CEO.
    Previously, Mr.&#160;Murray was President of Halliburton
    Company&#146;s Dresser Equipment Group from 1998 to 2000 and
    Senior Vice President, Strategic Initiatives of Dresser
    Industries, Inc. in 1997. Mr.&#160;Murray is on the Board of
    Directors of Harvest Natural Resources, Inc., the Maguire Energy
    Institute, the World Affairs Council of Dallas/Fort&#160;Worth,
    and the Board of Regents of Seton Hall University.
    Mr.&#160;Murray was also on the Board of Directors of Wellstream
    Holdings, Plc from 2007 until his resignation in February 2011.
    He is also a member of the American Petroleum Institute (API)
    and the Society of Petroleum Engineers (SPE).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Kevin A. Neveu </I>of Calgary, Alberta, Canada was appointed
    Chief Executive Officer and a director of Precision Drilling
    Corporation in August 2007 and became President and Chief
    Executive Officer in January 2009. Mr.&#160;Neveu was previously
    President of the Rig Solutions Group of National Oilwell Varco
    in Houston from 2002 to 2007, where he was responsible for the
    company&#146;s drilling equipment business. Over the past
    25&#160;years, Mr.&#160;Neveu has held senior management
    positions with National Oilwell Varco and its predecessor
    companies in London, Moscow, Houston, Edmonton and Calgary.
    Mr.&#160;Neveu holds a Bachelor of Science degree and is a
    graduate of the Faculty of Engineering at the University of
    Alberta. Mr.&#160;Neveu is a Professional Engineer, as
    designated by the Association of Professional Engineers,
    Geologists and Geophysicists of Alberta. In 2002, Mr.&#160;Neveu
    attended the Advanced Management Program at the Harvard Business
    School. Mr.&#160;Neveu serves on the boards of RigNet Inc.,
    Houston, Texas (since 2004), the Heart and Stroke Foundation of
    Alberta (since 2009)&#160;and he was appointed a Member of the
    Board of Directors and a Member of the Executive Committee of
    the International Association of Drilling Contractors, Houston,
    Texas in January 2010.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Frederick W. Pheasey </I>of Edmonton, Alberta, Canada has
    been a director of Precision Drilling Corporation since July
    2002. Mr.&#160;Pheasey founded Dreco Energy Services Ltd., a
    company which designs and manufactures drilling rigs and
    components and downhole tools. In 1997, Dreco and its
    subsidiaries were merged into National Oilwell, Inc. (now
    National Oilwell Varco, Inc.), a company that designs and
    manufactures systems and components used in oil and gas drilling
    and production. Mr.&#160;Pheasey became Executive Vice President
    of National Oilwell, Inc. following the merger and continued in
    that position until 2004. He was a director of National Oilwell,
    Inc. from 1997 to 2005 and continues to be a director and
    employee of Dreco Energy Services Ltd. In 1999, Mr.&#160;Pheasey
    was made a honourary member of the Canadian Association of
    Oilwell Drilling Contractors. In 2002, he was inducted into the
    Canadian Petroleum Hall of Fame. Mr.&#160;Pheasey served on the
    leadership committee of the City of Edmonton&#146;s Committee to
    End Homelessness and on the Housing Subcommittee in 2008.
</DIV>
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    21
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Robert L. Phillips </I>of Vancouver, British Columbia, Canada
    has been a director of Precision Drilling Corporation since May
    2004 and was appointed as Chairman of the Board of Directors in
    August 2007. Mr.&#160;Phillips is an experienced senior
    corporate executive having most recently been the President and
    Chief Executive Officer of BCR Group of Companies from 2001 to
    2004. Within the oil and gas exploration and production and
    oilfield service sectors, he has served as Vice President of
    Husky Oil Limited and as President and Chief Executive Officer
    of PTI Group Inc. and Dreco Energy Services Ltd.
    Mr.&#160;Phillips has served on the boards of publicly-traded
    and private corporations for more than twenty years, including
    several oil and gas exploration and production and oilfield
    service companies. In addition to Precision Drilling
    Corporation, he currently serves on the boards of several major
    Canadian corporations. Mr.&#160;Phillips is an active private
    investor. He also practiced corporate and securities law for
    over fifteen years.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Trevor M. Turbidy </I>of Houston, Texas, U.S.A. has been a
    director of Precision Drilling Corporation since December 2008.
    Mr.&#160;Turbidy has served as an Energy Industry Advisor with
    Avista Capital Partners since December 2007. From August 2005
    until July 2007, Mr.&#160;Turbidy served as President and Chief
    Executive Officer of Trico Marine Services, Inc., an
    international marine support and transportation company. From
    August 2003 until August 2005, he served as Vice President and
    Chief Financial Officer of Trico. From November 2000 until May
    2002, Mr.&#160;Turbidy served as a director in the Investment
    Banking Department of Credit Suisse First Boston. From 1991
    until November 2000, he held various positions in investment
    banking covering the U.S.&#160;energy industry with a focus on
    oilfield services and equipment, exploration and production and
    refining. Mr.&#160;Turbidy was a Director of Grey Wolf, Inc.
    from December 2005 to December 2008, prior to its acquisition by
    Precision Drilling Trust and his subsequent appointment as a
    director of Precision Drilling Corporation in December 2008.
    Mr.&#160;Turbidy serves as a director of a number of private
    energy companies, including a European exploration and
    production company concentrating on the Southern North Sea; a
    U.S.&#160;based jackup rig operator; a European based
    exploration and production company focused on onshore Europe; a
    natural gas company focused on the Marcellus; and a
    U.S.&#160;based exploration and production company with assets
    in the Niobrara and the Eagle Ford.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our executive officers serve at the pleasure of our board of
    directors. Our executive officers are as follows:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="51%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Age(1)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Position with Precision</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kevin A. Neveu
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    50
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    President and Chief Executive Officer
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Joanne L. Alexander
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    43
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Vice President, General Counsel and Corporate Secretary
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kenneth J. Haddad
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    52
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Vice President, Business Development
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert J. McNally
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    39
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Executive Vice President and Chief Financial Officer
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Darren J. Ruhr
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    45
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Vice President, Corporate Services
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gene C. Stahl
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    36
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    President, Drilling Operations
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Douglas J. Strong
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    50
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    President, Completion and Production Services
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    As of April&#160;1, 2011.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Kevin A. Neveu </I>is our President and Chief Executive
    Officer. See information regarding directors of Precision set
    forth above.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Joanne L. Alexander </I>of Calgary, Alberta, Canada is Vice
    President and General Counsel since 2008 and Corporate Secretary
    since 2009. From 2007 to 2008, Ms.&#160;Alexander was General
    Counsel of Marathon Oil Canada Corporation and in 2007, she was
    General Counsel of Western Oil Sands Inc. Ms.&#160;Alexander was
    General Manager of Stakeholder Engagement&#160;&#038; Regulatory
    Affairs at ConocoPhillips Canada Ltd. in 2006 and Vice President
    of Legal and Regulatory Affairs at Burlington Resources Canada
    Ltd. from 2000 to 2006.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Kenneth J. Haddad </I>of Houston, Texas, U.S.A. is Vice
    President of Business Development since 2008. Prior to that, he
    was a Director of Merger&#160;&#038; Acquisitions at Halliburton
    Company from 2002 to 2008.
</DIV>
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    <BR>
    22
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Robert J. McNally </I>of Calgary, Alberta, Canada is
    Executive Vice President and Chief Financial Officer and was
    appointed to that position in 2010. Prior to that appointment,
    Mr.&#160;McNally served as investment Principal at Kenda Capital
    from 2007 to 2010, except for a period during 2008 when he
    served as Chief Executive Officer of Dalbo Holdings. He also
    served as Executive Vice President of Finance and Operations and
    a member of the board of directors of Warrior Energy Services
    Corporation in 2006. From 2000 to 2005, Mr.&#160;McNally was an
    Investment Banker at Simmons and Company.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Darren J. Ruhr </I>of Calgary, Alberta, Canada is Vice
    President of Corporate Services and has held that position since
    2009. Prior to that, Mr.&#160;Ruhr was Vice President of
    Corporate Services&#160;&#038; Corporate Secretary from 2005 to
    2009, Director, Information Technology, Real Estate&#160;&#038;
    Travel, from 2003 to 2005 and Director, Information Technology,
    from 2000 to 2003.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Gene C. Stahl </I>of Houston, Texas, U.S.A. is President of
    Drilling Operations since 2008. Prior to that, he was President
    and Chief Operating Officer since 2005, Vice President, of
    Precision Rentals from 2003 to 2005 and General Manager of
    Ducharme Rentals/Big D Rentals from 2002 to 2003.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Douglas J. Strong </I>of Calgary, Alberta, Canada was
    appointed President of Completion and Production Services in
    2010. Previously, Mr.&#160;Strong was Chief Financial Officer
    from 2005 to 2010, Chief Financial Officer of Precision
    Diversified Services Ltd. from 2001 to 2005 and Group Controller
    from 2001 to 2005.
</DIV>
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    <BR>
    23
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='O69608112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">COMPENSATION
    DISCUSSION AND ANALYSIS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Compensation Discussion and Analysis
    (&#147;CD&#038;A&#148;) describes our executive compensation
    program for 2010 and certain revisions to our 2011 program. Our
    compensation programs are designed to attract, motivate and
    retain executives who lead our business in delivering <I>High
    Performance, High Value </I>services to our customers and
    ultimately deliver value to our shareholders over the long-term.
    This CD&#038;A reviews how the Compensation Committee determined
    the compensation for the following named executive officers
    (&#147;NEOs&#148;):
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Kevin A. Neveu: President and Chief Executive Officer
    (&#147;CEO&#148;)
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Robert J. McNally: Executive Vice President and Chief Financial
    Officer (&#147;CFO&#148;)
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Douglas J. Strong: President, Completion and Production Services
</TD>
</TR>


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Darren J. Ruhr: Vice President, Corporate Services
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The conversion of Precision from an income trust structure to a
    corporate structure was approved on May&#160;10, 2010 at our
    Annual&#160;&#038; Special Meeting and became effective
    June&#160;1, 2010. The Compensation Committee of our Board of
    Directors (the &#147;Compensation Committee&#148;), in
    consultation with its advisors, confirmed that the conversion
    would not trigger the change of control provisions under any
    employment agreements or long-term incentive plans. All
    outstanding grants under our long-term incentive plans were
    rolled over into economically equivalent grants under the new
    corporate structure and the associated plan documents were
    revised to account for the new corporate structure.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our strong performance in 2010 exceeded most of the financial
    and operational targets set at the beginning of the year,
    demonstrating an exceptional recovery from the severe global
    economic down-turn and financial challenges of 2009. In
    addition, during 2010 we were successful with several strategic
    initiatives including: continued focus on our <I>High
    Performance, High Value</I> organic growth initiatives by
    securing contracts for nine new build rigs and 12 rig upgrades,
    strategic market repositioning to capture emerging oil activity
    opportunities shifting operations and rigs to oil and
    liquids-rich gas plays, refinancing and significantly improving
    our capital structure while lowering interest expense,
    implementing strategic employee Talent and Performance
    Management processes, implementing the CEO, NEOs and Senior
    Manager Succession Plan, and recruiting and appointing key
    executives for finance and operations. We also implemented a
    comprehensive enterprise-wide legal, ethics, Health, Safety and
    Environmental Policy (&#147;HSE policy&#148;) compliance and
    certification process, which reinforces risk accountability and
    compliance throughout all levels of our organization on a
    quarterly basis.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Based on recommendations provided by the Compensation Committee
    in consultation with Mercer, the Compensation Committee&#146;s
    compensation consultant, our Board of Directors (the
    &#147;Board&#148;) approved the following executive compensation
    decisions in 2010:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Adjusted the base salary of the CEO to be slightly below the
    25th&#160;percentile, and his total direct compensation to be
    slightly below the median, of our compensation comparator group.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Increased base salaries of the other NEOs and reduced their STIP
    (as defined below) targets to realign NEO compensation to be
    closer to the median compensation offered by our comparator
    group.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Determined that the level of funding for the 2010 STIP bonus
    pool based on 2.5% operating earnings (&#147;EBIT&#148;) was
    inappropriate given our strong performance against the metrics
    and achievement of strategic objectives and used our discretion
    to increase the STIP bonus pool to 3.1% of EBIT.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Increased the share ownership requirement for the CEO to three
    times his annual base salary from two times. The requirement for
    other NEOs was increased to two times annual base salary from
    one times.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Approved the appointments of Robert McNally as CFO after a
    thorough search process and Douglas Strong as President,
    Completion and Production Services in July 2010.
</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Based on recommendations provided by the Compensation Committee
    in consultation with Mercer, the Board also approved the
    following executive compensation decisions in February 2011:
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Approved base salary increases of 2% for each of the NEOs.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Approved long-term incentive plan (&#147;LTIP&#148;) grants
    consisting of approximately 50% Options and 50% PSUs (as defined
    below) in terms of value for the CEO, CFO, President, Drilling
    Operations and President, Completion and Production Services and
    a grant consisting of approximately 25% RSUs, 25% PSUs and 50%
    Options in terms of value for the Vice President, Corporate
    Services.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Reviewed the design of the STIP and determined that it was
    appropriate to remove the 2.5% EBIT cap to ensure awards are
    aligned with performance achieved against predetermined
    corporate financial and operational metrics as well as an
    assessment of individual performance.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Reviewed the design of the PSU Plan (as defined below) and
    determined that, for the 2011 PSU grants, it was appropriate to
    remove the discretionary threshold on average return on capital
    which may reduce the payout to the participant by one-half if
    the threshold is not attained, and to continue to measure our
    relative total shareholder return performance.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table provides information on the total
    compensation received by our NEOs for the past three years along
    with information about our 2011 compensation known to date such
    as long-term incentives that were granted on February&#160;9,
    2011. Please see the Summary Compensation Table below for
    additional information about the compensation of our NEOs.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="58%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(C$)(11)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Kevin A. Neveu&#160;&#151; President and Chief Executive
    Officer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Base Salary Earned
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>603,366</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    635,479
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Short-Term Incentive Plan(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>351,460</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TBD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legacy LTIP(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Restricted Share Units(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    436,410
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>421,769</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Performance Share Units(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    436,410
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>651,981</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    942,732
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Options(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    436,198
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>844,406</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    942,288
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Pension Value(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>11,225</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TBD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    All Other Compensation(5)(6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,488
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,488
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>6,600</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TBD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Compensation</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,716,988</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>2,326,506</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>2,890,807</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Robert J. McNally&#160;&#151; Executive Vice President and
    Chief Financial Officer(7)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Base Salary Earned
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>157,774</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    355,868
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Short-Term Incentive Plan(2)(8)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>222,828</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TBD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Restricted Share Units(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,503,602</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Performance Share Units(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>864,571</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    347,354
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Options(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>544,905</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    337,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Pension Value(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TBD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    All Other Compensation(5)(6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>73,258</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TBD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Compensation</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,366,938</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="58%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2011</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(C$)(11)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Douglas J. Strong&#160;&#151; President, Completion and
    Production Services</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Base Salary Earned
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    231,911
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    252,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>303,904</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    330,030
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Short-Term Incentive Plan(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    291,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    252,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>210,286</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TBD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legacy LTIP(1)(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    600,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>200,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Restricted Share Units(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    193,050
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>154,620</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Performance Share Units(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    193,050
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>240,520</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    345,564
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Options(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    172,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>272,389</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    344,949
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Pension Value(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>11,225</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TBD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    All Other Compensation(5)(6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,291
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,524
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>5,341</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TBD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Compensation</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>739,102</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,678,877</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,398,285</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Gene C. Stahl&#160;&#151; President, Drilling Operations</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Base Salary Earned
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    257,675
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    282,335
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>362,776</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>(9)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    355,868
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Short-Term Incentive Plan(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    351,014
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    194,140
</TD>
<TD nowrap align="left" valign="bottom">
    (10)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>158,487</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TBD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legacy LTIP(1)(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    750,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>250,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Restricted Share Units(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    193,050
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>152,668</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Performance Share Units(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    193,050
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>237,483</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    347,354
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Options(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    172,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>268,950</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    337,631
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Pension Value(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>2,480</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TBD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    All Other Compensation(5)(6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,596
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,876
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>27,497</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TBD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Compensation</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>874,785</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,801,704</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,460,341</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Darren J. Ruhr&#160;&#151; Vice President, Corporate
    Services</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Base Salary Earned
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    201,635
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    205,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>246,346</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    259,192
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Short-Term Incentive Plan(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    274,675
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    135,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>119,170</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TBD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legacy LTIP(1)(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    352,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>166,750</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Restricted Share Units(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    128,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>85,900</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    99,180
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Performance Share Units(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    128,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>133,145</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    99,180
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Options(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    132,503
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>194,564</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    197,046
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Pension Value(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,082
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>11,225</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TBD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    All Other Compensation(5)(6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,762
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,874
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>4,847</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TBD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Compensation</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>691,154</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,097,527</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>961,947</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amounts for 2010 and 2009 represent the grant date fair
    value of 2010 and 2009 RSU, PSU and Option awards. U.S. dollar
    amounts were converted to Canadian dollars using the
    February&#160;11, 2010 exchange rate of 1.0523 for 2010 awards
    and May&#160;6, 2009 exchange rate of 1.1731 for 2009 awards for
    all NEOs with the exception of Mr.&#160;McNally.
    Mr.&#160;McNally&#146;s 2010 award was converted to Canadian
    dollars using the July&#160;19, 2010 exchange rate of 1.0559.
    The amounts for 2008 represent the grant date fair value of the
    2008 Retention Awards under the Legacy LTIP for
    Messrs.&#160;Neveu, Strong, Stahl and Ruhr.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amounts represent the bonus amounts earned during the year
    indicated and relate to performance criteria which were met for
    that year, but the cash amounts, as applicable, are paid during
    the subsequent year and include amounts related to the STIP for
    2010 and 2009, and both the Annual Performance Incentive Plan
    (&#147;APIP&#148;) and PSP (as defined below) for years prior to
    2009.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amounts for 2010 and 2009 represent the payments received
    under the Legacy LTIP Retention Awards granted in 2007 and 2006,
    respectively, for Messrs.&#160;Strong, Stahl and Ruhr.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    26
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

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

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

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

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amounts represent the employer matching contributions under
    the DCPP (as defined below). Mr.&#160;McNally does not
    participate in the DCPP.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amounts include employer contributions provided under the
    401(k) plan and the employer portion of benefits premiums for
    Messrs.&#160;McNally and Stahl.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    The value of perquisites and other personal benefits received by
    each NEO did not exceed the lesser of C$50,000 or 10% of the
    annual base salary of the NEO.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;McNally was appointed Executive Vice President and
    Chief Financial Officer effective July&#160;19, 2010. His base
    salary and all other compensation amounts reflect the length of
    time of his employment with us and were converted to Canadian
    dollars using the July&#160;19, 2010 to December&#160;31, 2010
    average exchange rate of 0.9767, unless otherwise noted.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;McNally joined us on July&#160;19, 2010 and was
    provided with a one-time signing bonus of U.S.$150,000 which was
    paid in addition to, and concurrently with, his 2010 STIP award
    of U.S.$78,144. The total amount of U.S.$228,144 was converted
    to Canadian dollars using the July&#160;19, 2010 to
    December&#160;31, 2010 average exchange rate of 0.9767.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Stahl&#146;s base salary earned for 2010 was
    U.S.$352,244. This amount was converted to Canadian dollars
    using the 2010 average exchange rate of 1.0299.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (10) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Stahl&#146;s 2009 STIP award was U.S.$170,000. This
    amount was converted to Canadian dollars using the 2009 average
    exchange rate of 1.1420.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (11) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Base Salary Earned amounts shown for 2011 were estimated and
    reflect the base salary increases for the NEOs which were
    effective March&#160;1, 2011. The amounts for 2011 RSU, PSU and
    Option awards represent the grant date fair values. U.S. dollar
    amounts were converted to Canadian dollars using the
    February&#160;9, 2011 exchange rate of 0.9947.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At the end of 2010, we had approximately 6,584&#160;employees,
    including 685 in salaried non-field positions. Approximately 647
    salaried employees participated in the STIP and 365 salaried
    employees participated in the LTIP in 2010.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Executive
    Compensation Program</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our compensation philosophy is to attract and retain high
    performing executives by ensuring that:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    compensation programs support the achievement of our short and
    long-term strategies and align the interests of our executives
    with growth in shareholder value;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the design of compensation programs supports our values and
    culture;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    compensation opportunities are competitive and reward
    achievements of both corporate and individual performance,
    without subjecting us to excessive or unnecessary risk;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    compensation programs are viewed as fair and reasonable by
    shareholders and regulators, and bear a solid relationship to
    our financial performance and strength.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our strategy is to increase net earnings and create shareholder
    value through excellence in customer service, organic growth in
    high performance capabilities, and growth through acquisition
    and business line diversification. We pride ourselves on having
    a strong
    <FONT style="white-space: nowrap">pay-for-performance</FONT>
    culture that starts with our senior management and NEOs but is
    strongly embraced by our entire organization. Our programs
    create a clear and direct linkage between compensation and the
    achievement of business objectives, in the short, medium and
    long-term, by providing an appropriate mix of fixed versus
    at-risk compensation, and immediate income versus future income
    linked to our share price performance.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our executives participate in the same compensation programs
    provided to our salaried employees, which consists of base
    salary, short-term cash incentives, longer-term share-based
    incentives, pension and other benefits.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    27
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We target base salaries at or slightly below the median against
    a comparator group of public companies. Our short-term incentive
    plan is designed to reward the annual achievement of performance
    relative to company-wide financial and operational metrics, as
    well as individual performance. Our long-term incentive plans
    are designed to align the interests of executives with
    shareholders by rewarding for growth in shareholder value, and
    to retain executives in a competitive and highly cyclical
    environment. Total compensation, including annual and long-term
    incentives, is targeted at the median for typical/median
    performance and at or above the 75th&#160;percentile for
    exceptional corporate and individual performance. Actual pay
    positioning for each executive is based on demonstrated
    performance, leadership and management skills, experience,
    education, succession planning considerations, competitive
    pressures and internal equity.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The table below shows the key components of our compensation
    programs and their respective form and performance period:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Elements</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Component</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Form</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Performance Period</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Base Salary
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Fixed amount
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Cash
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    One year
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Short-Term Incentives
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    At-risk, based on corporate and<BR>
    individual performance
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Cash
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    One year
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Long-Term Incentives
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    At-risk, based on share price
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Restricted Share Units
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    performance
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    which are settled in cash
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Three years
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    At-risk, based on performance against<BR>
    comparator group and share price performance
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Performance Share Units<BR>
    which are settled in cash
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Three years
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    At-risk, based on appreciation of share<BR>
    price
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Options
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Seven years
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We consider our short-term incentive plan and long-term
    incentive plans, consisting of RSUs, PSUs and Options, as
    &#147;at-risk&#148; compensation.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Executive
    Share Ownership Guidelines</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have guidelines for our senior executives to own Precision
    shares. These guidelines reflect our belief that equity
    ownership by executives further aligns the interests of
    management with those of our shareholders.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Compensation Committee, with the assistance of Mercer,
    reviewed our ownership guidelines relative to comparable
    Canadian companies. In February 2010, the Compensation Committee
    recommended, and the Board approved, an increase to the
    ownership guidelines. Under the revised guidelines, the CEO is
    expected to own Precision shares with a value equal to at least
    three times his annual base salary. The CFO and other officers
    are expected to own Precision shares with a value equal to at
    least two times their annual base salary. Vice Presidents who
    are not corporate officers are expected to own Precision shares
    with a value equal to at least the amount of their annual base
    salary. Executives have five years from February 2010 or their
    appointment to an executive position, whichever is later, to
    accumulate the Precision shares in accordance with these
    guidelines.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In calculating the value of Precision shares held by an
    executive for purposes of evaluating adherence to the
    guidelines, we use the higher of the actual purchase cost, or
    the current market value of the Precision shares to determine
    the executive&#146;s ownership position. In determining
    Precision share ownership, we only consider actual Precision
    shares held and therefore do not include RSUs, PSUs or Options.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the previous guidelines, the CEO was expected to own
    Precision shares with a value equal to at least two times his
    annual base salary. The CFO and other officers were expected to
    own Precision shares with a value equal to at least one time
    their annual base salary.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table summarizes the targets and actual ownership
    in Precision shares as a multiple of base salary for the NEOs
    (as at December&#160;31, 2010):
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="52%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="17%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2010 Target Share<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Actual Share<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Named Executive Officer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Ownership</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Ownership</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Meets Guidelines</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kevin A. Neveu
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3x annual base salary
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    193,156
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Yes
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    President and CEO
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert J. McNally
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2x annual base salary
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    See Note (1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Executive Vice President and Chief
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Financial Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Douglas J. Strong
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2x annual base salary
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,729
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Yes
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    President, Completion and Production Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gene C. Stahl
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2x annual base salary
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53,729
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Yes
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    President, Drilling Operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Darren J. Ruhr
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2x annual base salary
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,525
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    See Note (2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Vice President, Corporate Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;McNally joined Precision on July&#160;19, 2010 and has
    until July&#160;19, 2015 to meet the share ownership guideline.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Ruhr met the requirements under the previous guideline
    of one time his annual base salary. He has until 2015 to meet
    the new guidelines.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Compensation Committee has retained the services of Mercer,
    an external executive compensation consultant, to assist and
    advise the Compensation Committee in its review of executive
    compensation, including the competitiveness of pay levels,
    executive compensation design issues, market trends and
    technical considerations. In 2010, the support provided by
    Mercer consisted of:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    providing compensation benchmark market data, industry trends
    and issues;
</TD>
</TR>


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


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


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


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


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reviewing and advising on compensation for the NEOs and other
    executives;
</TD>
</TR>


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reviewing the Compensation Discussion and Analysis section of
    Precision&#146;s management circular;&#160;and
</TD>
</TR>


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


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

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Compensation Committee pre-approves the provision of all
    services provided by Mercer to ensure they do not compromise
    Mercer&#146;s objectivity. The total fees paid to Mercer for the
    past three years are as outlined below:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="59%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="10%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Services to the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Pension &#038; Benefits<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Year</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Compensation Committee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Consulting Services</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    85,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    58,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    181,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    17,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    231,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The higher fees paid to Mercer in 2008 and 2009 were associated
    with the redesign of our short and long-term incentive plans.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    29
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We review our compensation for NEOs and other executives against
    a group of comparator companies. In 2009, with the assistance of
    Mercer, the Compensation Committee established the comparator
    group of companies with whom we compete with for executive
    talent and includes contract drilling or well servicing
    companies, offshore drilling companies and companies from the
    broader oilfield services industry. The Compensation Committee
    took the following factors into consideration when selecting the
    comparator group:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

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


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


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


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


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


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


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


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


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


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


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


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


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

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Compensation Committee, with the assistance of Mercer,
    reviewed the comparator group in 2010 and determined that it was
    still appropriate to use for 2010 compensation planning
    purposes. The comparator group of companies and their associated
    data points as at December&#160;31, 2010 are shown below:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=10 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=10 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=10 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=10 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="22" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>Period Ending<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="22" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>All values in Cdn $ millions</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Revenue<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Mkt. Cap.<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Enterprise<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Geographic<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>1-yr<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>3-yr<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>5-yr<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Company Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Assets(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Employees(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(2)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Value(2)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Footprint</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>TSR(3)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>TSR(3)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>TSR(3)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Basic Energy Services Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    527
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,040
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    680
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,083
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    United States
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    85
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (9
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Complete Production Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,056
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,589
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,235
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,302
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,809
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    North America
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    127
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    n/a
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Ensco International Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,946
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,747
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,585
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,607
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,968
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    International
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Ensign Energy Services Inc.(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,138
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,128
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,095
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,300
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,356
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    International
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Flint Energy Services Ltd.(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,877
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    975
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,280
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    829
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    905
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    North America
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    88
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Helmerich&#160;&#038; Payne
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,894
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,161
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,384
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,138
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,422
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    International
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Hercules Offshore Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    743
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,277
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    399
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,128
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    International
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (27
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (47
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (34
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Key Energy Services, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,079
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,664
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,470
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,836
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,322
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    United States
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Parker Drilling Co.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    753
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,243
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,372
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    953
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    International
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (16
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Patterson-UTI Energy, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    782
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,662
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,321
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,347
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    North America
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Pioneer Drilling Co.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    326
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    823
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    477
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    743
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    International
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (9
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (13
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Pride International Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,594
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,143
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,550
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,799
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,031
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    International
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Rowan Cos.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,770
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,211
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,846
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,406
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,979
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    International
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Superior Energy Services, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,449
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,517
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,758
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,591
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    International
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Trican Well Service Ltd.(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    811
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,030
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,794
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,898
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,964
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    International
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Trinidad Energy Services Ltd.(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    583
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,624
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,038
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    761
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,323
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    International
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (12
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Unit Corp.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    703
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,228
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,416
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,226
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,360
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    United States
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B><I>Average</I></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><I>$</I></B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>1,119</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><I>$</I></B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>2,592</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>4,339</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><I>$</I></B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>2,604</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><I>$</I></B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>2,958</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>34</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B><I>%</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>(4</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B><I>)%</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>(5</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B><I>)%</I></B>
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B><I>Precision Drilling Corporation</I></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><I>$</I></B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>1,197</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><I>$</I></B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>4,192</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>5,380</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><I>$</I></B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>2,646</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><I>$</I></B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>3,122</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>North America</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>25</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B><I>%</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>(9</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B><I>)%</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B><I>(18</I></B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B><I>)%</I></B>
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    2009 annual revenue, total assets and employees.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Market capitalization and enterprise value at December&#160;31,
    2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    TSR denotes annualized Total Shareholder Return, or change in
    share price adjusted for dividends.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    These companies were excluded in determining CEO compensation.
    Please see the &#147;&#151;&#160;Compensation of the Chief
    Executive Officer&#148; section for more information.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In circumstances where equivalent executive positions are not
    disclosed in the proxy data, we use third party compensation
    surveys and extract relevant data from other similarly-sized
    energy sector companies, generally measured in terms of revenue.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Role
    of Management in Determining Compensation</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The CEO participates in the compensation design process by
    providing recommendations to the Compensation Committee with
    respect to the other executives and recommends to the
    Compensation Committee the specific performance targets to be
    used for the various incentive plans. The Vice President,
    Corporate Services assists the CEO in developing and presenting
    management&#146;s recommendations and supporting material to the
    Compensation Committee regarding the compensation of the
    executives.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each year, the CEO completes a formal evaluation of the
    performance of the NEOs. These evaluations are based on the
    achievement of specific goals established at the beginning of
    the year for each NEO as well as an assessment of his
    performance against a matrix used to evaluate all of our
    salaried employees. The CEO also evaluates NEO performance
    relative to the achievement of our annual objectives and
    assesses the leadership of the NEOs in advancing our long-term
    strategic objectives. The results of these evaluations are
    shared with the Compensation Committee.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Base salary provides a fixed amount of cash compensation for
    performing
    <FONT style="white-space: nowrap">day-to-day</FONT>
    responsibilities and reflects the individual&#146;s experience,
    potential, performance and market competitiveness against our
    comparator group.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For 2009, in response to the economic uncertainty and the
    expected decline in demand for drilling services in the short
    term, we maintained salaries at their 2008 levels for the CEO
    and all other senior executives, notwithstanding the fact
    salaries for most of the NEOs were below our target pay
    positioning. Mr.&#160;Stahl received a salary increase effective
    December&#160;1, 2009 in recognition of his relocation to the
    United States and his expanded scope and responsibilities as
    President, Drilling Operations.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In February 2010, the Compensation Committee, with the
    assistance of Mercer, reviewed the 2010 compensation for the CEO
    and the other NEOs.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    After consideration of Mercer&#146;s analysis, the Compensation
    Committee recommended and the Board approved base salary
    increases for the NEOs. For more details of the compensation of
    the CEO, see &#147;&#151;&#160;Compensation of the Chief
    Executive Officer&#148;. Effective March&#160;1, 2010, the
    Compensation Committee approved base salary increases for the
    other NEOs and reduced their 2010 STIP targets to restructure
    total NEO compensation to be closer to the median of the
    comparator group. Please see the &#147;&#151;&#160;2010 NEO STIP
    Targets&#148; section.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For 2011, upon consultation with Mercer, salary increases of
    2&#160;percent were approved for each of our NEOs.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table compares the year-end salaries for 2008
    through 2010, as well as the new base salary effective
    March&#160;1, 2011 for each of our NEOs:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="43%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2008 Base<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2009 Base<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>%<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2010 Base<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>%<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2011 Base<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>%<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Named Executive Officer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Salary</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Salary</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Increase</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Salary(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Increase</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Salary(2)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Increase</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Kevin A. Neveu
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    625,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    +25
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    637,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    +2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    President and CEO
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Robert J. McNally
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    U.S.$
</TD>
<TD nowrap align="right" valign="bottom">
    350,000
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    U.S.$
</TD>
<TD nowrap align="right" valign="bottom">
    357,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    +2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    Executive Vice President and<BR>
    Chief Financial Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Douglas J. Strong
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    252,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    252,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    325,000
</TD>
<TD nowrap align="left" valign="bottom">
    (5)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    +29
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    331,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    +2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    President, Completion and<BR>
    Production Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Gene C. Stahl
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    277,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    350,000
</TD>
<TD nowrap align="left" valign="bottom">
    (3)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    +26
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    U.S.$
</TD>
<TD nowrap align="right" valign="bottom">
    350,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    U.S.$
</TD>
<TD nowrap align="right" valign="bottom">
    357,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    +2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    President, Drilling Operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Darren J. Ruhr
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    205,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    205,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    255,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    +24
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    260,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    +2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    Vice President, Corporate Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    31
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Base salary increases in 2010 were effective March&#160;1, 2010,
    unless indicated otherwise.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Base salary increases in 2011 were effective March&#160;1, 2011,
    unless indicated otherwise.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Stahl received a 26% salary increase effective
    December&#160;1, 2009 in recognition of his relocation to the
    United States and his expanded scope and responsibilities as
    President, Drilling Operations.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;McNally was appointed Executive Vice President and
    Chief Financial Officer of Precision on July&#160;19, 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Strong received a 19% base salary increase on
    March&#160;1, 2010 while he was Chief Financial Officer and
    received a further increase of 8% to C$325,000 when he assumed
    the position of President, Completion and Production Services.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Short
    Term Incentive Plan (&#147;STIP&#148;)</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The STIP is designed to recognize and reward individuals for the
    annual achievement of performance relative to company-wide
    financial and operational metrics, as well as their individual
    performance. Each participant has the opportunity to earn annual
    cash bonuses that are tied to specified target awards defined as
    a percentage of their base salary (&#147;STIP Target&#148;). The
    individual performance component can result in awards ranging
    from 0% to 50% of STIP Target, while the corporate performance
    component can range from 0% to 150% of STIP Target, for a total
    bonus award of up to 200% of STIP Target. The Compensation
    Committee believes this weighting reinforces our
    <FONT style="white-space: nowrap">pay-for-performance</FONT>
    philosophy by rewarding individual performance while maintaining
    the emphasis of the program on company-wide performance which
    promotes our collaborative culture.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The overall STIP bonus pool is capped at 2.5% of EBIT. In the
    case of the STIP bonus pool funding being insufficient to pay
    out at target, the individual component is first paid out, and
    the corporate component reduced. The Compensation Committee may
    use its discretion to increase or decrease the size of the bonus
    pool if the Compensation Committee determines that the
    calculated size of the bonus pool resulted in a significant
    overpayment or underpayment based on actual performance achieved
    in the year.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We fully implemented and executed a performance management
    system in 2010, with all STIP-eligible employees establishing
    annual performance objectives. These objectives are monitored by
    managers throughout the year and bonus awards are linked to
    achievement of the objectives and overall employee performance,
    with awards for individual performance ranging from 0% to 50% of
    STIP Target. Managers make recommendations on the awards which
    are then approved by senior Management. The CEO makes
    recommendations to the Compensation Committee for each of the
    other NEO&#146;s awards. The Compensation Committee recommends
    the CEO&#146;s award and the other NEOs&#146; awards for final
    approval by the Board.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The corporate component is awarded based on our performance
    relative to company-wide financial and operational metrics and
    targets which are approved by the Compensation Committee at the
    beginning of each year. Each metric is weighted and has
    threshold, plan and stretch objectives. The operational and
    financial metrics in aggregate will result in awards ranging
    from 0% to 150% of STIP Target. The operational metrics used are
    highly descriptive and directly measure our safety, operational
    and employee retention performance, all of which we consider
    critical components of our <I>High Performance, High Value
    </I>competitive strategy. The objectives for each operational
    metric are established to encourage our NEOs to strive towards
    achieving high performance results with stretch objectives that
    are set at a level that requires exceptional performance. These
    metrics were first introduced in 2009 and we exceeded the plan
    objectives set for that year. These metrics represent 15% of the
    CEO&#146;s target cash compensation (base salary plus STIP
    Target) and 13% of the other NEOs&#146; target cash
    compensation. The threshold, plan and stretch objectives for the
    operational metrics are not disclosed for competitive reasons.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    32
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<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">2010 NEO
    STIP Targets</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2010, after a review of the compensation for our NEOs, the
    Compensation Committee realigned the total compensation for each
    NEO to be closer to the median level of the comparator group. As
    a result, in conjunction with adjustments to base salaries, the
    Compensation Committee reduced each NEO&#146;s STIP Target to
    75% of base salary from 100%. The CEO&#146;s STIP Target remains
    at 100% of base salary.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">2010
    Corporate Performance</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The metrics are as outlined in the table below:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="28%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Range (%<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Threshold<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Plan<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Stretch<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>2010 Actual<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>of STIP<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Uncapped<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Metric</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Objective</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Objective</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Objective</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Performance</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Target)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Payout</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Return on Capital Employed
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    8%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    14%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    26%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    EBIT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    C$137 million
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    C$172 million
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    C$240 million
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    C$253 million
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    0% -45%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    45%
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
    Safety Performance<BR>
    Mechanical Downtime
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" valign="bottom">
    Operational metrics are not disclosed as they are critical
    components of our competitive strategy which we market as part
    of our <I>High Performance, High Value </I>service offering to
    new and existing customers. Transparency of these metrics would
    provide our competitors with direct access to our competitive
    advantage.
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
<DIV style="text-indent: -0pt; margin-left: 0pt;">
0% - 20%<BR>0% - 20%<BR><BR>0% - 20%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    33%<BR>
    <BR>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Employee Retention
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    0% - 150%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    78%
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Following the 2010&#160;year-end, the Compensation Committee
    reviewed our achievements against the metrics and confirmed that
    the corporate component uncapped payout was 78% of STIP Target.
    Consistent with the plan design, the Compensation Committee
    calculated the STIP bonus pool by applying the 2.5% EBIT cap,
    resulting in a reduction to the corporate component payout from
    78% down to 15% after providing for funding of the individual
    component. The Compensation Committee determined that this level
    of funding was inappropriate given our strong performance
    against the metrics and achievement of strategic objectives and
    used its discretion to increase the STIP bonus pool to 3.1% of
    EBIT or approximately $1.6&#160;million, resulting in a
    corporate component payout of 27% of STIP Target.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each participant&#146;s award consisted of 27% of STIP Target
    for the corporate component and 0% to 50% of STIP Target for the
    individual component based on individual performance.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">2010 STIP
    Awards</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table shows the actual 2010 and 2009 STIP awards
    for each NEO:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="30%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Individual<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Component<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>2010 Base<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>based on<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Salary<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Corporate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Performance<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Earned(2) in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>STIP<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Component<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Assessment in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010 Actual STIP Award ($)(3)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Local<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Target<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(27%) in Local<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Local<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>In Local<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Converted to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009 Actual STIP</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Named Executive Officer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Currency(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(%)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Currency(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Currency(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Currency(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Cdn$</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>In Cdn$</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>% Change</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Kevin A. Neveu
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    603,366
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    162,908+
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    188,552=
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    351,460
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    351,460
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (30
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    President and CEO
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Robert J. McNally
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    161,538
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,711+
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45,433=
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    78,144
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,323
</TD>
<TD nowrap align="left" valign="bottom">
    (5)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    Executive Vice President and Chief Financial Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Douglas J. Strong
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    303,904
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,541+
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    148,745=
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    210,286
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    210,286
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    252,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    President, Completion and Production Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Gene C. Stahl
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    352,244
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71,329+
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    82,557=
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    153,886
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    158,487
</TD>
<TD nowrap align="left" valign="bottom">
    (6)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    194,140
</TD>
<TD nowrap align="left" valign="bottom">
    (7)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (18
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    President, Drilling Operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Darren J. Ruhr
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    246,346
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49,885+
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69,285=
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    119,170
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    119,170
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    135,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (12
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    Vice President, Corporate Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>
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    <BR>
    33
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amounts shown are kept in the currency in which each NEO is
    paid. Amounts for Messrs.&#160;McNally and Stahl are in U.S.
    dollars and amounts for all other NEOs are in Canadian dollars.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    STIP awards are calculated based on base salary earned and
    reflect base salary changes during the year.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    2009 and 2010 STIP Awards were determined based on actual base
    salary earned in the respective calendar years and were paid on
    March&#160;9, 2010 and March&#160;8, 2011, respectively.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;McNally joined us on July&#160;19, 2010 and was
    provided with a one-time signing bonus of U.S.$150,000 which was
    paid in addition to, and concurrently with, his 2010 STIP award.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    This amount was converted using the July&#160;19, 2010 to
    December&#160;31, 2010 average exchange rate of 0.9767.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    This amount was converted using the 2010 average exchange rate
    of 1.0299.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Stahl received a 2009 STIP award of U.S.$170,000. This
    amount was converted to Canadian dollars using the 2009 average
    exchange rate of 1.1420.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the 2011 plan, the Compensation Committee, in consultation
    with Mercer, removed the 2.5% EBIT cap to ensure awards are
    aligned with performance achieved against the company-wide
    financial and operational metrics. Mercer&#146;s analysis
    indicated that our inclusion of a bonus pool cap was not
    consistent with our
    <FONT style="white-space: nowrap">pay-for-performance</FONT>
    philosophy. Each participant&#146;s maximum bonus opportunity
    will remain capped at 200% of their STIP Target.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Long-Term
    Incentive Plans</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Restricted
    Share Units (&#147;RSUs&#148;)</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    RSUs are notional share-based awards to recognize, retain and
    motivate key employees to create shareholder value with payouts
    that are directly tied to our absolute share value. A plan
    participant is awarded a fixed number of RSUs that vest equally
    over three years. On each vesting date we redeem the vested RSUs
    for cash. The RSU plan is non-dilutive and unvested RSUs are
    forfeited upon resignation.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Performance
    Share Units (&#147;PSUs&#148;)</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    PSUs are notional share-based awards that are designed to
    recognize, retain, motivate and reward key employees to create
    Shareholder value relative to industry peers over a three-year
    period. A plan participant is awarded a fixed number of PSUs
    that cliff vest at the end of a three-year period. The PSUs are
    settled in cash, based on the absolute value of Precision shares
    multiplied by a payout multiplier. The payout multiplier is
    determined based on the relative performance of total return to
    our shareholders (commonly referred to as Total Shareholder
    Return or &#147;TSR&#148;) compared to the PSU performance
    comparator group.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Prior to the grant, the Compensation Committee, with the
    assistance of Mercer, determines the companies against which our
    TSR performance will be measured over the three-year performance
    period. The Compensation Committee recognizes that the PSU
    Performance Comparator Group may differ from the Compensation
    Comparator Group, as the group used for competitive executive
    compensation considerations and may differ from the companies
    with which we compete for investors. The Compensation Committee
    reviews the appropriateness of the comparator groups annually.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At the end of the three-year performance period, the
    Compensation Committee reviews our relative TSR and sets the
    multiplier in accordance with the following:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="82%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Ranking</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Payout Multiplier</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    75% or higher ranking among peer group
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    2.0 times payout
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    50% (median) ranking among peer group
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    1.0 times payout
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    35% ranking among peer group
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    0.4 times payout
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Below 35% ranking among peer group
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    0 payout
</TD>
</TR>
</TABLE>

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

</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    34
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    TSR will be adjusted to reflect any distributions or dividends
    paid and the multiplier will be interpolated for performance in
    between the ranges in the table and are independently calculated
    by Mercer and approved by the Compensation Committee. For the
    2009 and 2010 PSU grants, the Compensation Committee has the
    discretion to reduce the plan payout by half if our average
    return on capital did not exceed 10%.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Compensation Committee reviews our TSR ranking and average
    return on capital and recommends the payout multiplier to the
    Board for final approval. The final payout is based on:
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">PSU
    Payout Calculation</FONT></B>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="92%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Number of PSUs granted to participant
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <I>times</I>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Payout Multiplier
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <I>times</I>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="white-space: nowrap">5-Day</FONT>
    Weighted Average Price of Precision shares*
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <I>equals</I>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Payout Amount
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Weighted average price of one Precision share for the five
    trading days prior to the date of vesting.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">2009 PSU
    Performance Comparator Group</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table lists the PSU Performance Comparator Group
    for the 2009 PSU Plan:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="27%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="25%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>2009 PSU Performance</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Comparator Group</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Atwood Oceanics, Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Nabors Industries Ltd.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Pioneer Drilling Co.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Transocean Ltd.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Diamond Offshore Drilling Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Noble Corp.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Pride International Inc.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trinidad Energy Services Ltd.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Ensco International Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Parker Drilling Co.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Rowan Cos.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Unit Corp.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Ensign Energy Services Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Patterson-UTI Energy Inc.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Savanna Energy Services Corp.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Union Drilling Inc.
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To coincide with the grant of Options, the Compensation
    Committee, upon consultation with Mercer, set the performance
    period for the 2009 PSU grant from May&#160;6, 2009 to
    December&#160;31, 2011 (less than three years) as the
    performance period for determination of relative TSR
    performance. Beginning in 2010, the PSU performance periods were
    tied to calendar years.
</DIV>
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    <BR>
    35
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following graph shows our TSR performance relative to the
    2009 PSU Performance Comparator Group for the period from
    May&#160;6, 2009 to December&#160;31, 2010:
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="o69608o6960869.gif" alt="(BAR GRAPH)">
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our TSR for the
    <FONT style="white-space: nowrap">20-month</FONT>
    period is 95%, which puts us at the 99th&#160;percentile of the
    comparator group and would result in a two times performance
    multiplier before taking into account the average return on
    capital threshold.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">2010
    PSU Performance Comparator Group</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2010, the Compensation Committee reviewed the PSU Performance
    Comparator Group. As part of its review, the Compensation
    Committee considered analysis provided by Mercer which indicated
    that the correlation of TSR between us and onshore companies was
    higher than offshore companies. For the 2010 PSU Plan, the
    Compensation Committee determined that it was appropriate to
    remove offshore drilling companies and add companies from the
    broader oilfield services sector due to the limited number of
    onshore drilling companies. The new comparator group increases
    the alignment with the compensation comparator group and
    reflects our non-drilling businesses.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table lists the PSU Performance Comparator Group
    for the 2010 PSU Plan:
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">2010 PSU
    Performance Comparator Group</FONT></B>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="34%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Basic Energy Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Nabors Industries
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Superior Energy Services
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Complete Production Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Parker Drilling
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Trican Oilwell Services
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ensign Energy Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Patterson-UTI Energy
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Trinidad Energy Services
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Helmerich &#038; Payne
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Pioneer Drilling
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Union Drilling
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Key Energy Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Savanna Energy Services
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Unit Corp
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Grants under the 2010 PSU Plan were made on February&#160;11,
    2010 during our normal annual LTIP grant cycle. The performance
    period is from January&#160;1, 2010 to December&#160;31, 2012.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    36
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following graph shows our TSR performance relative to the
    2010 PSU Performance Comparator Group for the period from
    January&#160;1, 2010 to December&#160;31, 2010:
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="o69608o6960870.gif" alt="(BAR GRAPH)">
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our TSR for the
    <FONT style="white-space: nowrap">12-month</FONT>
    period is 33%, which puts it at the 62nd&#160;percentile of the
    comparator group and would result in a 1.48 times performance
    multiplier before taking into account the average return on
    capital threshold.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">2011 PSU
    Plan (&#147;PSU Plan&#148;)</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In early 2011, the Compensation Committee, with the assistance
    of Mercer, reviewed the PSU Performance Comparator Group and
    determined that the comparator group used in 2010 should remain
    unchanged for the 2011 PSU grants. The Compensation Committee
    also reviewed the design of the PSU Plan and determined that,
    for the 2011 PSU grant, it was appropriate to remove the
    discretionary threshold on average return on capital which may
    reduce the payout to the participant by half if the threshold is
    not attained. The Compensation Committee noted that our STIP
    already included a metric on return on capital and Mercer
    advised that it was uncommon to have this type of reducing
    factor on a PSU Plan that is designed to measure relative TSR
    performance.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Options are designed to retain, motivate and reward key
    employees with an incentive to enhance shareholder value by
    providing a form of compensation that is tied directly to
    increases in the market value of Precision shares. Options have
    a seven year term and vest
    <FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">3</FONT>
    each year commencing on the first anniversary date of the grant.
    The LTIP value for each plan participant is calculated using the
    industry standard Black-Scholes options pricing model in
    accordance with Mercer&#146;s recommendations.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The option plan was approved by shareholders on May&#160;6,
    2009. The aggregate number of Options reserved for issuance is
    11,103,253, including provision for issuance of up to 800,000
    DSUs (as defined below) to our independent directors. The
    maximum number of Options that can be issued in any one year may
    not exceed 1% of the issued and outstanding Precision shares.
    The maximum aggregate number of Precision shares reserved for
    issuance that may be issued is 2% to any one individual, and 10%
    to all insiders, of the issued and outstanding Precision shares.
    Please see the &#147;&#151;&#160;Employee Stock Option Plan
    Administration Details&#148; section for more information.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    37
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Options that were previously granted to employees are not taken
    into consideration when new grants are determined.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table provides information on the number of
    Options granted each year since the Option Plan was first
    implemented:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="49%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>% of Shares<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>% of Shares<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B># of Options</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Outstanding</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B># of Options</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Outstanding</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Measure of Dilution</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Annual Grant(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,118,755
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.77
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,929,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Options Outstanding(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,723,123
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.35
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,787,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Options Available for Grant(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,556,798
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,515,553
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Overhang(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,279,921
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,303,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.74
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Annual Grant represents the total number of options granted
    under the Option Plan during each respective year.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Options Outstanding represents the total number of options
    outstanding (including the annual grant) under the Option Plan
    at the end of each year.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Options Available for Grant represents the number of options
    remaining in the reserve approved by shareholders and available
    for grant under the Option Plan at the end of each year.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Overhang represents the number of Options outstanding plus the
    number of Options remaining in reserve approved by shareholders
    and available for future grants.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    None of our NEOs has exercised any of the Options granted to
    them under the Option Plan.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For 2009 and 2010, the mix of the LTIP vehicles granted to our
    NEOs was generally the same as those provided to other key
    employees to promote the collaborative orientation of our
    culture. For 2011, LTIP grants to the CEO, CFO, President,
    Drilling Operations and President, Completion and Production
    Services were approximately 50% Options and 50% PSUs in terms of
    value, with no RSUs awarded to these NEOs.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table outlines the LTIP awards granted to our
    NEOs, including the grants made for the 2011 plan year:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Grant<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>RSU Awards<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>PSU Awards<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Option Awards<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Named Executive Officer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Grant Date</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price (C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Units /C$)(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Units /C$)(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Units /C$)(2)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Kevin A. Neveu
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Feb. 9, 2011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0 /0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    90,300 /942,732
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    197,500 /942,288
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,885,020
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 7pt">
    President and CEO
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Feb. 11, 2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49,100 /421,769
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75,900 /651,981
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    217,000 /844,406
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,918,156
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    May 6, 2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,600 /436,410
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,600 /436,410
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    164,600 /436,198
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,309,018
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Robert J. McNally
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Feb. 9, 2011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0 /0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,100 /347,354
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72,300 /337,631
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    684,986
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 7pt">
    Executive Vice President
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Jul. 19, 2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000 /1,503,602
</TD>
<TD nowrap align="left" valign="bottom">
    (3)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    115,000 /864,571
</TD>
<TD nowrap align="left" valign="bottom">
    (3)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    160,000 /544,905
</TD>
<TD nowrap align="left" valign="bottom">
    (3)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,913,078
</TD>
<TD nowrap align="left" valign="bottom">
    (3)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 7pt">
    and Chief Financial Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Douglas J. Strong
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Feb. 9, 2011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0 /0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,100 /345,564
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72,300 /344,949
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    690,513
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 7pt">
    President, Completion and
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Feb. 11, 2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,000 /154,620
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,000 /240,520
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70,000 /272,389
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    667,529
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 7pt">
    Production Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    May 6, 2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,000 /193,050
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,000 /193,050
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65,000 /172,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    558,353
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Gene C. Stahl
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Feb. 9, 2011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0 /0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,100 /347,354
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72,300 /337,631
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    684,986
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 7pt">
    President, Drilling Operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Feb. 11, 2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,000 /152,668
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,000 /237,483
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70,000 /268,950
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    659,100
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    May 6, 2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,000 /193,050
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,000 /193,050
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65,000 /172,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    558,353
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Darren J. Ruhr
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Feb. 9, 2011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,500 /99,180
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,500 /99,180
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,300 /197,046
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    395,406
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 7pt">
    Vice President, Corporate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Feb. 11, 2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000 /85,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,500 /133,145
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,000 /194,564
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    413,609
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: 0pt; margin-left: 7pt">
    Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    May 6, 2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,000 /128,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,000 /128,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,000 /132,503
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    389,903
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    RSUs and PSUs were valued on the date of grant using the five
    day weighted average trading price of Precision shares on the
    Toronto Stock Exchange (the &#147;TSX&#148;) and NYSE, for
    Canadian and U.S. units, respectively.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    38
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

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

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

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

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Options were valued on the date of grant using the Black-Scholes
    option pricing model. See the Summary Compensation Table for
    details of the assumptions used in determining the Option values.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;McNally joined us on July&#160;19, 2010 and was granted
    200,000 RSUs, 115,000 PSUs and 160,000 Options as part of his
    offer which was intended to compensate him for deferred
    compensation he relinquished with his former employer. These
    amounts have been converted to Canadian dollars using the
    July&#160;19, 2010 exchange rate of 1.0559.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    These amounts were converted to Canadian dollars using the
    exchange rate on the date of grant, as follows: February&#160;9,
    2011 = 0.9947 and February&#160;11, 2010 = 1.0523.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Executives participate in the same benefit program provided to
    our salaried employees. We believe benefits are an integral part
    of total compensation and are important for attracting and
    retaining employees, including NEOs. Our employee benefits are
    competitive, in terms of coverage and employee cost sharing, and
    are similar to those offered by the companies in our
    compensation peer group. The program consists of basic, optional
    and dependent life insurance; basic, optional, accidental death
    and dismemberment insurance; extended health and dental care;
    short and long-term disability insurance; and an employee
    assistance plan. NEOs are provided supplementary accidental
    death and dismemberment insurance benefits as well.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    NEOs participate in the same retirement program provided to our
    salaried employees. Our retirement plans assist eligible
    employees in accumulating capital toward their retirement and
    are competitive to those offered by the companies in our
    compensation comparator group. In Canada, our retirement plan
    consists of two voluntary components: a Defined Contribution
    Pension Plan (&#147;DCPP&#148;) and a Group Registered
    Retirement Savings Plan (&#147;GRRSP&#148;). Our United States
    retirement plan consists of a 401(k) plan. As a 401(k) plan is
    not considered a pension plan under Canadian proxy disclosure
    rules, the amounts are reported under &#147;&#151;&#160;All
    Other Compensation&#148; in the Summary Compensation Table for
    the applicable NEOs.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We provide a limited amount of perquisites to our NEOs as part
    of a competitive total compensation package that allows them to
    focus on their daily responsibilities and the achievement of our
    business objectives. Eligibility reflects competitive practices
    and includes perquisites common in the drilling and oilfield
    services industry.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2010, each of the NEOs was provided with a company vehicle,
    including operating costs. Mr.&#160;McNally and Mr.&#160;Stahl,
    who are working as expatriates, are provided with tax
    preparation services. Other perquisites offered vary by
    position, and may include health and business club memberships
    <FONT style="white-space: nowrap">and/or</FONT>
    comprehensive executive medical programs.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any perquisites that are deemed to be taxable to the NEOs are
    not grossed up to compensate for taxes otherwise payable.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For information on the perquisites provided to the CEO, please
    see the &#147;&#151;&#160;Compensation of the Chief Executive
    Officer&#148; section.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Legacy
    Long-Term Incentive Plan (&#147;Legacy LTIP&#148;)</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2009, we discontinued the Legacy LTIP plan which was
    implemented in 2006. Grants were provided under the plan from
    2006 to 2008. No awards were granted after 2008.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Legacy LTIP had two components:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a Retention Award, being a cash award for 2006 and 2007, and a
    unit-based award for 2008 that vests after three years;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a Performance Award, being a cash award that is contingent on
    performance and vests after three years.
</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    39
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Awards were granted on an annual basis in the first quarter of
    2006, 2007 and 2008:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for the 2006 award, 25% of the Legacy LTIP was denominated as a
    Retention Award that provided a fixed dollar amount to award
    recipients in March 2009 and 75% of the Legacy LTIP was
    denominated as a Performance Award that provided a target dollar
    amount contingent upon achieving actual distributions per
    Precision shares over a three-year term.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for the 2007 award, 25% of the Legacy LTIP was denominated as a
    Retention Award that provided a fixed dollar amount to award
    recipients in March 2010 and 75% of the Legacy LTIP was
    denominated as a Performance Award that provided a target dollar
    amount contingent upon achieving distributable cash per
    Precision share over a three-year term.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for the 2008 award, 25% of the Legacy LTIP was denominated as a
    Retention Award that was converted into notional Precision
    shares on the date of grant which vest in March 2011 and 75% of
    the Legacy LTIP was denominated as a Performance Award that will
    provide a target dollar amount contingent upon achieving
    distributable cash per Precision share over a three year-term.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For both Retention Awards and Performance Awards, eligible
    participants receive a cash payment at the end of the three-year
    period. We set aggressive thresholds and targets for the 2006,
    2007 and 2008 Performance Awards and as Precision did not meet
    the threshold criteria, we did not provide any cash payments to
    plan participants under these plan years.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Since the awards were intended to represent long-term incentive
    compensation over three years, the initial grants were three
    times the size of a normal annual grant for first-time
    participants in the Legacy LTIP.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table outlines the value of the Retention Awards
    and Performance Awards, assuming target performance, granted to
    each NEO:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="52%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Retention<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Performance Awards<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Named Executive Officer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Awards</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>at Target</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kevin A. Neveu
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,200,000(1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,600,000(2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,800,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    President and CEO
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert J. McNally
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Executive Vice President and
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Chief Financial Officer(6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Douglas J. Strong
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000(1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    600,000(2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    800,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    President, Completion and
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2007
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000(3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    600,000(3
</TD>
<TD nowrap align="left" valign="bottom">
    )(4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    800,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Production Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2006
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    600,000(3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,800,000(3
</TD>
<TD nowrap align="left" valign="bottom">
    )(5)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,400,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gene C. Stahl
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    250,000(1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    750,000(2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    President, Drilling Operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2007
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    250,000(3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    750,000(3
</TD>
<TD nowrap align="left" valign="bottom">
    )(4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2006
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    750,000(3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,250,000(3
</TD>
<TD nowrap align="left" valign="bottom">
    )(5)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,000,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Darren J. Ruhr
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000(1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    600,000(2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    800,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Vice President, Corporate Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2007
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    166,750(3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,250(3
</TD>
<TD nowrap align="left" valign="bottom">
    )(4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    667,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2006
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    352,500(3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,057,500(3
</TD>
<TD nowrap align="left" valign="bottom">
    )(5)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,410,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    For 2008, the Retention Awards were tied to share price and
    therefore considered share-based awards. The Performance Awards
    were not tied to share price, and therefore were considered
    long-term non-equity incentive plan compensation.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    For 2008, the target dollar amount was contingent upon achieving
    distributable cash per share over a three-year term equal to
    C$10.78, which represents a 12% compounded distributable cash
    growth rate. Lesser amounts could be earned if distributable
    cash per share falls short of the target of C$10.78 but exceeds
    the threshold of C$7.47.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    40
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

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

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

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

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    For 2006 and 2007, neither the Retention Awards nor the
    Performance Awards were tied to our share price and therefore
    were considered long-term non-equity incentive plan
    compensation. The payouts of the 2006 and 2007 Retention Awards
    are disclosed in the Summary Compensation Table.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    For 2007, the target dollar amount was contingent upon achieving
    distributable cash per share over a three-year term equal to
    C$12.47, which represents a 12% compounded distributable cash
    growth rate. Lesser amounts could be earned if distributable
    cash per share falls short of the target of C$12.47 but exceeds
    the threshold of C$10.52.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    For 2006, the target dollar amount was contingent upon achieving
    actual distributions per share over a three-year term equal to
    C$10.24, which represents a 12% compounded distribution growth
    rate. Lesser amounts could be earned if actual distributions per
    share fall short of the target of C$10.24 but exceeds the
    threshold of $8.64.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;McNally joined us on July&#160;19, 2010 and did not
    receive any grants under the Legacy LTIP.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Performance
    Savings Plan (&#147;PSP&#148;)</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The PSP was discontinued after the 2008 awards. The PSP was an
    annual bonus plan designed to complement the Legacy LTIP by
    rewarding participants for superior financial and operational
    performance. The PSP bonus pool was funded based on achievement
    of pre-determined performance metrics. PSP award participants
    could elect to receive all or a portion of the award in the form
    of notional deferred units, which could be held for up to three
    years. Any remaining notional deferred units awarded under the
    PSP plan will be settled on December&#160;31, 2011.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Compensation
    of the Chief Executive Officer</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Compensation Committee, in consultation with Mercer,
    recommends the compensation for the CEO to the Board for
    approval. The Compensation Committee takes into account the
    effectiveness of the CEO&#146;s leadership, execution of our
    short and long-term business plans, evaluation of his
    performance against the CEO position description and performance
    against his personal objectives that were agreed to at the
    beginning of each year. Further, the Compensation Committee
    considers the competitive positioning of the compensation for
    the CEO against the comparator group.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mr.&#160;Neveu&#146;s annual cash compensation consists of base
    salary and a performance-based annual cash incentive through our
    STIP, the same plan provided to our salaried employees.
    Mr.&#160;Neveu&#146;s STIP target is 100% of his base salary.
    Individual performance can result in awards ranging from 0% to
    50% of his STIP target, while corporate performance can range
    from 0% to 150% of his STIP target, for a maximum total bonus
    award of up to 200% of target.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mr.&#160;Neveu participates in the same long-term incentive
    plans available to our salaried employees. Since 2009, the
    long-term incentives are entirely share-based, aligning
    Mr.&#160;Neveu&#146;s interests with our shareholders. These
    incentives consist of retention and performance notional
    share-based awards in the form of RSUs and PSUs, and Options
    which only have value if our share price exceeds the price at
    the time of grant.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    41
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table provides historical information on
    Mr.&#160;Neveu&#146;s base salary and his targeted total cash
    and long-term incentive compensation compared to actual
    compensation he received:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Base Salary at Year End</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>500,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>500,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>500,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>625,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><U>Total Cash Compensation</U></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="17" valign="bottom">
    The following provides a historical comparison of
    Mr.&#160;Neveu&#146;s total cash compensation <I>received</I>
    relative to the <I>target</I> total cash compensation.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Base Salary Earned for the Year
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    603,366
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Short-Term Incentive Target<BR>
    Amount(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    603,366
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Cash Target</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,000,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,000,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,206,732</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Base Salary Earned
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    190,384
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    603,366
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Short-Term Incentive Paid
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    590,520
</TD>
<TD nowrap align="left" valign="bottom">
    (7)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    (3)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    351,460
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Cash Received</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>780,904</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>500,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,000,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>954,826</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>% Difference in Total Cash Target versus</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Cash Received</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(50</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>0</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(21</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)%</B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Long-Term Incentive Compensation</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following provides a historical look at the long-term
    incentives <I>granted </I>to Mr.&#160;Neveu compared to the
    actual payments <I>received</I>, and where applicable, the
    <I>estimated unpaid balance </I>(or gain in the case of
    Options). We also show a comparison against our TSR performance
    for the relevant periods spanning each grant.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="27%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Deferred<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Retention Units and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Signing<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Performance-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>RSUs, PSUs and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>RSUs, PSUs and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Bonus Units</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Based Cash</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Options</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Options</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>LTIP Vehicles Granted</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>LTIP Grant Value</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>4,000,076</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>4,800,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>(4)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,309,018</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,918,156</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Paid in 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1,425,811
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Paid in 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    423,672
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Paid in 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    454,841
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    189,479
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Paid in 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    680,779
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    243,965
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    160,570
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Estimated Unpaid Balance /Gain
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
    (5)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
    (5)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1,572,143
</TD>
<TD nowrap align="left" valign="bottom">
    (6)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1,262,056
</TD>
<TD nowrap align="left" valign="bottom">
    (6)
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Paid plus Unpaid</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>2,304,324</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>680,779</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>2,005,587</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>C$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,422,626</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>% Difference in LTIP Grant Value versus</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Paid plus Unpaid</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(42</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(86</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>+53</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(26</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)%</B>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="17" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Comparison Against Precision&#146;s Total Shareholder Return
    (&#147;TSR&#148;)(8)</B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Measurement Period for Grant
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Sep 1, 2007 to<BR>
    Aug 31, 2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Jan 1, 2008 to<BR>
    Dec 31, 2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    May 6, 2009 to<BR>
    Dec 31, 2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Jan 1, 2010 to<BR>
    Dec 31, 2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Precision TSR</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(62</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(30</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>+47</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>+25</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>% </B>
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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

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

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

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

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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Neveu was appointed Chief Executive Officer effective
    August&#160;14, 2007. Mr.&#160;Neveu was provided with an
    unconditional bonus of U.S.$600,000 (converted to C$590,520) for
    2007 and Deferred Signing Bonus Units which were intended to
    compensate Mr.&#160;Neveu for deferred stock awards he
    relinquished with his former employer. Details of the
    compensation received by Mr.&#160;Neveu in 2007 are provided on
    the following pages.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Neveu&#146;s STIP target is 100% of base salary earned
    during the calendar year.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    42
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

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

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

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

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Neveu declined to accept his earned 2008 annual
    incentive awards in light of the significant decline in
    Precision&#146;s share price and the need to conserve cash to
    repay debt.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amount shown represents the grant date fair value of the
    Retention Award plus the Performance Award granted under the
    2008 Legacy LTIP.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    All payments have been made under the 2007 and 2008 grants.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    These are the value of remaining RSUs, PSUs (assuming 1 times
    performance multiplier) and
    <FONT style="white-space: nowrap">in-the-money</FONT>
    value of Options calculated using the December&#160;31, 2010
    closing price of C$9.60. These are a
    <FONT style="white-space: nowrap">point-in-time</FONT>
    estimation and can vary significantly depending on the movement
    of our share price.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Neveu&#146;s employment agreement provided for an
    unconditional 2007 bonus payment of U.S.$600,000 upon approval
    of the 2007 audited financial statements of Precision. The
    amount shown was paid in Canadian dollars using the U.S. dollar
    exchange rate in effect at the payment date.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Total Shareholder Return of shares traded on the Toronto Stock
    Exchange.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table shows Mr.&#160;Neveu&#146;s actual ownership
    of Precision shares and outstanding share-based awards as at
    December&#160;31, 2010. The estimated values were calculated
    based on C$9.60, the closing price of Precision shares on the
    TSX on December&#160;31, 2010.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="43%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B># Shares/<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Estimated<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Named Executive Officer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Units</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Value</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Notes</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Actual Share Ownership
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    193,156
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,854,298
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Meets share ownership requirement.(1)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Outstanding Share-based Awards
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Restricted Share Units
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57,602
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    552,979
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Performance Share Units
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    150,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,444,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Assuming 1 times performance multiplier.
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Options
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    381,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    836,420
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    In-the-money value.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Deferred Share Units (2008 Legacy LTIP)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69,577
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    667,939
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    These were paid out on March 8, 2011.
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total Outstanding Share-based Awards
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    659,279
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,502,138
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>852,435</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>5,356,436</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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

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

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

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

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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Neveu is expected to own Precision shares with a value
    equal to at least three times his annual base salary. We only
    consider actual Precision shares held and therefore do not
    include RSUs, PSUs, DSUs or Options. We use the higher of the
    actual purchase cost, or the current market value of Precision
    shares to determine the executive&#146;s ownership position.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">2007
    Compensation</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mr.&#160;Neveu was appointed CEO on August&#160;14, 2007 with a
    base salary of C$500,000 and a STIP target of 100%. He was also
    provided with a one-time housing and relocation allowance of
    C$700,133, an unconditional cash bonus of U.S.$600,000 and
    178,336 Deferred Signing Bonus Units valued at C$4,000,076,
    which was intended to compensate for deferred stock awards he
    relinquished with his former employer.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If Mr.&#160;Neveu resigns or retires before August 2012 he will
    be required to repay approximately C$119,000 of the housing
    allowance he received in 2007.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">2008
    Compensation</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mr.&#160;Neveu&#146;s base salary remained at C$500,000. In
    light of the significant decline in the price of Precision
    shares and the need to conserve cash to repay debt,
    Mr.&#160;Neveu declined to accept his earned 2008 APIP and PSP
    awards (legacy plans) totaling approximately C$571,000.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    43
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mr.&#160;Neveu received a Legacy LTIP grant with a target amount
    of C$4,800,000 which cliff vests after three years. This grant
    had two components: a unit-based Retention Award valued at
    $1,200,000 and a cash-based Performance Award with a target of
    C$3,600,000. As Precision did not meet the threshold
    performance, we did not pay the Performance Award and only the
    Retention Award was paid on March&#160;8, 2011.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">2009
    Compensation</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mr.&#160;Neveu&#146;s base salary remained at C$500,000, as he
    requested to waive his salary review due to adverse business
    conditions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At the end of 2009 the Compensation Committee evaluated
    Mr.&#160;Neveu&#146;s performance and determined that he had
    achieved exceptional performance against his 2009 objectives.
    Based on this evaluation, the Compensation Committee set his
    individual component at 50% of his STIP target. In addition, the
    Compensation Committee recognized that under
    Mr.&#160;Neveu&#146;s leadership, we were able to substantially
    reduce our long-term debt and significantly lower interest
    expense in the face of very challenging conditions in the equity
    and debt capital markets. He implemented several internal
    measures to reduce expenses and increase cash to further reduce
    debt, which included disposal of non-productive assets, freezing
    salaries, reducing personnel, consolidating facilities and
    curtailing capital expenditures. The Compensation Committee also
    took into consideration a number of achievements, including the
    successful integration of Grey Wolf and market penetration with
    customers in key North American shale drilling markets. Based on
    the overall assessment of Mr.&#160;Neveu&#146;s performance in
    2009, the Compensation Committee recommended, and the Board
    approved, a 2009 STIP award of C$335,000 plus an additional
    discretionary amount of C$165,000 resulting in a total 2009 STIP
    award of C$500,000, being 100% of his annual base salary.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mr.&#160;Neveu was awarded 74,600 RSUs, 74,600 PSUs and 164,600
    Options with a total grant value of C$1,309,018, or 262% of his
    2009 base salary.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Approximately 78% of Mr.&#160;Neveu&#146;s total direct
    compensation, at target, for 2009 was considered at-risk.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">2010
    Compensation</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Compensation Committee, with the assistance of Mercer,
    reviewed the 2010 compensation for the CEO. Since the scope and
    size of our operations were larger than those of the Canadian
    comparator group and because of the significant expansion of our
    United States operations following the acquisition of Grey Wolf,
    the Compensation Committee determined that it was appropriate to
    place greater weight on the U.S.&#160;comparator group in
    determining compensation for the CEO.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    After consideration of Mercer&#146;s analysis,
    Mr.&#160;Neveu&#146;s demonstrated performance and our pay
    philosophy of targeting base salaries at or slightly below
    median, the Compensation Committee recommended and the Board
    approved an increase of 25% to bring Mr.&#160;Neveu&#146;s base
    salary to C$625,000 effective March&#160;1, 2010. His base
    salary remained below the 25th&#160;percentile of our
    U.S.&#160;comparators.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At the end of 2010, the Compensation Committee evaluated
    Mr.&#160;Neveu&#146;s performance and determined that overall he
    had demonstrated exceptional performance and leadership in 2010,
    delivering financial and operating results that were better than
    anticipated at the beginning of the year and seizing market
    opportunities that further strengthen the vision to be
    recognized as the <I>High Performance, High Value </I>provider
    of services for global energy exploration and development. Based
    on this evaluation, the Compensation Committee recommended an
    individual component award of C$188,552, or 1.25 times his
    individual target. Based on achievements against the STIP
    metrics, the corporate component payout for Mr.&#160;Neveu would
    have been C$470,625. Due to our STIP bonus pool cap, this amount
    was reduced to C$162,908. Consequently, the Board approved a
    STIP award to Mr.&#160;Neveu of C$351,460.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mr.&#160;Neveu was awarded 49,100 RSUs, 75,900 PSUs and 217,000
    Options with a total grant value of C$1,918,156, or 307% of his
    2010 base salary. This positions Mr.&#160;Neveu&#146;s total
    direct compensation for 2010 at slightly above the
    25th&#160;percentile of the U.S.&#160;comparators as identified
    in Mercer&#146;s study.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Approximately 80% of Mr.&#160;Neveu&#146;s total direct
    compensation, at target, for 2010 was considered at-risk.
</DIV>
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    <BR>
    44
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Relative to the U.S.&#160;comparators, Mr.&#160;Neveu&#146;s
    2010 base salary and total cash compensation was below the
    25th&#160;percentile and his total direct compensation was
    slightly above the 25th&#160;percentile.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">2011
    Compensation</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Effective March&#160;1, 2011, Mr.&#160;Neveu&#146;s base salary
    was increased to C$637,500, an increase of 2% consistent with
    the other NEOs, with his STIP at target remaining at 100% of
    base salary. He was also awarded 90,300 PSUs and 197,500 Options
    having a grant value of C$1,885,020 or 296% of his 2011 base
    salary. Accordingly, approximately 80% of Mr.&#160;Neveu&#146;s
    total direct compensation for 2011 is considered at-risk.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Relative to the U.S.&#160;comparators, Mr.&#160;Neveu&#146;s
    2011 base salary and total cash compensation is slightly above
    the 25th&#160;percentile and his total direct compensation is
    slightly below the median.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The CEO is provided with a company vehicle, including operating
    costs, membership to a business club for business purposes,
    membership in a comprehensive executive medical program, and
    income tax preparation services. The CEO does not have any
    company paid memberships with golf or health clubs. Any
    perquisites that are deemed to be taxable to the CEO by local
    tax authorities are not grossed up.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Employment agreements provide for benefits in the event of
    termination for any reason, other than for cause, including
    constructive dismissal. The terms of the agreements are based on
    competitive practices and are designed to enable us to attract
    and retain executive talent. The agreements protect shareholder
    interests through non-solicitation and confidentiality
    provisions. The agreements outline the terms and conditions
    applicable in the event of an NEO&#146;s separation from us due
    to resignation, retirement, death, disability, termination with
    and without cause, and upon the occurrence of constructive
    dismissal.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The agreements for all NEOs have an indefinite term. Upon
    termination, participation in and entitlements under the STIP
    and LTIP will be governed by the terms and conditions of such
    plans, as applicable. The amounts otherwise payable are not
    increased as a result of a change of control. In addition, a
    change of control in itself does not trigger any payments or
    immediate vesting under our long-term incentive plans (commonly
    referred to as the &#147;double trigger&#148;). Upon resignation
    or retirement, the NEO would receive no further payments of base
    salary, STIP or LTIP.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Neveu agreement provides, in the event of termination
    without cause including constructive dismissal, for a lump sum
    payment equal to twenty-four months of the base salary as at the
    termination date, plus an amount equal to two times the STIP
    target. If Mr.&#160;Neveu resigns, retires or is terminated for
    cause before August&#160;14, 2012, he would be required to repay
    a pro-rated portion of the one-time housing and relocation
    allowance equal to the amount calculated by multiplying six
    thousand two hundred and seventy dollars and thirty-eight cents
    (C$6,270.38) by the number of calendar months between the
    termination date and August&#160;14, 2012.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2011, the Compensation Committee reviewed and amended the
    NEOs&#146; employment agreements, other than the CEO&#146;s, to
    clarify the terms and consequences of constructive dismissal.
    The prior agreements could have resulted in unintended
    consequences in the event of constructive dismissal not in
    conjunction with a change of control, as the provision could
    have been at odds with common law. The agreements were amended
    only to avoid such an unintended consequence, should it arise.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The McNally, Stahl, Strong and Ruhr agreements provide, in the
    event of termination without cause, for a lump sum payment equal
    to eighteen months of the base salary as at the termination
    date, plus an amount equal to one and one-half times the STIP
    target.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The McNally agreement requires Mr.&#160;McNally to be based in
    our Calgary, Alberta office for the first 24&#160;months which
    may be extended up to an additional 36&#160;months, after which
    he will be repatriated to the United States in the same role to
    be based in our Houston, Texas office. During his term in
    Calgary, Mr.&#160;McNally will be provided with a C$15,000
    annual family travel allowance and a C$4,000&#160;monthly
    housing allowance (both grossed up for taxes),
</DIV>
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    <BR>
    45
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    which will be discontinued if he purchases a home in Calgary.
    The agreement provided for a one-time C$150,000 signing bonus
    and a one-time sign-on grant of 200,000 RSUs, 115,000 PSUs and
    160,000 Options which were intended to compensate
    Mr.&#160;McNally for deferred compensation he relinquished with
    his former employer. In the event of involuntary termination
    without cause or a voluntary termination that constitutes a
    constructive dismissal then any unvested portion of this grant
    will become vested effective as of the termination date.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Termination
    and Change of Control Benefits</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table summarizes the estimated incremental
    termination benefits for each of the NEOs under each termination
    scenario as at December&#160;31, 2010:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="49%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Type of Triggering<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Event</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Termination<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Constructive<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Without<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Dismissal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Cause/<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>following a <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Constructive<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Change of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Change of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Named Executive Officer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Resignation</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Retirement</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Dismissal</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Control</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Control</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Kevin A. Neveu&#160;&#151; President and CEO</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Severance Payment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    2 times base salary
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    2 times STIP Target
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Restricted Share Units(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    290,090
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Performance Share Units(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    720,320
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Options(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    630,673
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Repayment of Relocation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 17pt">
    Allowance(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (119,137
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (119,137
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Total Payment</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(119,137</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(119,137</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>2,500,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>4,141,082</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>0</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Robert J. McNally&#160;&#151; Executive Vice</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 17pt">
    <B>President and Chief Financial Officer(1)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Severance Payment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    1.5 times base salary
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    522,165
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    522,165
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    1.5 times STIP Target
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    391,624
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    391,624
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Restricted Share Units(3)(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,927,535
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,927,535
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Performance Share Units(3)(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,108,333
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,108,333
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Options(2)(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    408,980
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    408,980
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Total Payment</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>0</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>0</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>4,358,637</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>4,358,637</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>0</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Douglas J. Strong&#160;&#151; President, Completion and
    Production Services</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Severance Payment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    1.5 times base salary
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    487,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    487,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    1.5 times STIP Target
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    365,625
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    365,625
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Restricted Share Units(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    118,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Performance Share Units(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    300,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Options(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    233,203
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Total Payment</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>0</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>0</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>853,125</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,505,528</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>0</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Gene C. Stahl&#160;&#151; President, Drilling
    Operations(1)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Severance Payment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    1.5 times base salary
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    522,165
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    522,165
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    1.5 times STIP Target
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    391,624
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    391,624
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Restricted Share Units(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    118,588
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Performance Share Units(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    301,152
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Options(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    275,986
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Total Payment</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>0</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>0</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>913,789</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,609,515</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>0</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Darren J. Ruhr&#160;&#151; Vice President, Corporate
    Services</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Severance Payment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    1.5 times base salary
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    382,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    382,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    1.5 times STIP Target
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    286,875
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    286,875
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Restricted Share Units(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73,605
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Performance Share Units(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    190,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Options(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    175,503
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Total Payment</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>0</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>0</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>669,375</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>1,108,882</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>0</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    46
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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

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

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

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

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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amounts for Messrs.&#160;McNally and Stahl were converted to
    Canadian dollars using the December&#160;31, 2010 exchange rate
    of 0.9946.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The value of Options was calculated based on the difference
    between the exercise prices and the December&#160;31, 2010
    closing prices of C$9.60 for Canadian Options and C$9.69 for
    U.S. Options, multiplied by the number of vested Options.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    The value of Restricted Share Units and Performance Share Units
    was calculated based on the December&#160;31, 2010 closing
    prices of C$9.60 for Canadian units and U.S.$9.69 for U.S.
    units, multiplied by the number of vested units. We have assumed
    a performance multiplier of one times for Performance Share
    Units.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    If Mr.&#160;Neveu resigns, retires or is terminated for cause
    before August&#160;14, 2012, he would be required to repay a
    pro-rated portion of the one-time housing and relocation
    allowance provided to him at his time of hire.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;McNally&#146;s employment agreement provided for a
    one-time sign-on grant of 200,000 RSUs, 115,000 PSUs and 160,000
    Options which were intended to compensate Mr.&#160;McNally for
    deferred compensation he relinquished with his former employer.
    In the event of involuntary termination without cause or a
    voluntary termination that constitutes a constructive dismissal
    then any unvested portion of this grant will become vested
    effective as of the termination date.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    47
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following graphs compare the yearly percentage change in the
    cumulative total shareholder return over the last five years
    assuming a C$100 investment was made December&#160;31, 2005,
    with the cumulative total return of the S&#038;P/TSX Composite
    Index (&#147;S&#038;P/TSX&#148;), the S&#038;P/NYSE Composite
    Index (&#147;S&#038;P 500&#148;), and the Philadelphia Stock
    Exchange Oil Service Sector Index (&#147;OSX&#148;). The graph
    assumes the reinvestment of the 2006, 2007, 2008 and 2009
    distributions respectively, per trust unit, as well as the
    reinvestment in trust units of the distribution of cash of
    C$6.83 per Precision share and 0.2089 per Precision share
    representing the value of the pro-rated distribution of shares
    of Weatherford International Ltd. which were distributed on
    November&#160;7, 2005 at a value of C$16.24 per share.
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="o69608o6960871.gif" alt="(PERFORMANCE GRAPH)">
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our return declined significantly following the Canadian federal
    government&#146;s decision on October&#160;31, 2006 to tax
    income trusts, and in the second half of 2007, consistent with
    the decline of the broader markets. Drilling activity gained
    significant momentum mid-way through 2008 spurred by high oil
    and natural gas prices that peaked then retreated sharply as the
    global banking crisis shocked many economies worldwide
    triggering lower demand expectations for energy services. In
    2009, we, and the oilfield services sector generally,
    experienced one of the sharpest downturns and lowest activity
    levels for oilfield services in recent history. The downturn in
    the land drilling market bottomed during the middle half of the
    year and began showing signs of improvement towards the end of
    the year. In addition, the acquisition of Grey Wolf, which was
    agreed prior to the global banking crisis and completed near the
    end of 2008, substantially increased our long-term debt and the
    interest rate on that debt, adversely impacting investor
    perception of the value of Precision shares. Our strong
    performance in 2010 exceeded most of the financial and
    operational targets set at the beginning of the year,
    demonstrating an exceptional recovery from the severe global
    economic down turn and financial challenges of 2009.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Among the five NEOs for 2010, only Messrs.&#160;Strong, Stahl
    and Ruhr have been employees of Precision throughout the entire
    five-year period. Mr.&#160;Neveu was appointed our CEO in August
    2007 and has thus been an NEO of Precision for less than four
    years. Mr.&#160;McNally was appointed our CFO in July 2010. Over
    this five-year period, the trend in our NEO compensation, when
    adjusted for the fact that the Retention Awards included as
    total compensation in 2009 and 2010 were actually granted during
    2006 and 2007, has generally been similar to the trend in our
    TSR performance. While base salaries have increased to reflect
    the growing responsibilities for the NEOs and to align with our
    compensation philosophy, short-term incentives have declined
    since 2008, reflecting the downturn in the oilfield services
    sector. In regards to long-term incentives, we have set
    aggressive thresholds and targets for the 2006, 2007 and 2008
    Performance Awards which represented 75% of the grant value
    under the Legacy LTIP. As
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    48
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    our performance did not meet the threshold criteria over each
    plan year&#146;s three-year performance period, none of our NEOs
    received any value from these Performance Awards. In addition,
    the 2008 Retention Awards which represented 25% of the grant
    value were granted in DSUs and were paid out at C$9.7845 in
    early 2011, a 48% reduction from the grant value, corresponding
    with the decline in our share price over the performance period.
    As a result, the payouts our NEOs received under the Legacy LTIP
    were at 25% of the target value for the 2006 and 2007 plan years
    and 14% of the target grant value for the 2008 plan year.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Since 2009, our LTIP plans are entirely share-based and the
    level of payouts from grants made under these plans is expected
    to be directly aligned with our TSR performance. This is
    consistent with Precision&#146;s
    <FONT style="white-space: nowrap">pay-for-performance</FONT>
    philosophy.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Cost of
    Management Ratio</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table provides information on the total
    compensation cost for our NEOs for the last three year periods
    compared to the growth in our market capitalization:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>3&#160;Year Total</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Cost (in C$millions)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Market Capitalization Growth (in C$millions)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (287.9
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    538.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    751.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    As a % of Market Capitalization Growth
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

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

</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Summary
    Compensation Table</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth all compensation paid, payable,
    awarded, granted, given or otherwise provided, directly or
    indirectly, by us, or our subsidiaries, in Canadian dollars, to
    the NEOs. The total compensation reported for 2010 and 2009
    includes payments of the Retention Awards granted to
    Messrs.&#160;Strong, Stahl and Ruhr in 2007 and 2006 under the
    Legacy LTIP.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 6pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=10 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=10 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=10 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=10 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="35" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Non-equity Incentive Plan Compensation&#160;($)</B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>All Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Share-Based<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Option-Based<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Annual<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Long-term<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Pension<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name and Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Salary<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Awards((1)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Awards((2)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Incentive<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Incentive<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Value((5)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>((6)(7)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Position</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Plans(3)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Plans(4)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Kevin A. Neveu(8)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    603,366
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,073,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    844,406
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    351,460
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,225
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,890,807
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 6pt">
    President and CEO
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    872,820
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    436,198
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,488
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,326,506
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,488
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,716,988
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Robert J. McNally(9)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    157,774
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,368,173
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    544,905
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    222,828
</TD>
<TD nowrap align="left" valign="bottom">
    (10)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73,258
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,366,938
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 6pt">
    Executive Vice President and Chief Financial Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Douglas J. Strong
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    303,904
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    395,140
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    272,389
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    210,286
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,225
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,341
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,398,285
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 6pt">
    President, Completion and
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    252,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    386,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    172,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    252,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    600,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,524
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,678,877
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 6pt">
    Production Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    231,911
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    291,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,291
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    739,102
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Gene C. Stahl(11)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    362,776
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    390,151
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    268,950
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    158,487
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,480
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,497
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,460,341
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 6pt">
    President, Drilling
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    282,335
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    386,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    172,253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    194,140
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    750,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,876
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,801,704
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 6pt">
    Operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    257,675
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    351,014
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,596
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    874,785
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -6pt; margin-left: 6pt">
    Darren J. Ruhr
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    246,346
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    219,045
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    194,564
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    119,170
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    166,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,225
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,847
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    961,947
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 6pt">
    Vice President, Corporate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    205,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    257,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    132,503
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    135,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    352,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,874
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,097,527
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 6pt">
    Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    201,635
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    274,675
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,082
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,762
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    691,154
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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

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

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

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

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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amounts for 2010 and 2009 represent the grant date fair
    value of 2010 and 2009 RSU and PSU awards. U.S. dollar amounts
    were converted to Canadian dollars using the February&#160;11,
    2010 exchange rate of 1.0523 for 2010 awards and May&#160;6,
    2009 exchange rate of 1.1731 for 2009 awards for all NEOs with
    the exception of Mr.&#160;McNally. Mr.&#160;McNally&#146;s 2010
    award was converted to Canadian dollars using the July&#160;19,
    2010 exchange rate of 1.0559. The amounts for 2008 represent the
    grant date fair value of the 2008 Retention Awards under the
    Legacy LTIP for Messrs.&#160;Neveu, Strong, Stahl and Ruhr.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amounts for 2010 and 2009 represent the grant date fair
    value of 2010 and 2009 Option awards. U.S. dollar amounts were
    converted to Canadian dollars using the February&#160;11, 2010
    exchange rate of 1.0523 for 2010 awards and May&#160;6, 2009
    exchange rate of 1.1731 for 2009 awards for all NEOs with the
    exception of Mr.&#160;McNally. Mr.&#160;McNally&#146;s 2010
    award was converted to Canadian dollars using the July&#160;19,
    2010 exchange </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    49
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

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

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    rate of 1.0559. The following table provides information on the
    valuation of the Options, as calculated by Mercer, granted in
    2010 and 2009:</TD>
</TR>

</TABLE>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="40%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="8%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>2010 Options&#160;&#151;<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>2010 Options&#160;&#151;<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>2009 Options&#160;&#151;<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>2009 Options&#160;&#151;<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Canadian Options</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>United States Options</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Canadian Options</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>United States Options</B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Assumptions</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Grant Date Fair Value</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Grant Date Fair Value</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Grant Date Fair Value</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Grant Date Fair Value</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Share Price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    8.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    U.S.$
</TD>
<TD nowrap align="right" valign="bottom">
    8.06 /U.S.$7.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    5.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    U.S.$
</TD>
<TD nowrap align="right" valign="bottom">
    4.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Exercise Price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    8.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    U.S.$
</TD>
<TD nowrap align="right" valign="bottom">
    8.06 /U.S.$7.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    5.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    U.S.$
</TD>
<TD nowrap align="right" valign="bottom">
    4.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Expected Life
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5 /5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Risk Free Rate of Return
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.0% /2.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Volatility (Capped at 50%)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50.0% /50.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Black-Scholes Multiple
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45.3% /45.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Black-Scholes Value
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    3.89
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    U.S.$
</TD>
<TD nowrap align="right" valign="bottom">
    3.65 /U.S.$3.23
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    2.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    U.S.$
</TD>
<TD nowrap align="right" valign="bottom">
    2.24
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

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

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The per option weighted average accounting fair value of all
    options granted disclosed in our financial statements is C$3.78
    estimated on the grant date using the Black-Scholes option
    pricing model with the following assumptions: average risk-free
    interest rate of 2%, average expected life of four years,
    expected forfeiture rate of 5% and expected volatility of 59%.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amounts represent the bonus amounts earned during the year
    indicated and relate to performance criteria which were met for
    that year, but the cash amounts, as applicable, are paid during
    the subsequent year and include amounts related to the STIP for
    2010 and 2009, and both the APIP and PSP for years prior to 2009.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amounts for 2010 and 2009 represent the payments received
    under the Legacy LTIP Retention Awards granted in 2007 and 2006,
    respectively, for Messrs.&#160;Strong, Stahl and Ruhr.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amounts represent the employer matching contributions under
    the DCPP.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    The amounts include employer contributions provided under the
    401(k) plan and the employer portion of benefits premiums for
    Messrs.&#160;McNally and Stahl.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    The value of perquisites and other personal benefits received by
    each NEO did not exceed the lesser of C$50,000 or 10% of the
    annual base salary of the NEO.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Neveu was appointed Chief Executive Officer effective
    August&#160;14, 2007 and a Director effective August&#160;9,
    2007.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;McNally was appointed Executive Vice President and
    Chief Financial Officer effective July&#160;19, 2010. His base
    salary and all other compensation amounts reflect the length of
    time of his employment with us and were converted to Canadian
    dollars using the July&#160;19, 2010 to December&#160;31, 2010
    average exchange rate of 0.9767, unless otherwise noted.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    (10) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;McNally joined us on July&#160;19, 2010 and was
    provided with a one-time signing bonus of U.S.$150,000 which was
    paid in addition to, and concurrently with, his 2010 STIP award
    of U.S.$78,144. The total amount of U.S.$228,144 was converted
    to Canadian dollars using the July&#160;19, 2010 to
    December&#160;31, 2010 average exchange rate of 0.9767.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    (11) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;Stahl&#146;s base salary earned for 2010 was
    U.S.$352,244 and STIP award for 2010 was U.S.$153,886. These
    amounts were converted to Canadian dollars using the 2010
    average exchange rate of 1.0299.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    50
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Incentive
    Plan Awards</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Outstanding
    Share-Based Awards and Option-Based Awards</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth for each NEO all option-based and
    share-based awards outstanding at December&#160;31, 2010:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="38%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Share-Based Awards(1)</B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="15" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Option-Based Awards(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Market or<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Value of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Payout<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Securities<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Unexercised<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Shares or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Value of Share-<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Underlying<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>in-the-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Units that <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Based Awards<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Unexercised<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exercise<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Option<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Money<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Have Not<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>that have not<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Options<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Price<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Expiration<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Options<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Vested<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Vested<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Named Executive Officer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(#)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Date</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Plan</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(#)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Kevin A. Neveu
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    217,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Feb 11, 2017
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    219,170
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    RSU
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,734
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    314,246
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    President and Chief
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    PSU(3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    728,640
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    Executive Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    164,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    May 6, 2016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    617,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    RSU
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,868
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    238,733
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    PSU(3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    716,160
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DSU(2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69,577
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    667,939
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Total</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>381,600</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>836,420</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>277,679</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>2,665,718</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Robert J. McNally
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    Executive Vice President and
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    160,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    U.S.$
</TD>
<TD nowrap align="right" valign="bottom">
    7.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    July 19, 2017
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    408,980
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    RSU
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,927,535
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    Chief Financial Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    PSU(3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    115,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,108,333
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Total</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>160,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>408,980</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>315,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>3,035,867</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Douglas J. Strong
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Feb 11, 2017
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    RSU
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    115,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    President, Completion and
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    PSU(3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    268,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    Production Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    May 6, 2016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    243,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    RSU
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    105,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    PSU(3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    316,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DSU(2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,596
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    111,322
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Total</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>135,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>314,450</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>95,596</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>917,722</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Gene C. Stahl
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    U.S.$
</TD>
<TD nowrap align="right" valign="bottom">
    8.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Feb 11, 2017
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113,484
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    RSU
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    115,652
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    President, Drilling
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    PSU(3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    269,855
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    Operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    May 6, 2016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    243,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    RSU
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    105,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    PSU(3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    316,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DSU(2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,495
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    139,152
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Total</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>135,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>357,234</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>98,495</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>947,059</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Darren J. Ruhr
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Feb 11, 2017
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    RSU
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64,003
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    Vice President,
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    PSU(3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    148,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 8pt">
    Corporate Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    May 6, 2016
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    187,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    RSU
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,334
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70,406
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    PSU(3
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    211,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DSU(2
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,596
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    111,322
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Total</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>100,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>238,000</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>63,097</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>605,731</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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

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

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

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

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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    For awards granted to Messrs.&#160;Neveu, Strong, Ruhr, and
    Stahl (2008 and 2009 grants only), the values are based on the
    December&#160;31, 2010 TSX closing price of C$9.60. For awards
    granted to Messrs.&#160;McNally and Stahl (2010 grant only), the
    values are based on the December&#160;31, 2010 NYSE closing
    price of U.S.$9.69 and have been converted to Canadian dollars
    using the December&#160;31, 2010 exchange rate of 0.9946.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    These amounts represent the number of 2008 Retention Awards
    currently outstanding from the Legacy LTIP, and have been
    increased to reflect the notional distribution reinvestments
    since the date of grant.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    We have assumed a payout multiplier of 1 times for all PSUs.</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    51
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Value
    Vested or Earned During the Year</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth for each NEO the value vested or
    earned on all option-based awards, share-based awards, and
    non-equity incentive plan compensation during the financial year
    ending December&#160;31, 2009:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="8%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Non-Equity<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Incentive Plan<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Share-Based Awards -<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Compensation -<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Option-Based Awards -<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Value Vested During<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Value<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Value Vested During the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Earned During the<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Year<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Year<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Year(3)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Named Executive Officer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kevin A. Neveu
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69,131
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    404,535
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    351,460
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    President and Chief Executive Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    454,841
</TD>
<TD nowrap align="left" valign="bottom">
    (2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert J. McNally
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    222,828
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Executive Vice President and Chief Financial Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Douglas J. Strong
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54,601
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    166,790
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    410,286
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    President, Completion and Production Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gene C. Stahl
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54,601
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    165,952
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    408,487
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    President, Drilling Operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Darren J. Ruhr
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,001
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104,646
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    285,920
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Vice President, Corporate Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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

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

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

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

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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    These amounts represent the payment of RSUs that vested on
    December&#160;31, 2010. U.S. dollar amounts have been converted
    to Canadian dollars using the December&#160;31, 2010 exchange
    rate of 0.9946.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    This amount represents the payment of the Deferred Signing Bonus
    Units on September&#160;1, 2010 for Mr.&#160;Neveu.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    These amounts include the 2010 STIP for all NEOs. For
    Messrs.&#160;Strong, Stahl and Ruhr, the amounts include the
    Legacy LTIP granted in 2007 that were paid in 2010.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Mr.&#160;McNally joined Precision on July&#160;19, 2010 and was
    provided with a one-time signing bonus of U.S.$150,000 which was
    paid in addition to, and concurrently with, his 2010 STIP award
    of U.S.$78,144. The total amount of U.S.$228,144 was converted
    to Canadian dollars using the July&#160;19, 2010 to
    December&#160;31, 2010 average exchange rate of 0.9767.</TD>
</TR>

</TABLE>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Employee
    Stock Option Plan Administration Details</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2009, Precision Drilling Trust adopted the Stock Option Plan
    that was approved by the unitholders on May&#160;6, 2009. The
    Stock Option Plan was amended pursuant to its terms effective
    June&#160;1, 2010, to reflect the conversion of Precision
    Drilling Trust from an income fund structure to a corporate
    structure.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a summary of the principal terms of the Stock
    Option Plan which is provided pursuant to the requirements of
    Section&#160;613 of the TSX Company Manual.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All of our officers and key employees are eligible to
    participate in the Stock Option Plan. Our Directors are not
    eligible to participate in the Stock Option Plan.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Stock Option Plan was designed to advance the interests of
    Precision by encouraging our officers and key employees to
    acquire Precision shares and thereby increase their proprietary
    interests in us, to align their interests with those of our
    shareholders, to encourage them to remain associated with us and
    furnish them with an additional incentive in their efforts on
    our behalf.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    52
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each stock option provides the holder with an option to purchase
    Precision shares at a price not less than the &#147;Fair Market
    Value&#148; of the Precision shares on the date of the grant.
    The Stock Option Plan defines &#147;Fair Market Value&#148; as
    the weighted average trading price of a Precision share on the
    TSX, for Canadian stock options, or the NYSE, for
    U.S.&#160;stock options, during the previous five trading days.
    Stock options have realizable value only if the price of
    Precision shares increases after the stock options are granted.
    In the event of a change of control pursuant to which the
    Precision shares are converted into or exchanged for securities
    of another entity, the stock options outstanding under the Stock
    Option Plan shall be substituted or replaced for stock options
    in the continuing entity on substantially the same terms and
    conditions.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise determined by the Board, the Stock Option Plan
    is administered by the Compensation Committee. The Compensation
    Committee shall effect the grant of stock options under the
    Stock Option Plan, in accordance with determinations made by the
    Board pursuant to the provisions of the Stock Option Plan.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Number
    of Shares of Precision Issued and Issuable</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of December&#160;31, 2010, the aggregate number of Precision
    shares reserved for issuance under the Stock Option Plan was
    10,303,253, representing 3.7% of the issued and outstanding
    Precision shares. The maximum number of Precision shares
    reserved for issuance that can be issued in any one fiscal year
    may not exceed 1% of the issued and outstanding Precision shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Stock options that were previously granted to employees are not
    taken into consideration when new grants are determined.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Maximum
    Issuable to One Person and Insiders</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The aggregate number of Precision shares reserved for issuance
    under the Stock Option Plan and all of our other security-based
    compensation arrangements that may be issued to any one
    individual shall not exceed 2% of the issued and outstanding
    Precision shares. The aggregate number of Precision shares
    reserved for issuance under the Stock Option Plan and all of our
    other security-based compensation arrangements that may be
    issued to our insiders shall not exceed 10% of the issued and
    outstanding Precision shares and the aggregate number of
    Precision shares issued to our insiders, within any one year
    period, under the Stock Option Plan and all of our other
    security-based compensation arrangements shall not exceed 10% of
    the issued and outstanding Precision shares.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise provided at the time of grant, each stock
    option granted under the Stock Option Plan will have a seven
    year term from their original grant date and vest
    <FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">3</FONT>
    on the first anniversary of the date of the grant,
    <FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">3</FONT>
    on the second anniversary of the date of the grant and
    <FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">3</FONT>
    on the third anniversary of the date of the grant. A stock
    option must be exercised or surrendered within seven years from
    the date of the grant (or such shorter period of time as the
    Board may determine and specify in connection with the grant of
    the stock option), or the stock option will expire immediately
    after the applicable period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the rules of the TSX or NYSE, if a stock option may
    not be exercised due to the holder of such stock option being
    prohibited from trading in securities of Precision by a
    corporate policy of Precision at any time within the three
    business day period prior to the normal expiry date of such
    stock option, the expiry date of such stock option shall be
    extended for a period of seven business days following the end
    of such prohibition (or such longer period as permitted by the
    TSX or NYSE and approved by the Board).
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Termination
    With or Without Cause</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the terms of any particular stock option, all rights
    of the holder to purchase Precision shares pursuant to a stock
    option or to surrender such stock option shall expire and
    terminate immediately upon the holder of such stock option being
    terminated for cause.
</DIV>
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    <BR>
    53
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If, before the expiry of a stock option, the holder shall cease
    to be an officer or employee of us for termination without
    cause, such stock option shall continue to vest in accordance
    with its terms and may be exercised (if fully vested) or
    surrendered at any time within 90&#160;days of the date such
    officer or employee was terminated.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The assignment or transfer of the stock option or any other
    benefits under the Stock Option Plan is not permitted other than
    by operation of law.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Causes of Cessation of Employment</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If, before the expiry of a stock option, the holder shall cease
    to be an officer or employee of us for voluntary resignation,
    the unvested part of such stock option shall be cancelled and
    the vested part of such stock option may be exercised or
    surrendered at any time within 30&#160;days of the date of the
    voluntary resignation of such employee or officer.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Should the holder cease to be an officer or employee of us for
    disability or leave of absence before the expiry of a stock
    option, then such stock option shall continue to vest in
    accordance with its terms and may be exercised or surrendered
    until the normal expiry of such stock option in accordance with
    its terms.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Should the holder cease to be an officer or employee of us for
    reason of retirement before the expiry of a stock option, then
    such stock option shall continue to vest in accordance with its
    terms and may be exercised or surrendered at any time within
    24&#160;months of the date of the retirement of such employee or
    officer.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If, before the expiry of a stock option, the holder shall cease
    to be an officer or employee of us for the unfortunate reason of
    death, the unexercised part of such stock option shall become
    fully vested and may be exercised or surrendered at any time
    within 12&#160;months of the date of the death of such employee
    or officer.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Stock Option Plan may be amended or terminated at any time
    by the Board, except as to rights already accrued by the
    officers and employees, without approval of the shareholders,
    but subject to any required regulatory approval. Approval of the
    shareholders will be required to (i)&#160;increase the number of
    Precision shares authorized for issuance under the Stock Option
    Plan, (ii)&#160;reduce the option price in respect of any stock
    option, and (iii)&#160;extend the period of time during which a
    stock option must be exercised or surrendered.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Original
    Deferred Share Unit Plan Administration Details</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In 2007, Precision Drilling Trust adopted the original deferred
    trust unit plan (the &#147;Original DSU Plan&#148;) for
    non-management Directors that was approved by unitholders on
    May&#160;9, 2007. The Original DSU Plan was amended pursuant to
    its terms effective June&#160;1, 2010, to reflect the conversion
    of Precision Drilling Trust from an income fund structure to a
    corporate structure.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a summary of the principal terms of the
    Original DSU Plan which is provided pursuant to the requirements
    of Section&#160;613 of the TSX Company Manual.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All Directors who are not employees of Precision are eligible to
    participate in the Original DSU Plan.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Original DSU Plan was designed to provide a form of
    Directors&#146; compensation that aligns the interests of our
    non-management Directors with shareholders and to allow us to
    continue to attract qualified Directors. All Directors who are
    not employees of Precision are entitled to participate in the
    Original DSU Plan. Directors are entitled to elect to receive
    the annual retainer fee for Directors, the annual retainer fee
    for Committee membership, and Board and Committee meeting fees
    in the form of DSUs.
</DIV>
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    <BR>
    54
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Deferred
    Share Units (&#147;DSUs&#148;)</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each DSU is a bookkeeping entry in an account (the &#147;DSU
    Account&#148;) and is equal to the value of one Precision share
    for each DSU at the time of grant. The DSU Account is adjusted
    for any cash distribution to shareholders by the amount of such
    distribution by issuing additional DSUs equal to the value of
    the distribution based on the closing market price of Precision
    shares on the TSX on the immediately prior trading day. In
    certain events, including a split or consolidation of Precision
    shares and a reorganization, proportionate adjustments will be
    made to the number of DSUs outstanding under the Original DSU
    Plan to reflect such changes, as determined by the Board in its
    sole discretion.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise determined by the Board, the Original DSU Plan
    is administered by the Compensation Committee.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Number
    of Shares of Precision Issued and Issuable</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There is currently a maximum of 800,000 Precision shares which
    may be issued pursuant to the Original DSU Plan, representing
    0.3% of the issued and outstanding Precision shares. If the
    resolution to adopt the New DSU Plan is approved, it is our
    intention that the Original DSU Plan will remain in place but no
    further deferred share units will be granted under its terms
    after January&#160;1, 2012, when the New DSU Plan becomes
    effective. Once the New DSU Plan is effective on January&#160;1,
    2012, all future grants will be made under the New DSU Plan. The
    Original DSU Plan will remain in effect until such time as all
    DSUs granted under the Original DSU Plan have been redeemed.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Non-Management
    Director Participation</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The number of Precision shares issuable to non-Management
    Directors, at any time, under all of our security based
    compensation arrangements, including the Original DSU Plan,
    cannot exceed 10% of the issued and outstanding Precision
    shares. The number of Precision shares issued to non-Management
    Directors, within any one year period, under all of our security
    based compensation arrangements, including the Original DSU
    Plan, cannot exceed 10% of the issued and outstanding Precision
    shares.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As at December&#160;31, 2010, a total of 393,721 Precision
    shares were issuable upon the exercise of DSUs credited to the
    respective DSU Accounts of non-management Directors.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Maximum
    Issuable to One Person</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Original DSU Plan does not provide for a maximum number of
    Precision shares which may be issued to an individual pursuant
    to the Original DSU Plan and any other equity compensation
    arrangement (expressed as a percentage or otherwise).
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise provided at the time of grant, each DSU will be
    fully vested upon being credited to a Director&#146;s DSU
    Account. Each Director is entitled to payment of such DSUs on
    ceasing to be a Director of us or an affiliate, and such
    entitlement shall not be subject to satisfaction of any
    requirements as to any minimum period of membership on the Board
    or other conditions.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Ceasing
    to be a Director</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a Director shall cease to be a director of us for any reason,
    including retirement or death, the value of the DSUs credited to
    such Directors&#146; DSU Account, shall be redeemable by such
    Director (or in the case of death, by their legal
    representative) at their option if such Director files a written
    notice with our Corporate Secretary specifying the redemption
    date. The redemption date specified must be after the date the
    notice is delivered but before December 15 of the first calendar
    year commencing after the date the Director ceased to be a
    director. The value of the DSUs redeemed will be equal to the
    market value on the redemption date and shall be paid to the
    Director in the form of Precision shares issued from treasury.
</DIV>
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    <BR>
    55
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The assignment or transfer of the DSUs, or any other benefits
    under the Original DSU Plan, shall not be permitted other than
    by operation of law.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Original DSU Plan may be amended or terminated at any time
    by the Board, except as to rights already accrued by the
    Directors, without approval of the shareholders, but subject to
    any required regulatory approval. Approval of the shareholders
    will be required to (i)&#160;increase the number of Precision
    shares authorized for issuance under the Original DSU Plan, or
    (ii)&#160;amend the method of calculating the number of DSUs to
    be credited to a Director&#146;s DSU Account in a manner that
    would result in a greater number being credited to such account
    than is currently provided for under the Original DSU Plan.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Securities
    Authorized for Issuance Under Equity Compensation
    Plans</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table provides information on the compensation
    plans in which equity securities of Precision are authorized for
    issuance as at December&#160;31, 2010:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="56%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Securities<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Remaining<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Securities to be<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Available for<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Issued Upon<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted-Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Future Issuance<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Exercise of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Exercise Price of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Under Equity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Outstanding<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Outstanding<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Plan Category</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Options</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Options</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Plans</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Equity compensation plans approved by shareholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Employee Stock Option Plan
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,723,123
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    7.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,556,798
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Director Deferred Share Unit Plan
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    393,721
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    378,647
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Equity compensation plans not approved by shareholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,116,844
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,935,445
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Defined
    Contribution Pension Plan Table</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth for Messrs.&#160;Neveu, Strong,
    Stahl and Ruhr the information related to the DCPP:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="43%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Accumulated<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Value at Start of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Non-<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Accumulated<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Year<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Compensatory<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Compensatory<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Value at Year End<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Named Executive Officer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(C$)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kevin A. Neveu
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    60,946
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    11,225
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    20,869
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    93,040
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    President and Chief Executive Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Douglas J. Strong
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    247,272
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    11,225
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    37,513
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    296,009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    President, Completion and Production Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gene C. Stahl
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    184,394
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    2,480
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    21,538
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    208,412
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    President, Drilling Operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Darren J. Ruhr
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    117,787
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    11,225
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    18,498
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C $
</TD>
<TD nowrap align="right" valign="bottom">
    147,509
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: 0pt; margin-left: 10pt">
    Vice President, Corporate Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The NEOs participate in the same voluntary Defined Contribution
    Pension Plan provided to our other employees. Each NEO is
    responsible for directing the investment of contributions among
    the segregated fund options available under the plan. The
    investment gains and losses incurred by each NEO are strictly
    based on the returns achieved by the fund option(s) chosen. All
    fees in respect of the administration and management of the
    funds are reflected in the value of each NEO&#146;s account
    balance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mr.&#160;McNally is a United States employee, and therefore,
    does not participate in the DCPP. Mr.&#160;Stahl participated in
    the DCPP during the first two months of 2010 during his
    transition to the United States from Canada.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    56
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='O69608113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">BENEFICIAL
    OWNERSHIP OF PRECISION DRILLING CORPORATION SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Management</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth certain information regarding the
    beneficial ownership of our common shares by (i)&#160;all of our
    directors (ii)&#160;the chief executive officer and each of our
    other named executive officers and (iii)&#160;all directors and
    named executive officers as a group.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="80%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Common Shares Beneficially<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Owned at March&#160;31, 2011</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Number(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Percent</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    William T. Donovan
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    141,572
</TD>
<TD nowrap align="left" valign="bottom">
    (2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    W.C. (Mickey) Dunn
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,230
</TD>
<TD nowrap align="left" valign="bottom">
    (3)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert J.S. Gibson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    172,421
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Allen R. Hagerman
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59,655
</TD>
<TD nowrap align="left" valign="bottom">
    (5)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stephen J.J. Letwin
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    85,899
</TD>
<TD nowrap align="left" valign="bottom">
    (6)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Patrick M. Murray
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    96,367
</TD>
<TD nowrap align="left" valign="bottom">
    (7)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kevin A. Neveu
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    193,156
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Frederick W. Pheasey
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    120,561
</TD>
<TD nowrap align="left" valign="bottom">
    (8)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert L. Phillips
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58,908
</TD>
<TD nowrap align="left" valign="bottom">
    (9)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Trevor M. Turbidy
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56,957
</TD>
<TD nowrap align="left" valign="bottom">
    (10)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gene C. Stahl
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53,729
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Robert McNally
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Douglas Strong
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,729
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Darren J. Ruhr
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,525
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kenneth J. Haddad
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,142
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Joanne L. Alexander
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,356
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Directors and Executive Officers as a group (16&#160;persons
    named above)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,138,598
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 06 -->

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Indicates less than one percent.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Each person has sole voting and investment power with respect to
    the Precision shares listed, except as otherwise specified.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 20,065&#160;shares of fully vested deferred share units
    (&#147;DSUs&#148;) as to which Mr.&#160;Donovan has no voting
    and no dispositive power.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 25,830&#160;shares of fully vested DSUs as to which
    Mr.&#160;Dunn has no voting power and no dispositive power.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 43,051&#160;shares of fully vested DSUs as to which
    Mr.&#160;Gibson has no voting power and no dispositive power.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 50,378&#160;shares of fully vested DSUs as to which
    Mr.&#160;Hagerman has no voting power and no dispositive power.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 52,533&#160;shares of fully vested DSUs as to which
    Mr.&#160;Letwin has no voting power and no dispositive power.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 29,739&#160;shares of fully vested DSUs as to which
    Mr.&#160;Murray has no voting power and no dispositive power.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    57
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 06 -->

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 60,561&#160;shares of fully vested DSUs as to which
    Mr.&#160;Pheasey has no voting power and no dispositive power.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 27,891&#160;shares of fully vested DSUs as to which
    Mr.&#160;Phillips has no voting power and no dispositive power.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (10) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 45,025&#160;shares of fully vested DSUs as to which
    Mr.&#160;Turbidy has no voting power and no dispositive power.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Shareholders of Precision</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of April&#160;1, 2011, AIMCo beneficially owned approximately
    15% of our outstanding common shares.
</DIV>
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    <BR>
    58
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='O69608114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">RELATED
    PARTY TRANSACTIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On February&#160;23, 2011, Precision repaid, in full, the
    10%&#160;senior unsecured note issued to Her Majesty the Queen
    in the Right of the Province of Alberta, represented by AIMCo.
    The aggregate repayment of approximately C$204&#160;million
    included the C$175&#160;million in principal, accrued interest
    and a &#147;make-whole&#148; amount payable to AIMCo under the
    terms of the note. The note was originally issued in a private
    placement completed on April&#160;22, 2009 and the proceeds of
    the note offering were used to reduce Precision&#146;s
    outstanding debt obligations at that time. Mr.&#160;Brian J.
    Gibson, an executive officer of AIMCo, is a nominee Director.
    AIMCo currently holds 41,464,289 Precision shares (approximately
    15% of the outstanding Precision shares).
</DIV>
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    <BR>
    59
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='O69608115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    EXCHANGE OFFER</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Purpose
    and Effect of the Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We and the guarantors have entered into a registration rights
    agreement with the initial purchasers of the outstanding notes
    in which we and the guarantors agreed, under some circumstances,
    to file a registration statement relating to an offer to
    exchange the outstanding notes for exchange notes within
    270&#160;days after the issue date of the outstanding notes. We
    also agreed to use our commercially reasonable efforts to
    consummate the exchange offer within 365&#160;days after the
    issue date of the outstanding notes and to keep the exchange
    offer open for at least 20 business days (or longer, if required
    by the federal securities laws). The exchange notes will have
    terms substantially identical to the outstanding notes, except
    that the exchange notes will not contain terms with respect to
    transfer restrictions in the United States, registration rights
    and additional interest for failure to observe certain
    obligations in the registration rights agreement. The
    outstanding notes were issued on November&#160;17, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the circumstances set below, we will use our commercially
    reasonable efforts to cause the SEC to declare effective a shelf
    registration statement with respect to the resale of the
    outstanding notes within the time periods specified in the
    registration rights agreement and to keep such shelf
    registration statement continuously effective until the earlier
    of (A)&#160;two years from the issue date of the original notes
    or (B)&#160;the date on which all notes registered thereunder
    are disposed of in accordance therewith. These circumstances
    include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;applicable interpretations of the staff of the SEC do
    not permit us to effect this exchange offer;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;for any other reason we do not consummate the exchange
    offer within 365&#160;days of the issue date of the outstanding
    notes;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;any initial purchaser of the outstanding notes shall
    notify us following consummation of the exchange offer that
    notes held by it are not eligible to be exchanged for exchange
    notes in the exchange offer;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;certain holders are not eligible to participate in the
    exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the registration rights agreement, in the event that
    (i)&#160;we and the guarantors have not filed the exchange offer
    registration statement or shelf registration statement on or
    before the date on which such registration statement is required
    to be filed as described above, or (ii)&#160;such exchange offer
    registration has not been consummated or, if required in lieu
    thereof, such shelf registration statement has not become
    effective or been declared effective by the SEC within the time
    periods described above, or (iii)&#160;if any exchange offer
    registration statement or shelf registration statement is filed
    and declared effective but shall thereafter cease to be
    effective or usable (except as specifically permitted in the
    registration rights agreement) (each such event referred to in
    clauses&#160;(i) through (iii), a &#147;Registration
    Default&#148; and each period during which Registration Default
    has occurred and is continuing, a &#147;Registration Default
    Period&#148;), then, additional interest shall accrue in a rate
    equal to 0.25% per annum for the first 90&#160;days of the
    Registration Default Period, and such rate will increase by an
    additional 0.25% per annum with respect to each subsequent
    <FONT style="white-space: nowrap">90-day</FONT>
    period until all Registration Defaults have been cured, up to a
    maximum additional interest rate of 1.00% per annum. A copy of
    the registration rights agreement has been filed as an exhibit
    to the registration statement of which this prospectus is a part.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we fail to comply with certain obligations under the
    registration rights agreement, we will be required to pay
    additional interest to holders of the outstanding notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you wish to exchange your outstanding notes for exchange
    notes in the exchange offer, you will be required to make the
    following written representations:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are not our affiliate or an affiliate of any guarantor
    within the meaning of Rule&#160;405 of the Securities Act;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you have no arrangement or understanding with any person to
    participate in a distribution (within the meaning of the
    Securities Act) of the exchange notes in violation of the
    provisions of the Securities Act;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are not engaged in, and do not intend to engage in, a
    distribution of the exchange notes;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are acquiring the exchange notes in the ordinary course of
    your business.
</TD>
</TR>

</TABLE>
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    <BR>
    60
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each broker-dealer that receives exchange notes for its own
    account in exchange for outstanding notes, where the
    broker-dealer acquired the outstanding notes as a result of
    market-making activities or other trading activities, must
    acknowledge that it will deliver a prospectus in connection with
    any resale of such exchange notes in the United States. See
    &#147;Plan of Distribution.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Resale of
    Exchange Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Based on interpretations by the SEC set forth in no-action
    letters issued to third parties, we believe that you may resell
    or otherwise transfer exchange notes issued in the exchange
    offer in the United States without complying with the
    registration and prospectus delivery provisions of the
    Securities Act if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are not our affiliate or an affiliate of any guarantor
    within the meaning of Rule&#160;405 under the Securities Act;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you do not have an arrangement or understanding with any person
    to participate in a distribution of the exchange notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are not engaged in, and do not intend to engage in, a
    distribution of the exchange notes;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are acquiring the exchange notes in the ordinary course of
    your business.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are our affiliate or an affiliate of any guarantor, or
    are engaging in, or intend to engage in, or have any arrangement
    or understanding with any person to participate in, a
    distribution of the exchange notes, or are not acquiring the
    exchange notes in the ordinary course of your business:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you cannot rely on the position of the SEC set forth in
    <I>Morgan Stanley&#160;&#038; Co. Incorporated</I> (available
    June&#160;5, 1991)&#160;and <I>Exxon Capital Holdings
    Corporation </I>(available May&#160;13, 1988), as interpreted in
    the SEC&#146;s letter to <I>Shearman&#160;&#038; Sterling</I>,
    dated July&#160;2, 1993, or similar no-action letters;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the absence of an exception from the position stated
    immediately above, you must comply with the registration and
    prospectus delivery requirements of the Securities Act in
    connection with any resale of the exchange notes in the United
    States.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus may be used for an offer to resell, resale or
    other transfer of exchange notes only as specifically set forth
    in this prospectus. With regard to broker-dealers, only
    broker-dealers that acquired the outstanding notes as a result
    of market-making activities or other trading activities may
    participate in the exchange offer. Each broker-dealer that
    receives exchange notes for its own account in exchange for
    outstanding notes, where such outstanding notes were acquired by
    such broker-dealer as a result of market-making activities or
    other trading activities, must acknowledge that it will deliver
    a prospectus in connection with any resale of the exchange notes
    in the United States. Please read &#147;Plan of
    Distribution&#148; for more details regarding the transfer of
    exchange notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Terms of
    the Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On the terms and subject to the conditions set forth in this
    prospectus and in the letter of transmittal, we will accept for
    exchange in the exchange offer any outstanding notes that are
    properly tendered and not withdrawn prior to the expiration
    date. Outstanding notes may only be tendered in minimum
    denominations of US$2,000 and integral multiples of US$1,000 in
    excess of US$2,000. We will issue exchange notes in principal
    amount identical to outstanding notes surrendered in the
    exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The form and terms of the exchange notes will be substantially
    identical to the form and terms of the outstanding notes except
    the exchange notes will be registered under the Securities Act,
    will not bear legends restricting their transfer in the United
    States and will not provide for any additional interest upon our
    failure to fulfill our obligations under the registration rights
    agreement to complete the exchange offer, or file, and cause to
    be effective, a registration statement, if required thereby,
    within the specified time periods described above. The exchange
    notes will evidence the same debt as the outstanding notes. The
    exchange notes will be issued under and entitled to the benefits
    of the same indenture that authorized the issuance of the
    outstanding notes. Consequently, the outstanding notes and the
    exchange notes will be treated as a single class of debt
    securities under the indenture. For a description of the
    indenture, see &#147;Description of the Exchange Notes.&#148;
</DIV>
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    <BR>
    61
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange offer is not conditioned upon any minimum aggregate
    principal amount of outstanding notes being tendered for
    exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of the date of this prospectus, US$650&#160;million aggregate
    principal amount of the 6.625%&#160;Senior Notes due 2020 are
    outstanding. This prospectus and a letter of transmittal are
    being sent to all registered holders of outstanding notes. There
    will be no fixed record date for determining registered holders
    of outstanding notes entitled to participate in the exchange
    offer. We intend to conduct the exchange offer in accordance
    with the provisions of the registration rights agreement, the
    applicable requirements of the Securities Act, the Exchange Act
    and other applicable securities laws, and the rules and
    regulations of the SEC. Outstanding notes that are not tendered
    for exchange in the exchange offer will remain outstanding and
    continue to accrue interest and will be entitled to the rights
    and benefits the holders have under the indenture relating to
    the outstanding notes and the registration rights agreement,
    except for any rights under the registration rights agreement
    that by their terms terminate upon the consummation of the
    exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will be deemed to have accepted for exchange properly
    tendered outstanding notes when we have given written notice of
    the acceptance to the exchange agent. The exchange agent will
    act as agent for the tendering holders for the purposes of
    receiving the exchange notes from us and delivering exchange
    notes to holders. Subject to the terms of the registration
    rights agreement, we expressly reserve the right to amend or
    terminate the exchange offer and to refuse to accept for
    exchange any outstanding notes not previously accepted for
    exchange, upon the occurrence of any of the conditions specified
    below under &#147;&#151;&#160;Conditions to the Exchange
    Offer.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you tender your outstanding notes in the exchange offer, you
    will not be required to pay brokerage commissions or fees or,
    subject to the instructions in the letter of transmittal,
    transfer taxes with respect to the exchange of outstanding
    notes. We will pay all charges and expenses, other than certain
    applicable taxes described below in connection with the exchange
    offer. It is important that you read &#147;&#151;&#160;Fees and
    Expenses&#148; below for more details regarding fees and
    expenses incurred in the exchange offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Expiration
    Date, Extensions and Amendments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As used in this prospectus, the term &#147;expiration date&#148;
    means 11:59&#160;p.m., New York City time, on, , 2011. However,
    if we, in our sole discretion, extend the period of time for
    which the exchange offer is open, the term &#147;expiration
    date&#148; will mean the latest time and date to which we shall
    have extended the expiration of the exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To extend the period of time during which the exchange offer is
    open, we will notify the exchange agent of any extension by
    written notice, followed by notification by press release or
    other public announcement to the registered holders of the
    outstanding notes no later than 9:00&#160;a.m., New York City
    time, on the next business day after the previously scheduled
    expiration date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We reserve the right, in our sole discretion:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to delay accepting for exchange any outstanding notes (only in
    the case that we amend or extend the exchange offer);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to extend the exchange offer or to terminate the exchange offer
    and refuse to accept outstanding notes not previously accepted
    if any of the conditions set forth below under
    &#147;&#151;&#160;Conditions to the Exchange Offer&#148; have
    not been satisfied, by giving written notice of such delay,
    extension or termination to the exchange agent;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    subject to the terms of the registration rights agreement, to
    amend the terms of the exchange offer in any manner. In the
    event of a material change in the exchange offer, including the
    waiver of a material condition, we will extend the offer period,
    if necessary, so that at least five business days remain in such
    offer period following notice of the material change.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any delay in acceptance, extension, termination or amendment
    will be followed as promptly as practicable by written notice to
    the registered holders of the outstanding notes. If we amend the
    exchange offer in a manner that we determine to constitute a
    material change, we will promptly disclose the amendment in a
    manner reasonably calculated to inform the holders of the
    outstanding notes of that amendment.
</DIV>
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    <BR>
    62
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Without limiting the manner in which we may choose to make
    public announcements of any delay in acceptance, extension,
    termination or amendment of the exchange offer, we will have no
    obligation to publish, advertise, or otherwise communicate any
    public announcement, other than by making a timely release to a
    financial news service.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Conditions
    to the Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Despite any other term of the exchange offer, we will not be
    required to accept for exchange, or to issue exchange notes in
    exchange for, any outstanding notes and we may terminate or
    amend the exchange offer as provided in this prospectus prior to
    the expiration date if in our reasonable judgment:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange offer or the making of any exchange by a holder
    violates any applicable law or interpretation of the SEC;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any action or proceeding has been instituted or threatened in
    writing in any court or by or before any governmental agency
    with respect to the exchange offer that, in our judgment, would
    reasonably be expected to impair our ability to proceed with the
    exchange offer.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, we will not be obligated to accept for exchange the
    outstanding notes of any holder that has not made to us:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the representations described under &#147;&#151;&#160;Purpose
    and Effect of the Exchange Offer,&#148;
    &#147;&#151;&#160;Procedures for Tendering Outstanding
    Notes&#148; and &#147;Plan of Distribution&#148;;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other representations as may be reasonably necessary under
    applicable SEC rules, regulations or interpretations to make
    available to us an appropriate form for registration of the
    exchange notes under the Securities Act.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We expressly reserve the right at any time or at various times
    to extend the period of time during which the exchange offer is
    open. Consequently, we may delay acceptance of any outstanding
    notes by giving written notice of such extension to their
    holders. We will return any outstanding notes that we do not
    accept for exchange for any reason without expense to their
    tendering holder promptly after the expiration or termination of
    the exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We expressly reserve the right to amend or terminate the
    exchange offer and to reject for exchange any outstanding notes
    not previously accepted for exchange, upon the occurrence of any
    of the conditions of the exchange offer specified above. We will
    give written notice of any extension, amendment, non-acceptance
    or termination to the exchange agent and holders of the
    outstanding notes as promptly as practicable. In the case of any
    extension, such notice will be issued no later than
    9:00&#160;a.m., New York City time, on the next business day
    after the previously scheduled expiration date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These conditions are for our sole benefit, and we may assert
    them regardless of the circumstances that may give rise to them
    or waive them in whole or in part at any or at various times
    prior to the expiration date in our sole discretion. If we fail
    at any time to exercise any of the foregoing rights, this
    failure will not constitute a waiver of such rights. Each such
    right will be deemed an ongoing right that we may assert at any
    time or at various times prior to the expiration date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, we will not accept for exchange any outstanding
    notes tendered, and will not issue exchange notes in exchange
    for any such outstanding notes, if at such time any stop order
    is threatened or in effect with respect to the registration
    statement of which this prospectus constitutes a part or the
    qualification of the indenture under the Trust&#160;Indenture
    Act of 1939, as amended (the &#147;TIA&#148;).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Procedures
    for Tendering Outstanding Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To tender your outstanding notes in the exchange offer, you must
    comply with either of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    complete, sign and date the letter of transmittal and have the
    signature(s) on the letter of transmittal guaranteed if required
    by the letter of transmittal and mail or deliver such letter of
    transmittal or, if the letter of transmittal does not require a
    signature guarantee, mail or deliver such letter of transmittal
    or facsimile
</TD>
</TR>

</TABLE>
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    <BR>
    63
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    thereof, to the exchange agent at the address set forth below
    under &#147;&#151;&#160;Exchange Agent&#148; prior to the
    expiration date;&#160;or
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    comply with DTC&#146;s Automated Tender Offer Program procedures
    described below.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange agent must receive certificates for the outstanding
    notes along with the letter of transmittal prior to the
    expiration date;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange agent must receive a timely confirmation of
    book-entry transfer of the outstanding notes into the exchange
    agent&#146;s account at DTC according to the procedures for
    book-entry transfer described below and a properly transmitted
    agent&#146;s message prior to the expiration date;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you must comply with the guaranteed delivery procedures
    described below.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Your tender, if not withdrawn prior to the expiration date,
    constitutes an agreement between us and you upon the terms and
    subject to the conditions described in this prospectus and in
    the letter of transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The method of delivery of outstanding notes, letter of
    transmittal and all other required documents to the exchange
    agent is at your election and risk. We recommend that instead of
    delivery by mail, you use an overnight or hand delivery service,
    properly insured. In all cases, you should allow sufficient time
    to assure timely delivery to the exchange agent before the
    expiration date. You should not send letters of transmittal or
    certificates representing outstanding notes to us. You may
    request that your broker, dealer, commercial bank, trust company
    or nominee effect the above transactions for you.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are a beneficial owner whose outstanding notes are
    registered in the name of a broker, dealer, commercial bank,
    trust company or other nominee and you wish to tender your
    outstanding notes, you should promptly contact the registered
    holder and instruct the registered holder to tender on your
    behalf. If you wish to tender the outstanding notes yourself,
    you must, prior to completing and executing the letter of
    transmittal and delivering your outstanding notes, either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make appropriate arrangements to register ownership of the
    outstanding notes in your name;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    obtain a properly completed bond power from the registered
    holder of outstanding notes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The transfer of registered ownership may take considerable time
    and may not be able to be completed prior to the expiration
    date. Signatures on the letter of transmittal or a notice of
    withdrawal, as the case may be, must be guaranteed by a member
    firm of a registered national securities exchange or of the
    Financial Industry Regulatory Authority, Inc., a commercial bank
    or trust company having an office or correspondent in the United
    States or another &#147;eligible guarantor institution&#148;
    within the meaning of
    <FONT style="white-space: nowrap">Rule&#160;17A(d)-15</FONT>
    under the Exchange Act unless the outstanding notes surrendered
    for exchange are tendered:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    by a registered holder of the outstanding notes who has not
    completed the box entitled &#147;Special Registration
    Instructions&#148; or &#147;Special Delivery Instructions&#148;
    on the letter of transmittal;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for the account of an eligible guarantor institution.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the letter of transmittal is signed by a person other than
    the registered holder of any outstanding notes listed on the
    outstanding notes, such outstanding notes must be endorsed or
    accompanied by a properly completed bond power. The bond power
    must be signed by the registered holder as the registered
    holder&#146;s name appears on the outstanding notes, and an
    eligible guarantor institution must guarantee the signature on
    the bond power.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the letter of transmittal, any certificates representing
    outstanding notes or bond powers are signed by trustees,
    executors, administrators, guardians, attorneys-in-fact,
    officers of corporations or others acting in a fiduciary or
    representative capacity, those persons should also indicate when
    signing and, unless waived by us, they should also submit
    evidence satisfactory to us of their authority to so act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange agent and DTC have confirmed that any financial
    institution that is a participant in DTC&#146;s system may use
    DTC&#146;s Automated Tender Offer Program to tender outstanding
    notes. Participants in the program may, instead of physically
    completing and signing the letter of transmittal and delivering
    it to the exchange agent,
</DIV>
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    <BR>
    64
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    electronically transmit their acceptance of the exchange by
    causing DTC to transfer the outstanding notes to the exchange
    agent in accordance with DTC&#146;s Automated Tender Offer
    Program procedures for transfer. DTC will then send an
    agent&#146;s message to the exchange agent. The term
    &#147;agent&#146;s message&#148; means a message transmitted by
    DTC, received by the exchange agent and forming part of the
    book-entry confirmation, which states that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    DTC has received an express acknowledgment from a participant in
    its Automated Tender Offer Program that is tendering outstanding
    notes that are the subject of the book-entry confirmation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the participant has received and agrees to be bound by the terms
    of the letter of transmittal, or in the case of an agent&#146;s
    message relating to guaranteed delivery, that such participant
    has received and agrees to be bound by the notice of guaranteed
    delivery;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we may enforce that agreement against such participant.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC is referred to herein as a &#147;book-entry transfer
    facility.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Acceptance
    of Exchange Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In all cases, we will promptly issue exchange notes for
    outstanding notes that we have accepted for exchange under the
    exchange offer only after the exchange agent timely receives:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    outstanding notes or a timely book-entry confirmation of such
    outstanding notes into the exchange agent&#146;s account at the
    book-entry transfer facility;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a properly completed and duly executed letter of transmittal and
    all other required documents or a properly transmitted
    agent&#146;s message.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    By tendering outstanding notes pursuant to the exchange offer,
    you will represent to us that, among other things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are not our affiliate or an affiliate of any guarantor
    within the meaning of Rule&#160;405 under the Securities Act;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you do not have an arrangement or understanding with any person
    or entity to participate in a distribution of the exchange
    notes;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you are acquiring the exchange notes in the ordinary course of
    your business.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, each broker-dealer that is to receive exchange
    notes for its own account in exchange for outstanding notes must
    represent that such outstanding notes were acquired by that
    broker-dealer as a result of market-making activities or other
    trading activities and must acknowledge that it will deliver a
    prospectus that meets the requirements of the Securities Act in
    connection with any resale of the exchange notes in the United
    States. The letter of transmittal states that by so
    acknowledging and by delivering a prospectus, a broker-dealer
    will not be deemed to admit that it is an
    &#147;underwriter&#148; within the meaning of the Securities
    Act. See &#147;Plan of Distribution.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will interpret the terms and conditions of the exchange
    offer, including the letter of transmittal and the instructions
    to the letter of transmittal, and will resolve all questions as
    to the validity, form, eligibility, including time of receipt
    and acceptance of outstanding notes tendered for exchange. Our
    determinations in this regard will be final and binding on all
    parties. We reserve the absolute right to reject any and all
    tenders of any particular outstanding notes not properly
    tendered or to not accept any particular outstanding notes if
    the acceptance might, in our or our counsel&#146;s judgment, be
    unlawful. We also reserve the absolute right to waive any
    defects or irregularities as to any particular outstanding notes
    prior to the expiration date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless waived, any defects or irregularities in connection with
    tenders of outstanding notes for exchange must be cured within
    such reasonable period of time as we determine. Neither we, the
    exchange agent nor any other person will be under any duty to
    give notification of any defect or irregularity with respect to
    any tender of outstanding notes for exchange, nor will any of
    them incur any liability for any failure to give notification.
    Any outstanding notes received by the exchange agent that are
    not properly tendered and as to which the irregularities have
    not been cured or waived will be returned by the exchange agent
    to the tendering holder, unless otherwise provided in the letter
    of transmittal, promptly after the expiration date.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    65
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Book-Entry
    Delivery Procedures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Promptly after the date of this prospectus, the exchange agent
    will establish an account with respect to the outstanding notes
    at DTC, as the book-entry transfer facility, for purposes of the
    exchange offer. Any financial institution that is a participant
    in the book-entry transfer facility&#146;s system may make
    book-entry delivery of the outstanding notes by causing the
    book-entry transfer facility to transfer those outstanding notes
    into the exchange agent&#146;s account at the facility in
    accordance with the facility&#146;s procedures for such
    transfer. To be timely, book-entry delivery of outstanding notes
    requires receipt of a confirmation of a book-entry transfer, a
    &#147;book-entry confirmation,&#148; and an agent&#146;s message
    prior to the expiration date, or the guaranteed delivery
    procedure described below must be complied with. Book-entry
    tenders will not be deemed made until the book-entry
    confirmation and agent&#146;s message are received by the
    exchange agent. Delivery of documents to the book-entry transfer
    facility does not constitute delivery to the exchange agent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders of outstanding notes who are unable to deliver
    confirmation of the book-entry tender of their outstanding notes
    into the exchange agent&#146;s account at the book-entry
    transfer facility or all other documents required by the letter
    of transmittal to the exchange agent on or prior to the
    expiration date may tender their outstanding notes according to
    the guaranteed delivery procedures described below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Guaranteed
    Delivery Procedures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you wish to tender your outstanding notes but your
    outstanding notes are not immediately available or you cannot
    deliver your outstanding notes, the letter of transmittal or any
    other required documents to the exchange agent or comply with
    the procedures under DTC&#146;s Automatic Tender Offer Program
    in the case of outstanding notes, prior to the expiration date,
    you may still tender if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the tender is made through an eligible guarantor institution;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    prior to the expiration date, the exchange agent receives from
    such eligible guarantor institution either a properly completed
    and duly executed notice of guaranteed delivery, by facsimile
    transmission (if the notice of guaranteed delivery does not
    require a signature guarantee), mail, or hand delivery or a
    properly transmitted agent&#146;s message, that (1)&#160;sets
    forth your name and address, the certificate number(s) of such
    outstanding notes and the principal amount of outstanding notes
    tendered; (2)&#160;states that the tender is being made thereby;
    and (3)&#160;guarantees that, within three New York Stock
    Exchange trading days after the expiration date, the letter of
    transmittal, or copy thereof, together with the outstanding
    notes, and any other documents required by the letter of
    transmittal, or a book-entry confirmation and an agent&#146;s
    message will be deposited by the eligible guarantor institution
    with the exchange agent;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange agent receives the properly completed and executed
    letter of transmittal or copy (if the letter of transmittal does
    not require a signature guarantee) thereof and all other
    documents required by the letter of transmittal, as well as
    certificate(s) representing all tendered outstanding notes in
    proper form for transfer or a book-entry confirmation of
    transfer of the outstanding notes into the exchange agent&#146;s
    account at DTC and agent&#146;s message within three New York
    Stock Exchange trading days after the expiration date.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon request, the exchange agent will send to you a notice of
    guaranteed delivery if you wish to tender your outstanding notes
    according to the guaranteed delivery procedures.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Withdrawal
    Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as otherwise provided in this prospectus, you may
    withdraw your tender of outstanding notes at any time prior to
    11:59&#160;p.m., New York City time, on the expiration date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For a withdrawal to be effective:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange agent must receive a written notice of withdrawal
    at its address set forth below under &#147;&#151;&#160;Exchange
    agent&#148;, such notice of withdrawal may be delivered by
    telegram, telex or facsimile (if no medallion guarantee of
    signatures is required);&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    you must comply with the appropriate procedures of DTC&#146;s
    Automated Tender Offer Program system.
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    66
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any notice of withdrawal must:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    specify the name of the person who tendered the outstanding
    notes to be withdrawn;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    identify the outstanding notes to be withdrawn, including the
    certificate numbers and principal amount of the outstanding
    notes;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    where certificates for outstanding notes have been transmitted,
    specify the name in which such outstanding notes were
    registered, if different from that of the withdrawing holder.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If certificates for outstanding notes have been delivered or
    otherwise identified to the exchange agent, then, prior to the
    release of such certificates, you must also submit the serial
    numbers of the particular certificates to be withdrawn and the
    signatures in the notice of withdrawal must be guaranteed by an
    eligible institution unless you are an eligible guarantor
    institution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If outstanding notes have been tendered pursuant to the
    procedures for book-entry transfer described above, any notice
    of withdrawal must specify the name and number of the account at
    the book-entry transfer facility to be credited with the
    withdrawn outstanding notes and otherwise comply with the
    procedures of the facility. We will determine all questions as
    to the validity, form and eligibility, including time of receipt
    of notices of withdrawal, and our determination will be final
    and binding on all parties. Any outstanding notes so withdrawn
    will be deemed not to have been validly tendered for exchange
    for purposes of the exchange offer. Any outstanding notes that
    have been tendered for exchange but that are not exchanged for
    any reason will be returned to their holder, without cost to the
    holder, or, in the case of book-entry transfer, the outstanding
    notes will be credited to an account at the book-entry transfer
    facility, promptly after withdrawal, rejection of tender or
    termination of the exchange offer. Properly withdrawn
    outstanding notes may be retendered by following the procedures
    described under &#147;&#151;&#160;Procedures for Tendering
    Outstanding Notes&#148; above at any time on or prior to the
    expiration date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchange
    Agent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Bank of New York Mellon has been appointed as the exchange
    agent for the exchange offer. You should direct all executed
    letters of transmittal and any notices of guaranteed delivery
    and all questions and requests for assistance, requests for
    additional copies of this prospectus or of the letter of
    transmittal and requests for notices of guaranteed delivery to
    the exchange agent addressed as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="32%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="28%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="28%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>By Registered or Certified Mail:<BR>
    </I>The Bank of New York Mellon <BR>
    Corporation<BR>
    Corporate Trust -<BR>
    Reorganization Unit<BR>
    480 Washington Boulevard&#160;&#151;<BR>
    27th Floor<BR>
    Jersey City, NJ 07310<BR>
    Attn: Ms. Diane Amoroso<BR>
    Telephone: (212) 815-2742
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I>By Regular Mail:<BR>
    </I>The Bank of New York Mellon <BR>
    Corporation<BR>
    Corporate Trust -<BR>
    Reorganization Unit<BR>
    480 Washington Boulevard&#160;&#151;<BR>
    27<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Floor<BR>
    Jersey City, NJ 07310<BR>
    Attn: Ms. Diane Amoroso<BR>
    Telephone: (212) 815-2742<BR>
    <I>By Facsimile Transmission<BR>
    (eligible institutions only):<BR>
    </I>(212) 298-1915<BR>
    <I>Telephone Inquiries:<BR>
    </I>(212) 815-2742
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I>By Overnight Courier or<BR>
    Hand Delivery:<BR>
    </I>The Bank of New York Mellon <BR>
    Corporation<BR>
    Corporate Trust -<BR>
    Reorganization Unit<BR>
    480 Washington Boulevard&#160;&#151;<BR>
    27<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Floor<BR>
    Jersey City, NJ 07310<BR>
    Attn: Ms. Diane Amoroso<BR>
    Telephone: (212) 815-2742
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you deliver the letter of transmittal or the notice of
    guaranteed delivery to an address other than the one set forth
    above or transmit instructions via facsimile (if the letter of
    transmittal or the notice of guaranteed delivery does not
    require a signature guarantee) to a number other than the one
    set forth above, that delivery or those instructions will not be
    effective.
</DIV>
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    <BR>
    67
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<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Fees and
    Expenses</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The registration rights agreement provides that we will bear all
    expenses in connection with the performance of our obligations
    relating to the registration of the exchange notes and the
    conduct of the exchange offer. These expenses include
    registration and filing fees, accounting and legal fees and
    printing costs, among others. We will pay the exchange agent
    reasonable and customary fees for its services and reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses as well as the reasonable fees and expenses of its
    counsel. We will also reimburse brokerage houses and other
    custodians, nominees and fiduciaries for customary mailing and
    handling expenses incurred by them in forwarding this prospectus
    and related documents to their clients that are holders of
    outstanding notes and for handling or tendering for such clients.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have not retained any dealer-manager in connection with the
    exchange offer and will not pay any fee or commission to any
    broker, dealer, nominee or other person, other than the exchange
    agent, for soliciting tenders of outstanding notes pursuant to
    the exchange offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Accounting
    Treatment</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will record the exchange notes in our accounting records at
    the same carrying value as the outstanding notes, which is the
    aggregate principal amount as reflected in our accounting
    records on the date of exchange. Accordingly, we will not
    recognize any gain or loss for accounting purposes upon the
    consummation of the exchange offer. We will record the expenses
    of the exchange offer as incurred.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    Taxes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will pay all transfer taxes, if any, applicable to the
    exchange of outstanding notes under the exchange offer. The
    tendering holder, however, will be required to pay any transfer
    taxes, whether imposed on the registered holder or any other
    person, if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certificates representing outstanding notes for principal
    amounts not tendered or accepted for exchange are to be
    delivered to, or are to be issued in the name of, any person
    other than the registered holder of outstanding notes tendered;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    tendered outstanding notes are registered in the name of any
    person other than the person signing the letter of
    transmittal;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a transfer tax is imposed for any reason other than the exchange
    of outstanding notes under the exchange offer.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If satisfactory evidence of payment of such taxes is not
    submitted with the letter of transmittal, the amount of such
    transfer taxes will be billed to that tendering holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders who tender their outstanding notes for exchange will not
    be required to pay any transfer taxes. However, holders who
    instruct us to register exchange notes in the name of, or
    request that outstanding notes not tendered or not accepted in
    the exchange offer be returned to, a person other than the
    registered tendering holder will be required to pay any
    applicable transfer tax.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Consequences
    of Failure to Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you do not exchange your outstanding notes for exchange notes
    under the exchange offer, your outstanding notes will remain
    subject to the restrictions on transfer of such outstanding
    notes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    as set forth in the legend printed on the outstanding notes as a
    consequence of the issuance of the outstanding notes pursuant to
    the exemption from, or in transactions not subject to, the
    registration requirements of the Securities Act and applicable
    state securities laws;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    as otherwise set forth in the offering circular distributed in
    connection with the private offering of the outstanding notes.
</TD>
</TR>

</TABLE>
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    <BR>
    68
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, you may not offer or sell your outstanding notes in
    the United States unless they are registered under the
    Securities Act or if the offer or sale is exempt from
    registration under the Securities Act and applicable state
    securities laws. Except as required by the registration rights
    agreement, we do not intend to register resales of the
    outstanding notes under the Securities Act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Other</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Participating in the exchange offer is voluntary, and you should
    carefully consider whether to accept. You are urged to consult
    your financial and tax advisors in making your own decision on
    what action to take.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may in the future seek to acquire untendered outstanding
    notes in open market or privately negotiated transactions,
    through subsequent exchange offers or otherwise. We have no
    present plans to acquire any outstanding notes that are not
    tendered in the exchange offer or to file a registration
    statement to permit resales of any untendered outstanding notes.
</DIV>
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    <BR>
    69
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='O69608116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF THE EXCHANGE NOTES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Precision Drilling Corporation issued the outstanding notes, and
    will issue the exchange notes, described in this prospectus
    under an Indenture (the &#147;Indenture&#148;) among the Issuer,
    the Guarantors, The Bank of New York Mellon, as trustee (the
    &#147;U.S.&#160;Trustee&#148;) and Valiant Trust&#160;Company,
    as Canadian co-trustee (the &#147;Canadian Trustee&#148; and,
    together with the U.S.&#160;Trustee, the &#147;Trustee&#148;).
    The term &#147;Notes&#148; refers to the outstanding notes and
    the exchange notes. Except as set forth herein, the terms of the
    Notes are substantially identical and include those set forth in
    the Indenture and those made part of the Indenture by reference
    to the Trust&#160;Indenture Act. You may obtain a copy of the
    Indenture or the Registration Rights Agreement from the Issuer
    at its address set forth elsewhere in this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a summary of the material terms and provisions
    of the Notes and the Indenture. The following summary does not
    purport to be a complete description of the Notes and the
    Indenture, and is subject to the detailed provisions of, and
    qualified in its entirety by reference to, the Notes and the
    Indenture. You can find definitions of certain terms used in
    this description under the heading &#147;&#151;&#160;Certain
    Definitions.&#148; References to &#147;US$&#148; are to
    U.S.&#160;dollars and to &#147;C$&#148; are to Canadian dollars.
    The Notes will be denominated in U.S.&#160;dollars and all
    payment on the Notes will be made in U.S.&#160;dollars.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Principal,
    Maturity and Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Notes will mature on November&#160;15, 2020. The Notes bear
    interest at the rate shown on the cover page of this prospectus,
    payable in cash semi-annually in arrears on May 15 and November
    15 of each year, commencing on May&#160;15, 2011, to Holders of
    record at the close of business on May 1 or November&#160;1, as
    the case may be (whether or not a Business Day), immediately
    preceding the related interest payment date. Interest on the
    Notes will accrue from and including the most recent date to
    which interest has been paid or, if no interest has been paid,
    from and including the date of issuance. Interest on the Notes
    will be computed on the basis of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If an interest payment date falls on a day that is not a
    Business Day, the interest payment to be made on such interest
    payment date will be made on the next succeeding Business Day
    with the same force and effect as if made on such interest
    payment date, and no additional interest will accrue solely as a
    result of such delayed payment. Interest on overdue principal
    and interest and Additional Interest, if any, will accrue at the
    applicable interest rate on the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer also will pay Additional Interest to Holders of the
    Notes in the circumstances described in the Registration Rights
    Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Notes were issued in registered form, without coupons, and
    in denominations of US$2,000 and integral multiples of US$1,000
    in excess thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An aggregate principal amount of Notes equal to
    US$650.0&#160;million was issued in a private transaction that
    was not subject to the registration requirements of the
    Securities Act. The Issuer may issue additional Notes having
    identical terms and conditions to the Notes being issued in this
    offering, except for issue date, issue price and first interest
    payment date, in an unlimited aggregate principal amount (the
    &#147;Additional Notes&#148;), subject to compliance with the
    covenant described under &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Limitation on Additional
    Indebtedness.&#148; Any Additional Notes will be part of the
    same issue as the Notes and will be treated as one class with
    the Notes, including for purposes of voting, redemptions and
    offers to purchase. For purposes of this &#147;Description of
    the Exchange Notes,&#148; except for the covenant described
    under &#147;&#151;&#160;Certain Covenants &#151;&#160;Limitation
    on Additional Indebtedness,&#148; references to the Notes
    include Additional Notes, if any.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Payment
    of Additional Amounts</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All payments made by or on behalf of the Issuer under or with
    respect to the Notes or by or on behalf of any Guarantor
    pursuant to its Guarantee, will be made without withholding or
    deduction for or on account of any taxes imposed or levied by or
    on behalf of any Canadian taxing authority, unless required by
    law or the interpretation or administration thereof. If the
    Issuer or a Guarantor is obligated to withhold or deduct any
    amount on account of
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    taxes imposed by any Canadian taxing authority from any payment
    made with respect to the Notes, the Issuer or such Guarantor
    will:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;make such withholding or deduction;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;remit the full amount deducted or withheld to the
    relevant government authority in accordance with the applicable
    law;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;subject to the limitations below, pay to each Holder,
    as additional interest, such additional amounts
    (&#147;Additional Amounts&#148;) as may be necessary so that the
    net amount received by each Holder (including Additional
    Amounts) after such withholding or deduction will not be less
    than the amount such Holder would have received if such taxes
    had not been withheld or deducted;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;furnish to the Trustee for the benefit of the Holders,
    within 60&#160;days after the date payment of any taxes is due
    pursuant to applicable law, certified copies of an official
    receipt of the relevant government authorities for all amounts
    deducted or withheld pursuant to applicable law, or if such
    receipts are not obtainable, other evidence of payment by the
    Issuer or such Guarantor of those taxes;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;at least 15&#160;days prior to each date on which any
    Additional Amounts are payable, deliver to the Trustee an
    Officers&#146; Certificate setting forth the calculation of the
    Additional Amounts to be paid and such other information as the
    U.S.&#160;Trustee may request to enable the U.S.&#160;Trustee to
    pay such Additional Amounts to Holders on the payment date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, none of the Issuer or a Guarantor
    will pay Additional Amounts with respect to a payment made to
    any Holder or beneficial owner of a Note (an &#147;Excluded
    Holder&#148;):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;with which the Issuer or such Guarantor does not deal
    at arm&#146;s length (within the meaning of the <I>Income Tax
    Act </I>(Canada)) at the time of making such payment;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;which is subject to such taxes by reason of the Holder
    or the beneficial owner being a resident, domicile or national
    of, or engaged in business or maintaining a permanent
    establishment or other physical presence in or otherwise having
    some connection with, Canada or any province or territory
    thereof otherwise than by the mere acquisition, holding or
    disposition of the Notes or the receipt of payments thereunder;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;for or on account of any taxes imposed or deducted or
    withheld by reason of the failure of the Holder or beneficial
    owner of the Notes to complete, execute and deliver to the
    Issuer or a Guarantor, as the case may be, any form or document,
    to the extent applicable to such Holder or beneficial owner,
    that may be required by law (including any applicable tax
    treaty) or by reason of administration of such law and which is
    reasonably requested in writing to be delivered to the Issuer or
    such Guarantor in order to enable the Issuer or such Guarantor
    to make payments on the Notes or pursuant to any Guarantee, as
    the case may be, without deduction or withholding for taxes, or
    with deduction or withholding of a lesser amount, which form or
    document shall be delivered within 60&#160;days of a written
    request therefor by the Issuer or such Guarantor;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;for or on account of any estate, inheritance, gift,
    sales, transfer, capital gains, excise, personal property or
    similar tax, assessment or other governmental charge;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;for or on account of any tax, duty, assessment or other
    governmental charge that is payable otherwise than by
    withholding from payments under or with respect to the Notes
    (other than taxes payable pursuant to Regulation&#160;803 of the
    <I>Income Tax Act </I>(Canada), or any similar successor
    provision);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;where the payment could have been made without
    deduction or withholding if the beneficiary of the payment had
    presented the Note for payment within 30&#160;days after the
    date on which such payment or such Note became due and payable
    or the date on which payment thereof is duly provided for,
    whichever is later;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;if the Holder is a fiduciary, partnership or person
    other than the sole beneficial owner of that payment, to the
    extent that such payment would be required to be included in
    income under the laws of the relevant taxing jurisdiction for
    tax purposes, of a beneficiary or settler with respect to the
    fiduciary, a member of that partnership or a beneficial owner
    who would not have been entitled to such Additional Amounts had
    that beneficiary, settler, partner or beneficial owner been the
    Holder thereof.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any reference in the Indenture to the payment of principal,
    premium, if any, interest, purchase price, redemption price or
    any other amount payable under or with respect to any Note, is
    deemed to include the payment of Additional Amounts to the
    extent that, in such context, Additional Amounts are, were or
    would be payable in respect thereof. The Issuer&#146;s and the
    Guarantors&#146; obligation to make payments of Additional
    Amounts will survive any termination of the Indenture or the
    defeasance of any rights thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer and each Guarantor, jointly and severally, will
    indemnify and hold harmless each Holder (other than an Excluded
    Holder) and upon written request reimburse each such Holder for
    the amount of (x)&#160;any Canadian taxes so levied or imposed
    and paid by such Holder as a result of payments made under or
    with respect to the Notes, and (y)&#160;any Canadian taxes
    levied or imposed and paid by such Holder with respect to any
    reimbursement under (x)&#160;above, but excluding any such taxes
    with respect to which such Holder is an Excluded Holder.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Methods
    of Receiving Payments on the Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a Holder has given wire transfer instructions to the
    U.S.&#160;Trustee at least ten Business Days prior to the
    applicable payment date, the Issuer will make all payments on
    such Holder&#146;s Notes by wire transfer of immediately
    available funds to the account in New York specified in those
    instructions. Otherwise, payments on the Notes will be made at
    the office or agency of the paying agent (the &#147;Paying
    Agent&#148;) and registrar (the &#147;Registrar&#148;) for the
    Notes within the City and State of New York unless the Issuer
    elects to make interest payments by check mailed to the Holders
    at their addresses set forth in the register of Holders. The
    Issuer has initially designated the U.S.&#160;Trustee in New
    York, New York to act as Paying Agent and Registrar. The Issuer
    may change the Paying Agent or Registrar without prior notice to
    the Holders, and the Issuer
    <FONT style="white-space: nowrap">and/or</FONT> any
    Restricted Subsidiary may act as Paying Agent or Registrar.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Ranking</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Notes are general unsecured obligations of the Issuer. The
    Notes rank senior in right of payment to all future obligations
    of the Issuer that are, by their terms, expressly subordinated
    in right of payment to the Notes and equal in right of payment
    with all existing and future obligations of the Issuer that are
    not so subordinated. Each Guarantee is a general unsecured
    obligation of such Guarantor and ranks senior in right of
    payment to all future obligations of such Guarantor that are, by
    their terms, expressly subordinated in right of payment to such
    Guarantee and equal in right of payment with all existing and
    future obligations of such Guarantor that are not so
    subordinated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Notes and each Guarantee are effectively subordinated to
    secured Indebtedness of the Issuer and the applicable Guarantor
    to the extent of the value of the assets securing such
    Indebtedness. The Credit Agreement is secured by substantially
    all of the assets of the Issuer and its material U.S.&#160;and
    Canadian Subsidiaries and, if necessary in order to adhere to
    covenants in the Credit Agreement, will be secured by certain
    assets of certain Subsidiaries organized in a jurisdiction
    outside of the U.S.&#160;or Canada.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Notes are effectively subordinated to all existing and
    future obligations, including Indebtedness and trade payables,
    of any Subsidiaries of the Issuer that do not guarantee the
    Notes, including any Unrestricted Subsidiaries. Claims of
    creditors of these Subsidiaries, including trade creditors,
    generally have priority as to the assets of these Subsidiaries
    over the claims of the Issuer and the holders of Indebtedness of
    the Issuer and its other Subsidiaries, including the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of December&#160;31, 2010, the Issuer had approximately
    C$846&#160;million of total Indebtedness, C$23&#160;million of
    which was secured (consisting of C$23&#160;million of
    outstanding letters of credit), and had availability for up to
    C$524&#160;million of additional borrowings under the Credit
    Agreement (after giving effect to outstanding letters of credit)
    and availability for up to C$40&#160;million of secured
    indebtedness under its operating facilities. As of
    December&#160;31, 2010, the Guarantors had approximately
    C$846&#160;million of total Indebtedness (including their
    guarantees of the Notes); and no Indebtedness contractually
    subordinated to the Guarantees. In addition, any additional
    borrowings by the Issuer under the Credit Agreement will be
    guaranteed by the Guarantors and will be secured indebtedness of
    those entities. In addition, one or more of the Guarantors may
    have the ability to borrow up to C$25&#160;million under
    operating facilities, to the extent not drawn by the Issuer, and
    up to US$15&#160;million of indebtedness under those facilities,
    for the Issuer and its subsidiaries in the aggregate, may be
    secured indebtedness.
</DIV>
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    <BR>
    72
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although the Indenture contains limitations on the amount of
    additional secured Indebtedness that the Issuer and the
    Restricted Subsidiaries may incur, under certain circumstances,
    the amount of this Indebtedness could be substantial. See
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Additional Indebtedness&#148; and &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Limitation on Liens.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Guarantees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer&#146;s obligations under the Notes and the Indenture
    are unconditionally, jointly and severally guaranteed, on a
    senior unsecured basis, by each U.S.&#160;and Canadian
    Restricted Subsidiary that guarantees any Indebtedness of the
    Issuer or any Guarantor under a Credit Facility or under debt
    securities issued in the capital markets, except for any such
    Subsidiary if the Fair Market Value of the assets of such
    Subsidiary together with the Fair Market Value of the assets of
    any other Subsidiaries that guaranteed such Indebtedness of the
    Issuer or any Guarantor but did not guarantee the Notes, does
    not exceed US$20.0&#160;million in the aggregate, and each other
    Restricted Subsidiary that the Issuer shall otherwise cause to
    become a Guarantor pursuant to the terms of the Indenture. The
    Guarantors will agree to pay, in addition to the amount stated
    above, any and all costs and expenses (including reasonable
    counsel fees and expenses) incurred by the Trustee or the
    Holders in enforcing any rights under the Guarantees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Not all of the Issuer&#146;s Subsidiaries guarantee the Notes.
    In the event of a bankruptcy, liquidation or reorganization of
    any of these non-Guarantor Subsidiaries, the non-Guarantor
    Subsidiaries will pay the holders of their debt and their trade
    creditors before they will be able to distribute any of their
    assets to the Issuer. For the year ended December&#160;31, 2010,
    the Issuer&#146;s non-Guarantor Subsidiaries accounted for a
    de&#160;minimus amount of the Issuer&#146;s revenue and EBITDA.
    As of December&#160;31, 2010, the Issuer&#146;s non-Guarantor
    Subsidiaries also accounted for a de&#160;minimus amount of the
    Issuer&#146;s consolidated assets and liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of the Issue Date, all of the Issuer&#146;s Subsidiaries were
    &#147;Restricted Subsidiaries.&#148; However, under the
    circumstances described below under the subheading
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Designation of Unrestricted Subsidiaries,&#148; the Issuer will
    be permitted to designate any of the Issuer&#146;s Subsidiaries
    as &#147;Unrestricted Subsidiaries.&#148; The effect of
    designating a Subsidiary as an &#147;Unrestricted
    Subsidiary&#148; will be that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;an Unrestricted Subsidiary will not be subject to any
    of the restrictive covenants in the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;an Unrestricted Subsidiary will not guarantee the Notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;a Subsidiary that has previously been a Guarantor and
    that is designated an Unrestricted Subsidiary will be released
    from its Guarantee and its obligations under the Indenture and
    the Registration Rights Agreement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the assets, income, cash flows and other financial
    results of an Unrestricted Subsidiary will not be consolidated
    with those of the Issuer for purposes of calculating compliance
    with the restrictive covenants contained in the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The obligations of each Guarantor under its Guarantee is limited
    to the maximum amount as will, after giving effect to all other
    contingent and fixed liabilities of such Guarantor (including,
    without limitation, any guarantees under the Credit Agreement)
    and after giving effect to any collections from or payments made
    by or on behalf of any other Guarantor in respect of the
    obligations of such other Guarantor under its Guarantee or
    pursuant to its contribution obligations under the Indenture,
    result in the obligations of such Guarantor under its Guarantee
    not constituting a fraudulent conveyance, fraudulent preference
    or fraudulent transfer or otherwise reviewable transaction under
    applicable law. Nonetheless, in the event of the bankruptcy,
    insolvency or financial difficulty of a Guarantor, such
    Guarantor&#146;s obligations under its Guarantee may be subject
    to review and avoidance under applicable fraudulent conveyance,
    fraudulent preference, fraudulent transfer and insolvency laws.
    Among other things, such obligations may be avoided if a court
    concludes that such obligations were incurred for less than a
    reasonably equivalent value or fair or sufficient consideration
    at a time when the Guarantor was insolvent, was rendered
    insolvent, was on the eve of insolvency or was left with
    inadequate capital to conduct its business. A court may conclude
    that a Guarantor did not receive reasonably equivalent value or
    fair or sufficient consideration to the extent that the
    aggregate amount of its liability on its Guarantee exceeds the
    economic benefits it receives from the issuance of the
    Guarantee. If a Guarantee was rendered voidable, it could be
    subordinated by a court to all other
</DIV>
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    <BR>
    73
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    indebtedness (including guarantees and other contingent
    liabilities) of the Guarantor, and, depending on the amount of
    such indebtedness, a Guarantor&#146;s liability on its Guarantee
    could be reduced to zero. See &#147;Risk Factors&#160;&#151;
    Risks Relating to the Notes&#160;&#151; U.S.&#160;federal and
    state statutes (and Canadian federal and provincial statutes)
    may allow courts, under specific circumstances, to void the
    guarantees and require noteholders to return payments received
    from guarantors.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each Guarantor that makes a payment for distribution under its
    Guarantee is entitled upon payment in full of all guaranteed
    obligations under the Indenture to a contribution from each
    other Guarantor in a pro rata amount of such payment based on
    the respective net assets of all the Guarantors at the time of
    such payment in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A Guarantor shall be released from its obligations under its
    Guarantee and its obligations under the Indenture and the
    Registration Rights Agreement upon:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;any sale, exchange or transfer (by merger,
    amalgamation, consolidation or otherwise) of the Equity
    Interests of such Guarantor after which the applicable Guarantor
    is no longer a Restricted Subsidiary, which sale, exchange or
    transfer is made in compliance with the applicable provisions of
    the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;the proper designation of any Restricted Subsidiary
    that is a Guarantor as an Unrestricted Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;the release or discharge of a Guarantor&#146;s
    guarantee of Indebtedness outstanding under the Credit Agreement
    and any other agreements relating to Indebtedness of the Issuer
    and its Restricted Subsidiaries; <I>provided </I>that such
    Guarantor has not incurred any Indebtedness in reliance on its
    status as a Guarantor under the covenant
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Additional Indebtedness&#148; or such Guarantor&#146;s
    obligations under such Indebtedness are satisfied in full and
    discharged or are otherwise permitted to be incurred by a
    Restricted Subsidiary (other than a Guarantor) under the second
    paragraph of &#147;&#151;&#160;Certain Covenants&#160;&#151;
    Limitation on Additional Indebtedness&#148;;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;legal defeasance or satisfaction and discharge of the
    Indenture as provided below under the captions
    &#147;&#151;&#160;Legal Defeasance and Covenant Defeasance&#148;
    and &#147;Satisfaction and Discharge&#148;;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the Issuer delivering to the Trustee an Officers&#146;
    Certificate and an Opinion of Counsel, each stating that all
    conditions precedent provided for in the Indenture relating to
    the release of such Guarantor&#146;s Guarantee have been
    complied with.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Optional
    Redemption</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">General</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as set forth below, the Issuer is not entitled to redeem
    the Notes at its option prior to November&#160;15, 2015.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At any time or from time to time on or after November&#160;15,
    2015, the Issuer, at its option, may redeem the Notes, in whole
    or in part, at the redemption prices (expressed as percentages
    of principal amount of the Notes to be redeemed) set forth
    below, together with accrued and unpaid interest and Additional
    Interest thereon, if any, to the redemption date (subject to the
    right of Holders of record on the relevant record date to
    receive interest due on the
</DIV>
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    <BR>
    74
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    relevant interest payment date), if redeemed during the
    <FONT style="white-space: nowrap">12-month</FONT>
    period beginning November 15 of the years indicated:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="89%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Optional<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Redemption<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Year</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2015
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103.313
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2016
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102.208
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2017
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    101.104
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2018 and thereafter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.000
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Redemption
    with Proceeds from Equity Offerings</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At any time or from time to time prior to November&#160;15,
    2013, the Issuer, at its option, may on any one or more
    occasions redeem up to 35.0% of the principal amount of the
    outstanding Notes issued under the Indenture (calculated after
    giving effect to any issuance of Additional Notes) with the net
    cash proceeds of one or more Qualified Equity Offerings at a
    redemption price equal to 106.625% of the principal amount of
    the Notes to be redeemed, plus accrued and unpaid interest and
    Additional Interest thereon, if any, to the date of redemption
    (subject to the right of Holders of record on the relevant
    record date to receive interest due on the relevant interest
    payment date); <I>provided </I>that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;at least 65.0% of the aggregate principal amount of
    Notes issued under the Indenture (calculated after giving effect
    to any issuance of Additional Notes) remains outstanding
    immediately after giving effect to any such redemption;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the redemption occurs not more than 90&#160;days after
    the date of the closing of any such Qualified Equity Offering.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Redemption
    at Applicable Premium</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Notes may also be redeemed, in whole or in part, at any time
    prior to November&#160;15, 2015 at the option of the Issuer upon
    not less than 30 nor more than 60&#160;days&#146; prior notice,
    at a redemption price equal to 100.0% of the principal amount of
    the Notes redeemed plus the Applicable Premium (calculated by
    the Issuer) as of, and accrued and unpaid interest and
    Additional Interest, if any, to, the applicable redemption date
    (subject to the right of Holders of record on the relevant
    record date to receive interest due on the relevant interest
    payment date). &#147;Applicable Premium&#148; means, with
    respect to any Note on any applicable redemption date, the
    greater of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;1.0% of the principal amount of such Note;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the excess, if any, of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;the present value at such redemption date of
    (i)&#160;the redemption price of such Note at November&#160;15,
    2015 (such redemption price being set forth in the table
    appearing above under the caption &#147;&#151;&#160;Optional
    Redemption&#160;&#151; General&#148;) plus (ii)&#160;all
    required interest payments (excluding accrued and unpaid
    interest to such redemption date) due on such Note through
    November&#160;15, 2015, computed using a discount rate equal to
    the Treasury Rate as of such redemption date plus 50&#160;basis
    points; over
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;the principal amount of such Note.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Treasury Rate&#148; </I>means, as of any redemption
    date, the yield to maturity at the time of computation of United
    States Treasury securities with a constant maturity (as compiled
    and published in the most recent Federal Reserve Statistical
    Release H.15 (519)&#160;which has become publicly available at
    least two Business Days prior to the redemption date (or, if
    such Statistical Release is no longer published, any publicly
    available source or similar market data)) most nearly equal to
    the period from the redemption date to November&#160;15, 2015;
    <I>provided</I>, <I>however</I>, that if the period from the
    redemption date to November&#160;15, 2015 is not equal to the
    constant maturity of a United States Treasury security for which
    a weekly average yield is given, the Treasury Rate shall be
    obtained by linear interpolation (calculated to the nearest
    one-twelfth of a year) from the weekly average yields of United
    States Treasury securities for which such yields are given,
    except that if the period from the redemption date to
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    November&#160;15, 2015 is less than one year, the weekly average
    yield on actually traded United States Treasury securities
    adjusted to a constant maturity of one year shall be used.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer may acquire Notes by means other than a redemption,
    whether pursuant to a tender offer, open market purchase,
    negotiated transactions or otherwise, in accordance with
    applicable securities laws, so long as such acquisition does not
    otherwise violate the terms of the Indenture.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Redemption
    for Changes in Tax Law</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Issuer or a Guarantor becomes obligated to pay any
    Additional Amounts as a result of a change in the laws or
    regulations of Canada or any Canadian taxing authority, or a
    change in any official position regarding the application or
    interpretation thereof (including a holding by a court of
    competent jurisdiction), which is publicly announced or becomes
    effective on or after the date of the Indenture and such
    Additional Amounts cannot (as certified in an Officers&#146;
    Certificate to the Trustee) be avoided by the use of reasonable
    measures available to the Issuer or any Guarantor, then the
    Issuer may, at its option, redeem the Notes, in whole but not in
    part, upon not less than 30 nor more than 60&#160;days&#146;
    notice (such notice to be provided not more than 90&#160;days
    before the next date on which it or the Guarantor would be
    obligated to pay Additional Amounts), at a redemption price
    equal to 100.0% of the principal amount thereof, plus accrued
    and unpaid interest, if any, to the redemption date (subject to
    the right of Holders of record on the relevant record date to
    receive interest due on an interest payment date that is on or
    prior to the redemption date). Notice of the Issuer&#146;s
    intent to redeem the Notes shall not be effective until such
    time as it delivers to the Trustee an Opinion of Counsel stating
    that the Issuer or a Guarantor is obligated to pay Additional
    Amounts because of an amendment to or change in law or
    regulation or position as described in this paragraph.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Selection
    and Notice of Redemption</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that less than all of the Notes are to be redeemed
    at any time pursuant to an optional redemption, the
    U.S.&#160;Trustee will select the Notes for redemption in
    compliance with the requirements of the principal national
    securities exchange, if any, on which the Notes are listed or,
    if the Notes are not then listed on a national security
    exchange, on a <I>pro rata </I>basis, by lot or by such method
    as the U.S.&#160;Trustee in its sole discretion shall deem fair
    and appropriate; <I>provided, however</I>, that no Notes of a
    principal amount of US$2,000 in original principal amount or
    less shall be redeemed in part. In addition, if a partial
    redemption is made pursuant to the provisions described under
    &#147;&#151;&#160;Optional Redemption&#160;&#151; Redemption
    with Proceeds from Equity Offerings,&#148; selection of the
    Notes or portions thereof for redemption shall be made by the
    U.S.&#160;Trustee only on a <I>pro rata </I>basis or on as
    nearly a pro rata basis as is practicable (subject to the
    procedures of The Depository Trust&#160;Company
    (&#147;DTC&#148;)), unless that method is otherwise prohibited.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notice of redemption will be delivered to the Holders at least
    30, but not more than 60, days before the date of redemption,
    except that redemption notices may be delivered more than
    60&#160;days prior to a redemption date if the notice is issued
    in connection with a satisfaction and discharge of the
    Indenture. If any Note is to be redeemed in part only, the
    notice of redemption that relates to that Note will state the
    portion of the principal amount of the Note to be redeemed. A
    new Note in a principal amount equal to the unredeemed portion
    of the Note will be issued in the name of the Holder of the Note
    upon cancellation of the original Note. On and after the
    applicable date of redemption, interest will cease to accrue on
    Notes or portions thereof called for redemption so long as the
    Issuer has deposited with the Paying Agent for the Notes funds
    in satisfaction of the applicable redemption price (including
    accrued and unpaid interest on the Notes to be redeemed)
    pursuant to the Indenture.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Change of
    Control</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon the occurrence of any Change of Control, unless the Issuer
    has previously or concurrently exercised its right to redeem all
    of the Notes as described under &#147;&#151;&#160;Optional
    Redemption,&#148; each Holder will have the right to require
    that the Issuer purchase all or any portion (equal to US$2,000
    or an integral multiple of US$1,000 in excess thereof) of that
    Holder&#146;s Notes for a cash price (the &#147;Change of
    Control Purchase Price&#148;) equal to 101.0% of the principal
    amount of the Notes to be purchased, plus accrued and unpaid
    interest and Additional Interest, if any, thereon to the date of
    purchase.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Within 30&#160;days following any Change of Control, the Issuer
    will deliver, or caused to be delivered, to the Holders, with a
    copy to the Trustee, a notice:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;describing the transaction or transactions that
    constitute the Change of Control;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;offering to purchase, pursuant to the procedures
    required by the Indenture and described in the notice (a
    &#147;Change of Control Offer&#148;), on a date specified in the
    notice, which shall be a Business Day not earlier than
    30&#160;days, nor later than 60&#160;days, from the date the
    notice is delivered (the &#147;Change of Control Payment
    Date&#148;), and for the Change of Control Purchase Price, all
    Notes properly tendered by such Holder pursuant to such Change
    of Control Offer;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;describing the procedures, as determined by the Issuer,
    consistent with the Indenture, that Holders must follow to
    accept the Change of Control Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On the Business Day immediately preceding the Change of Control
    Payment Date, the Issuer will, to the extent lawful deposit with
    the Paying Agent an amount equal to the Change of Control
    Purchase Price in respect of the Notes or portions of Notes
    properly tendered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On the Change of Control Payment Date, the Issuer will, to the
    extent lawful:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;accept for payment all Notes or portions of Notes (of
    US$2,000 or integral multiples of US$1,000 in excess thereof)
    properly tendered pursuant to the Change of Control
    Offer;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;deliver or cause to be delivered to the
    U.S.&#160;Trustee the Notes so accepted together with an
    Officers&#146; Certificate stating the aggregate principal
    amount of Notes or portions of Notes being purchased by the
    Issuer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Paying Agent will promptly deliver to each Holder who has so
    tendered Notes the Change of Control Purchase Price for such
    Notes, and the U.S.&#160;Trustee will promptly authenticate and
    mail (or cause to be transferred by book entry) to each Holder a
    new Note equal in principal amount to any unpurchased portion of
    the Notes so tendered, if any; <I>provided </I>that each such
    new Note will be in a principal amount of US$2,000 or integral
    multiples of US$1,000 in excess thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Change of Control Payment Date is on or after an interest
    record date and on or before the related interest payment date,
    any accrued and unpaid interest, if any, will be paid on the
    relevant interest payment date to the Person in whose name a
    Note is registered at the close of business on such record date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A Change of Control Offer will be required to remain open for at
    least 20 Business Days or for such longer period as is required
    by law. The Issuer will publicly announce the results of the
    Change of Control Offer on or as soon as practicable after the
    date of purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a Change of Control Offer is made, there can be no assurance
    that the Issuer will have available funds sufficient to pay for
    all or any of the Notes that might be delivered by Holders
    seeking to accept the Change of Control Offer. See &#147;Risk
    Factors&#160;&#151; We may not have the ability to finance the
    change of control repurchase offer required by the indenture
    governing the notes.&#148; In addition, in the event of a Change
    of Control the Issuer may not be able to obtain the consents
    necessary to consummate a Change of Control Offer from the
    lenders under agreements governing outstanding Indebtedness
    which may prohibit the offer. If we fail to repurchase all of
    the Notes tendered for purchase upon a Change of Control, such
    failure will constitute an Event of Default. In addition, the
    occurrence of certain of the events which would constitute a
    Change of Control may constitute an event of default under the
    Credit Agreement and the indenture governing the existing notes
    and may constitute an event of default under future
    Indebtedness. Moreover, the exercise by the holders of their
    right to require the Issuer to purchase the Notes could cause a
    default under such Indebtedness, even if the Change of Control
    itself does not, due to the financial effect of the repurchase
    on the Issuer. Finally, the Issuer&#146;s ability to pay cash to
    the Holders upon a Change of Control may be limited by its then
    existing financial resources.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The provisions described above that require the Issuer to make a
    Change of Control Offer following a Change of Control will be
    applicable regardless of whether any other provisions of the
    Indenture are applicable to the transaction giving rise to the
    Change of Control. The Change of Control purchase feature of the
    Notes may in certain circumstances make more difficult or
    discourage a sale or takeover of us and, thus, the removal of
    incumbent management. The Change of Control purchase feature is
    a result of negotiations between the Issuer and the initial
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    purchasers. The Issuer does not have the present intention to
    engage in a transaction involving a Change of Control, although
    it is possible that we could decide to do so in the future.
    Subject to the limitations discussed below, we could, in the
    future, enter into certain transactions, including acquisitions,
    refinancings or other recapitalizations, that would not
    constitute a Change of Control under the Indenture, but that
    could increase the amount of Indebtedness outstanding at such
    time or otherwise affect our capital structure or credit
    ratings. Restrictions on our ability to incur additional
    Indebtedness are contained in the covenants described under
    &#147;&#151;&#160;Certain Covenants &#151;&#160;Limitation on
    Additional Indebtedness&#148; and &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Limitation on Liens.&#148; Except as
    described above with respect to a Change of Control, the
    Indenture does not contain provisions that permit the Holders to
    require that the Issuer purchase or redeem the Notes in the
    event of a takeover, recapitalization or similar transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer&#146;s obligation to make a Change of Control Offer
    will be satisfied if a third party makes the Change of Control
    Offer in the manner, at the times and otherwise in compliance
    with the requirements set forth in the Indenture applicable to a
    Change of Control Offer made by the Issuer and purchases all
    Notes properly tendered and not withdrawn under such Change of
    Control Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to any disposition of assets, the phrase &#147;all
    or substantially all&#148; as used in the Indenture (including
    as set forth under the definition of &#147;Change of
    Control&#148; and &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Limitation on Mergers, Consolidations,
    Etc.&#148; below) varies according to the facts and
    circumstances of the subject transaction, has no clearly
    established meaning under New York law (which governs the Notes
    and the Indenture) and is subject to judicial interpretation.
    Accordingly, there may be a degree of uncertainty in
    ascertaining whether a particular transaction would involve a
    disposition of &#147;all or substantially all&#148; of the
    assets of the Issuer and the Restricted Subsidiaries, and
    therefore it may be unclear as to whether a Change of Control
    has occurred and whether the Holders have the right to require
    the Issuer to purchase Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer will comply with all applicable securities
    legislation in Canada and the United States, including, without
    limitation, the requirements of
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    under the Exchange Act and any other applicable laws and
    regulations in connection with the purchase of Notes pursuant to
    a Change of Control Offer. To the extent that the provisions of
    any applicable securities laws or regulations conflict with the
    &#147;Change of Control&#148; provisions of the Indenture, the
    Issuer shall comply with the applicable securities laws and
    regulations and will not be deemed to have breached its
    obligations under the &#147;Change of Control&#148; provisions
    of the Indenture by virtue of such compliance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The provisions under the Indenture relating to the Issuer&#146;s
    obligation to make a Change of Control Offer may be waived,
    modified or terminated prior to the occurrence of the triggering
    Change of Control with the written consent of the Holders of a
    majority in principal amount of the Notes then outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding anything to the contrary contained herein, a
    Change of Control Offer may be made in advance of a Change of
    Control, conditional upon such Change of Control, if a
    definitive agreement is in place for the Change of Control at
    the time of making of the Change of Control Offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Covenants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Covenant
    Termination</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Following the first date that the Notes have a Moody&#146;s
    rating of Baa3 or higher and an S&#038;P rating of BBB- or
    higher (collectively, an &#147;Investment Grade Rating&#148;)
    and no Default or Event of Default has occurred and is then
    continuing, the Issuer and the Restricted Subsidiaries will no
    longer be subject to the following covenants:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;&#147;&#160;&#151; Certain Covenants&#160;&#151;
    Limitation on Additional Indebtedness&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;&#147;&#160;&#151; Certain Covenants&#160;&#151;
    Limitation on Restricted Payments (except to the extent
    applicable under the definition of &#147;Unrestricted
    Subsidiary&#148;)&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;&#147;&#160;&#151; Certain Covenants&#160;&#151;
    Limitation on Dividend and Other Restrictions Affecting
    Restricted Subsidiaries&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;&#147;&#160;&#151; Certain Covenants&#160;&#151;
    Limitation on Transactions with Affiliates&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;&#147;&#160;&#151; Certain Covenants&#160;&#151;
    Limitation on Asset Sales&#148;;
</DIV>
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    <BR>
    78
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;clause&#160;(3) of the covenant described under
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Mergers, Consolidations, Etc.&#148;;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;&#147;&#160;&#151; Certain Covenants&#160;&#151;
    Conduct of Business.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Additional Indebtedness</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer will not, and will not permit any Restricted
    Subsidiary to, directly or indirectly, incur any Indebtedness
    (including Acquired Indebtedness); <I>provided </I>that the
    Issuer or any Restricted Subsidiary may incur additional
    Indebtedness (including Acquired Indebtedness), in each case,
    if, after giving effect thereto on a <I>pro forma </I>basis, the
    Consolidated Interest Coverage Ratio would be at least 2.00 to
    1.00 (the &#147;Coverage Ratio Exception&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the above, each of the following incurrences of
    Indebtedness shall be permitted (the &#147;Permitted
    Indebtedness&#148;):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;Indebtedness of the Issuer and any Restricted
    Subsidiary under the Credit Facilities in an aggregate principal
    amount at any time outstanding, including the issuance and
    creation of letters of credit and bankers&#146; acceptances
    thereunder (with letters of credit and bankers&#146; acceptances
    being deemed to have a principal amount equal to the face amount
    thereof) not to exceed the greater of
    (a)&#160;US$750.0&#160;million or (b)&#160;25.0% of the
    Issuer&#146;s Consolidated Tangible Assets;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;Indebtedness under (a)&#160;the Notes and the
    Guarantees issued on the Issue Date and (b)&#160;the Exchange
    Notes and the Guarantees in respect thereof issued pursuant to
    the Registration Rights Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;Indebtedness of the Issuer and its Restricted
    Subsidiaries to the extent outstanding on the Issue Date after
    giving effect to the use of proceeds of the Notes (other than
    Indebtedness referred to in clause (1), (2), (4), (6), (7), (8),
    (9), (10), (12)&#160;and (16));
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;guarantees by (a)&#160;the Issuer or Guarantors of
    Indebtedness permitted to be incurred in accordance with the
    provisions of the Indenture; <I>provided </I>that in the event
    such Indebtedness that is being guaranteed is Subordinated
    Indebtedness, then the related Guarantee shall be subordinated
    in right of payment to the Notes or the Guarantee, as the case
    may be, and (b)&#160;Guarantees of Indebtedness incurred by
    Restricted Subsidiaries that are not Guarantors in accordance
    with the provisions of the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;Indebtedness under Hedging Obligations entered into for
    <I>bona fide </I>hedging purposes of the Issuer or any
    Restricted Subsidiary in the ordinary course of business and not
    for the purpose of speculation; <I>provided </I>that in the case
    of Hedging Obligations relating to interest rates, (a)&#160;such
    Hedging Obligations relate to payment obligations on
    Indebtedness otherwise permitted to be incurred by this
    covenant, and (b)&#160;the notional principal amount of such
    Hedging Obligations at the time incurred does not exceed the
    principal amount of the Indebtedness to which such Hedging
    Obligations relate;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;Indebtedness of the Issuer owed to and held by a
    Restricted Subsidiary and Indebtedness of any Restricted
    Subsidiary owed to and held by the Issuer or any other
    Restricted Subsidiary; <I>provided, however</I>, that
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;if the Issuer is the obligor on Indebtedness and a
    Restricted Subsidiary that is not a Guarantor is the obligee,
    such Indebtedness is expressly subordinated to the prior payment
    in full in cash of all obligations with respect to the Notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;if a Guarantor is the obligor on such Indebtedness and
    a Restricted Subsidiary that is not a Guarantor is the obligee,
    such Indebtedness is subordinated in right of payment to the
    Guarantee of such Guarantor;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;any subsequent issuance or transfer of Equity Interests
    or any other event which results in any such Indebtedness being
    held by a Person other than the Issuer or any other Restricted
    Subsidiary;&#160;and
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;any sale or other transfer of any such Indebtedness to
    a Person other than the Issuer or any other Restricted Subsidiary
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    shall be deemed, in each case of this clause (c), to constitute
    an incurrence of such Indebtedness not permitted by this clause
    (6);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;Indebtedness in respect of workers&#146; compensation
    claims, bank guarantees, warehouse receipt or similar
    facilities, property, casualty or liability insurance,
    <FONT style="white-space: nowrap">take-or-pay</FONT>
    obligations in supply arrangements, self-insurance obligations
    or completion, performance, bid performance, appeal or surety
    bonds in the ordinary course of business, including guarantees
    or obligations with respect to letters of credit supporting such
    workers&#146; compensation claims, bank guarantees, warehouse
    receipt or similar facilities, property, casualty or liability
    insurance,
    <FONT style="white-space: nowrap">take-or-pay</FONT>
    obligations in supply arrangements, self-insurance obligations
    or completion, performance, bid performance, appeal or surety
    bonds;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;Purchase Money Indebtedness incurred by the Issuer or
    any Restricted Subsidiary after the Issue Date, and Refinancing
    Indebtedness thereof, in an aggregate principal amount not to
    exceed at any time outstanding the greater of
    (a)&#160;US$75.0&#160;million or (b)&#160;2.5% of the
    Issuer&#146;s Consolidated Tangible Assets;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;Indebtedness arising from the honoring by a bank or
    other financial institution of a check, draft or similar
    instrument inadvertently (except in the case of daylight
    overdrafts) drawn against insufficient funds in the ordinary
    course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;Indebtedness arising in connection with endorsement of
    instruments for deposit in the ordinary course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;Refinancing Indebtedness of the Issuer or any
    Restricted Subsidiary with respect to Indebtedness incurred
    pursuant to the Coverage Ratio Exception, clause (2),
    (3)&#160;or (8)&#160;above, this clause (11), or
    clause&#160;(17) or (18)&#160;below;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (12)&#160;indemnification, adjustment of purchase price,
    earn-out or similar obligations, in each case, incurred or
    assumed in connection with the acquisition or disposition of any
    business or assets of the Issuer or any Restricted Subsidiary or
    Equity Interests of a Restricted Subsidiary, other than
    guarantees of Indebtedness incurred by any Person acquiring all
    or any portion of such business, assets or Equity Interests for
    the purpose of financing or in contemplation of any such
    acquisition; <I>provided </I>that (a)&#160;any amount of such
    obligations included on the face of the balance sheet of the
    Issuer or any Restricted Subsidiary shall not be permitted under
    this clause (12) (contingent obligations referred to on the face
    of a balance sheet or in a footnote thereto and not otherwise
    quantified and reflected on the balance sheet will not be deemed
    &#147;included on the face of the balance sheet&#148; for
    purposes of the foregoing) and (b)&#160;in the case of a
    disposition, the maximum aggregate liability in respect of all
    such obligations outstanding under this clause&#160;(12) shall
    at no time exceed the gross proceeds actually received by the
    Issuer and the Restricted Subsidiaries in connection with such
    disposition;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (13)&#160;Indebtedness of Foreign Restricted Subsidiaries in an
    aggregate amount outstanding at any one time not to exceed the
    greater of (a)&#160;US$50.0&#160;million or (b)&#160;10% of such
    Foreign Restricted Subsidiaries&#146; Consolidated Tangible
    Assets;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (14)&#160;additional Indebtedness of the Issuer or any
    Restricted Subsidiary in an aggregate principal amount which,
    when taken together with the principal amount of all other
    Indebtedness incurred pursuant to this clause&#160;(14) and then
    outstanding, will not exceed the greater of
    (a)&#160;US$150.0&#160;million or (b)&#160;5.0% of the
    Issuer&#146;s Consolidated Tangible Assets;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (15)&#160;Indebtedness in respect of Specified Cash Management
    Agreements entered into in the ordinary course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (16)&#160;Indebtedness incurred under one or more short-term
    operating facilities provided by Royal Bank of Canada
    <FONT style="white-space: nowrap">and/or</FONT> other
    lenders or the respective affiliates thereof to the Issuer
    <FONT style="white-space: nowrap">and/or</FONT> any
    Restricted Subsidiary providing for borrowings to be made
    <FONT style="white-space: nowrap">and/or</FONT>
    letters of credit to be issued pursuant thereto in an aggregate
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    principal amount, together with any Refinancing Indebtedness
    thereof, not to exceed US$100.0&#160;million, at any one time
    outstanding;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (17)&#160;Indebtedness incurred to finance the Contingent Tax
    Liabilities in an aggregate principal amount not to exceed
    US$200.0&#160;million at any one time outstanding;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (18)&#160;Indebtedness of Persons incurred and outstanding on
    the date on which such Person was acquired by the Issuer or any
    Restricted Subsidiary, or merged or consolidated with or into
    the Issuer or any Restricted Subsidiary (other than Indebtedness
    incurred in connection with, or in contemplation of, such
    acquisition, merger or consolidation);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>provided, however, </I>that at the time such Person or assets
    is/are acquired by the Issuer or a Restricted Subsidiary, or
    merged or consolidated with the Issuer of any Restricted
    Subsidiary and after giving pro forma effect to the incurrence
    of such Indebtedness pursuant to this clause&#160;(18) and any
    other related Indebtedness, either (i)&#160;the Issuer would
    have been able to incur US$1.00 of additional Indebtedness
    pursuant to the first paragraph of this covenant; or
    (ii)&#160;the Consolidated Interest Coverage Ratio of the Issuer
    and its Restricted Subsidiaries would be greater than or equal
    to such Consolidated Interest Coverage Ratio immediately prior
    to such acquisition, merger or consolidation;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (19)&#160;Indebtedness representing deferred compensation to
    directors, officers, members of management or employees (in
    their capacities as such) of the Issuer or any Restricted
    Subsidiary and incurred in the ordinary course of business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of determining compliance with this covenant, in
    the event that an item of Indebtedness meets the criteria of
    more than one of the categories of Permitted Indebtedness
    described in clauses&#160;(1) through (19)&#160;above or is
    entitled to be incurred pursuant to the Coverage Ratio
    Exception, the Issuer shall, in its sole discretion, classify
    such item of Indebtedness and may divide and classify such
    Indebtedness in more than one of the types of Indebtedness
    described, except that Indebtedness incurred under the Credit
    Agreement on the Issue Date shall be deemed to have been
    incurred under clause&#160;(1) above, and may later reclassify
    any item of Indebtedness described in clauses&#160;(1) through
    (19)&#160;above (<I>provided </I>that at the time of
    reclassification it meets the criteria in such category or
    categories). In addition, for purposes of determining any
    particular amount of Indebtedness under this covenant,
    (i)&#160;guarantees, Liens or letter of credit obligations
    supporting Indebtedness otherwise included in the determination
    of such particular amount shall not be included so long as
    incurred by a Person that could have incurred such Indebtedness;
    and (ii)&#160;the amount of Indebtedness issued at a price that
    is less than the principal amount thereof will be equal to the
    amount of the liability in respect thereof determined in
    accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the purposes of determining compliance with any
    U.S.&#160;dollar-denominated restriction on the incurrence of
    Indebtedness denominated in a foreign currency, the
    U.S.&#160;dollar-equivalent principal amount of such
    Indebtedness incurred pursuant thereto shall be calculated based
    on the relevant currency exchange rate in effect on the earlier
    of the date that such Indebtedness was incurred, in the case of
    term Indebtedness, or first committed, in the case of revolving
    credit Indebtedness; <I>provided </I>that if such Indebtedness
    is incurred to refinance other Indebtedness denominated in a
    foreign currency, and such refinancing would cause the
    applicable U.S.&#160;dollar-denominated restriction to be
    exceeded if calculated at the relevant currency exchange rate in
    effect on the date of such refinancing, such
    U.S.&#160;dollar-denominated restriction shall be deemed not to
    have been exceeded so long as the principal amount of such
    Refinancing Indebtedness does not exceed the principal amount of
    such Indebtedness being refinanced. The principal amount of any
    Indebtedness incurred to refinance other Indebtedness, if
    incurred in a different currency from the Indebtedness being
    refinanced, shall be calculated based on the currency exchange
    rate applicable to the currencies in which such Refinancing
    Indebtedness is denominated that is in effect on the date of
    such refinancing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Issuer will not permit any of its Unrestricted
    Subsidiaries to incur any Indebtedness other than Non-Recourse
    Debt. If at any time an Unrestricted Subsidiary becomes a
    Restricted Subsidiary, any Indebtedness of such Subsidiary shall
    be deemed to be incurred by a Restricted Subsidiary as of such
    date (and, if such Indebtedness is not permitted to be incurred
    as of such date under this &#147;&#151;&#160;Limitation on
    Additional Indebtedness&#148; covenant, the Issuer shall be in
    Default of this covenant).
</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Restricted Payments</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer will not, and will not permit any Restricted
    Subsidiary to, directly or indirectly, make any Restricted
    Payment if at the time of such Restricted Payment:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;a Default shall have occurred and be continuing or
    shall occur as a consequence thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;(a)&#160;the Issuer is not able to incur at least
    US$1.00 of additional Indebtedness pursuant to the Coverage
    Ratio Exception;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the amount of such Restricted Payment, when added to
    the aggregate amount of all other Restricted Payments made after
    the Issue Date (other than Restricted Payments made pursuant to
    clauses (2), (3), (4), (5), (6)&#160;or (10)&#160;of the next
    paragraph), exceeds the sum (the &#147;Restricted Payments
    Basket&#148;) of (without duplication):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;50.0% of Consolidated Net Income of the Issuer and the
    Restricted Subsidiaries for the period (taken as one accounting
    period) commencing on October&#160;1, 2010 to and including the
    last day of the fiscal quarter ended immediately prior to the
    date of such calculation for which consolidated financial
    statements are available (or, if such Consolidated Net Income
    shall be a deficit, minus 100.0% of such deficit),
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;100.0% of (A) (i)&#160;the aggregate net cash proceeds
    and (ii)&#160;the Fair Market Value of (x)&#160;marketable
    securities (other than marketable securities of the Issuer),
    (y)&#160;Equity Interests of a Person (other than the Issuer or
    an Affiliate of the Issuer) engaged in a Permitted Business and
    (z)&#160;other assets used in any Permitted Business, received
    by the Issuer or its Restricted Subsidiaries after the Issue
    Date, in each case as a contribution to its common equity
    capital or from the issue or sale of Qualified Equity Interests
    or from the issue or sale of convertible or exchangeable
    Disqualified Equity Interests or convertible or exchangeable
    debt securities of the Issuer that have been converted into or
    exchanged for such Qualified Equity Interests (other than Equity
    Interests or debt securities sold to a Subsidiary of the Issuer
    or net cash proceeds received by the Issuer from Qualified
    Equity Offerings to the extent applied to redeem the Notes in
    accordance with the provisions set forth under
    &#147;&#151;&#160;Redemption with Proceeds from Equity
    Offerings&#148;), and (B)&#160;the aggregate net cash proceeds,
    if any, received by the Issuer or any of its Restricted
    Subsidiaries upon any conversion or exchange described in
    clause&#160;(A) above, <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;100.0% of the aggregate amount by which Indebtedness
    (other than any Subordinated Indebtedness or Indebtedness held
    by a Subsidiary of the Issuer) of the Issuer or any Restricted
    Subsidiary is reduced on the Issuer&#146;s consolidated balance
    sheet upon the conversion or exchange after the Issue Date of
    any such Indebtedness into or for Qualified Equity Interests,
    <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;in the case of the disposition or repayment of or
    return on any Investment that was treated as a Restricted
    Payment made by the Issuer after the Issue Date, an amount (to
    the extent not included in the computation of Consolidated Net
    Income) equal to the lesser of (i)&#160;100.0% of the aggregate
    amount received by the Issuer or any Restricted Subsidiary in
    cash or other property (valued at the Fair Market Value thereof)
    as the return of capital with respect to such Investment and
    (ii)&#160;the amount of such Investment that was treated as a
    Restricted Payment, in either case, less the cost of the
    disposition of such Investment and net of taxes, <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;upon a Redesignation of an Unrestricted Subsidiary as a
    Restricted Subsidiary, an amount (to the extent not included in
    the computation of Consolidated Net Income) equal to the lesser
    of (i)&#160;the Fair Market Value of the Issuer&#146;s
    proportionate interest in such Subsidiary immediately following
    such Redesignation, and (ii)&#160;the aggregate amount of the
    Issuer&#146;s Investments in such Subsidiary to the extent such
    Investments reduced the Restricted Payments Basket and were not
    previously repaid or otherwise reduced.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, the provisions set forth in the
    immediately preceding paragraph will not prohibit:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the payment of (a)&#160;any dividend or redemption
    payment or the making of any distribution within 60&#160;days
    after the date of declaration thereof if, on the date of
    declaration, the dividend, redemption or distribution payment,
    as the case may be, would have complied with the provisions of
    the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;any Restricted Payment made in exchange for, or out of
    the proceeds of, the substantially concurrent issuance and sale
    of Qualified Equity Interests;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the purchase, repurchase, redemption, defeasance or
    other acquisition or retirement for value of Subordinated
    Indebtedness of the Issuer or any Guarantor in exchange for, or
    out of the proceeds of, the substantially concurrent incurrence
    of, Refinancing Indebtedness permitted to be incurred under the
    &#147;Limitation on Additional Indebtedness&#148; covenant and
    the other terms of the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the purchase, repurchase, redemption, defeasance or
    other acquisition or retirement for value of Subordinated
    Indebtedness of the Issuer or any Restricted Subsidiary
    (a)&#160;at a purchase price not greater than 101% of the
    principal amount of such Subordinated Indebtedness in the event
    of a Change of Control in accordance with provisions similar to
    the covenant described under &#147;&#151;&#160;Change of
    Control&#148; or (b)&#160;at a purchase price not greater than
    100% of the principal amount thereof in accordance with
    provisions similar to the covenant described under
    &#147;&#151;&#160;Limitation on Asset Sales&#148;; <I>provided
    </I>that, prior to or simultaneously with such purchase,
    repurchase, redemption, defeasance or other acquisition or
    retirement, the Issuer has made the Change of Control Offer or
    Net Proceeds Offer, as applicable, as provided in such covenant
    with respect to the Notes and has completed the repurchase or
    redemption of all Notes validly tendered for payment in
    connection with such Change of Control Offer or Net Proceeds
    Offer;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;the redemption, repurchase or other acquisition or
    retirement for value of Equity Interests of the Issuer held by
    officers, directors or employees or former officers, directors
    or employees (or their transferees, estates or beneficiaries
    under their estates), either (x)&#160;upon any such
    individual&#146;s death, disability, retirement, severance or
    termination of employment or service or (y)&#160;pursuant to any
    equity subscription agreement, stock option agreement,
    stockholders&#146; agreement or similar agreement;
    <I>provided</I>, in any case, that the aggregate cash
    consideration paid for all such redemptions, repurchases or
    other acquisitions or retirements shall not exceed
    (A)&#160;US$5.0&#160;million during any calendar year (with
    unused amounts in any calendar year being carried forward to the
    next succeeding calendar year) <I>plus</I> (B)&#160;the amount
    of any net cash proceeds received by or contributed to the
    Issuer from the issuance and sale after the Issue Date of
    Qualified Equity Interests to its officers, directors or
    employees that have not been applied to the payment of
    Restricted Payments pursuant to this clause (5), <I>plus
    </I>(C)&#160;the net cash proceeds of any &#147;key-man&#148;
    life insurance policies that have not been applied to the
    payment of Restricted Payments pursuant to this clause (5); and
    <I>provided further </I>that cancellation of Indebtedness owing
    to the Issuer from members of management of the Issuer or any
    Restricted Subsidiary in connection with a repurchase of Equity
    Interests of the Issuer will not be deemed to constitute a
    Restricted Payment for purposes of this covenant or any other
    provision of the Indenture
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;(a)&#160;repurchases, redemptions or other acquisitions
    or retirements for value of Equity Interests of the Issuer
    deemed to occur upon the exercise of stock options, warrants,
    rights to acquire Equity Interests of the Issuer or other
    convertible securities to the extent such Equity Interests of
    the Issuer represent a portion of the exercise or exchange price
    thereof and (b)&#160;any repurchases, redemptions or other
    acquisitions or retirements for value of Equity Interests of the
    Issuer made in lieu of withholding taxes in connection with any
    exercise or exchange of stock options, warrants or other similar
    rights;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;dividends on Disqualified Equity Interests of the
    Issuer issued in compliance with the covenant
    &#147;&#151;&#160;Limitation on Additional Indebtedness&#148; to
    the extent such dividends are included in the definition of
    Consolidated Interest Expense;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;the payment of cash in lieu of fractional Equity
    Interests of the Issuer;
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;payments or distributions to dissenting stockholders
    pursuant to applicable law in connection with a merger,
    amalgamation, consolidation or transfer of assets that complies
    with the provisions described under the caption
    &#147;&#151;&#160;Limitation on Mergers, Consolidations,
    Etc.&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;cash distributions by the Issuer to the holders of
    Equity Interests of the Issuer in accordance with a distribution
    reinvestment plan or dividend reinvestment plan to the extent
    such payments are applied to the purchase of Equity Interests
    directly from the Issuer;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;payment of other Restricted Payments from time to time
    in an aggregate amount not to exceed
    US$100.0&#160;million;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (12)&#160;the repurchase, redemption or other acquisition or
    retirement for value of the AIMCO Warrants in an aggregate
    amount not to exceed US$50.0&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>provided </I>that (a)&#160;in the case of any Restricted
    Payment pursuant to clauses (4), (5), or (11)&#160;above, no
    Default shall have occurred and be continuing or occur as a
    consequence thereof (it being understood that the making of a
    Restricted Payment in reliance on clause (4), (5), or
    (11)&#160;above shall not be deemed to be a Default under this
    covenant described under &#147;&#151;&#160;Limitation on
    Restricted Payments&#148;) and (b)&#160;no issuance and sale of
    Qualified Equity Interests used to make a payment pursuant to
    clauses&#160;(2) or (5)(B) above shall increase the Restricted
    Payments Basket to the extent of such payment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the purposes of determining compliance with any
    U.S.&#160;dollar-denominated restriction on Restricted Payments
    denominated in a foreign currency, the
    U.S.&#160;dollar-equivalent amount of such Restricted Payment
    shall be calculated based on the relevant currency exchange rate
    in effect on the date that such Restricted Payment was made.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer will not permit any Unrestricted Subsidiary to become
    a Restricted Subsidiary except pursuant the covenant described
    under &#147;&#151;&#160;Limitation on Designations of
    Unrestricted Subsidiaries.&#148; For purposes of designating any
    Restricted Subsidiary as an Unrestricted Subsidiary, all
    outstanding Investments by the Issuer and its Restricted
    Subsidiaries (except to the extent repaid) in the Subsidiary so
    designated will be deemed to be Restricted Payments in an amount
    determined as set forth in the definition of
    &#147;Investment.&#148; Such designation will be permitted only
    if a Restricted Payment in such amount would be permitted at
    such time and if such Subsidiary otherwise meets the definition
    of an Unrestricted Subsidiary.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Dividend and Other Restrictions Affecting Restricted
    Subsidiaries</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer will not, and will not permit any Restricted
    Subsidiary to, directly or indirectly, create or otherwise cause
    or permit to exist or become effective any consensual
    encumbrance or consensual restriction on the ability of any
    Restricted Subsidiary to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;pay dividends or make any other distributions on or in
    respect of its Equity Interests to the Issuer or any of its
    Restricted Subsidiaries, or with respect to any other interest
    or participation in, or measured by, its profits (it being
    understood that the priority of any Preferred Stock in receiving
    dividends or liquidating distributions prior to dividends or
    liquidating distributions being paid on Common Stock shall not
    be deemed a restriction on the ability to make distributions on
    Equity Interests);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;make loans or advances, or pay any Indebtedness or
    other obligation owed, to the Issuer or any other Restricted
    Subsidiary (it being understood that the subordination of loans
    or advances made to the Issuer or any Restricted Subsidiary to
    other Indebtedness or obligations incurred by the Issuer or any
    Restricted Subsidiary shall not be deemed a restriction on the
    ability to make loans or advances);&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;transfer any of its property or assets to the Issuer or
    any other Restricted Subsidiary (it being understood that such
    transfers shall not include any type of transfer described in
    clause&#160;(a) or (b)&#160;above);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    except for, in each case:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;encumbrances or restrictions existing under agreements
    existing on the Issue Date (including, without limitation, the
    Credit Agreement, the AIMCO Indenture and the Sale and
    Repurchase Agreement) as in effect on that date;
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;encumbrances or restrictions existing under the
    Indenture, the Notes and the Guarantees;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;any instrument governing Acquired Indebtedness or
    Equity Interests of a Person acquired by the Issuer or any of
    its Restricted Subsidiaries, which encumbrance or restriction is
    not applicable to any Person, or the properties or assets of any
    Person, other than the Person or the properties or assets of the
    Person so acquired;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;any agreement or other instrument of a Person acquired
    by the Issuer or any of its Restricted Subsidiaries in existence
    at the time of such acquisition (but not created in
    contemplation thereof), which encumbrance or restriction is not
    applicable to any Person, or the properties or assets of any
    Person, other than the Person and its Subsidiaries, or the
    property or assets of the Person and its Subsidiaries, so
    acquired (including after acquired property);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;any amendment, restatement, modification, renewal,
    supplement, refunding, replacement or refinancing of an
    agreement referred to in clauses (1), (2), (3), (4), (5), or
    (10); <I>provided</I>, <I>however</I>, that such amendments,
    restatements, modifications, renewals, supplements, refundings,
    replacements or refinancings are, in the good faith judgment of
    the Issuer, no more restrictive than the encumbrances and
    restrictions contained in the agreements referred to in clauses
    (1), (2), (3)&#160;or (4)&#160;of this paragraph on the Issue
    Date or the date such Restricted Subsidiary became a Restricted
    Subsidiary or was merged into a Restricted Subsidiary, whichever
    is applicable;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;encumbrances or restrictions existing under or by
    reason of applicable law, regulation or order;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;non-assignment provisions of any contract or any lease
    entered into in the ordinary course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;in the case of clause&#160;(c) above, Liens permitted
    to be incurred under the provisions of the covenant described
    under &#147;&#151;&#160;Limitation on Liens&#148; that limit the
    right of the debtor to dispose of the assets securing such
    Indebtedness;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;restrictions imposed under any agreement to sell Equity
    Interests or assets, as permitted under the Indenture, to any
    Person pending the closing of such sale;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;any other agreement governing Indebtedness or other
    obligations entered into after the Issue Date that either
    (A)&#160;contains encumbrances and restrictions that are not
    materially more restrictive with respect to any Restricted
    Subsidiary than those in effect on the Issue Date with respect
    to that Restricted Subsidiary pursuant to agreements in effect
    on the Issue Date or (B)&#160;any such encumbrance or
    restriction contained in such Indebtedness that is customary and
    does not prohibit (except upon a default or an event of default
    thereunder) the payment of dividends in an amount sufficient, as
    determined by the board of directors of the Issuer in good
    faith, to make scheduled payments of cash interest and principal
    on the Notes when due;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;customary provisions in partnership agreements,
    limited liability company organizational governance documents,
    joint venture agreements, shareholder agreements and other
    similar agreements entered into in the ordinary course of
    business that restrict the disposition or distribution of
    ownership interests in or assets of such partnership, limited
    liability company, joint venture, corporation or similar Person;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (12)&#160;Purchase Money Indebtedness and any Refinancing
    Indebtedness in respect thereof incurred in compliance with the
    covenant described under &#147;&#151;&#160;Limitation on
    Additional Indebtedness&#148; that imposes restrictions of the
    nature described in clause&#160;(c) above on the assets
    acquired;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (13)&#160;restrictions on cash or other deposits or net worth
    imposed by customers, suppliers or landlords under contracts
    entered into in the ordinary course of business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Transactions with Affiliates</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer will not, and will not permit any of its Restricted
    Subsidiaries to, directly or indirectly, in one transaction or a
    series of related transactions, sell, lease, transfer or
    otherwise dispose of any of its assets to, or purchase any
    assets from, or enter into any contract, agreement,
    understanding, loan, advance or guarantee with, or
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    for the benefit of, any Affiliate (an &#147;Affiliate
    Transaction&#148;) involving aggregate payments or consideration
    in excess of US$2.5&#160;million, unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the terms of such Affiliate Transaction are no less
    favorable in all material respects to the Issuer or such
    Restricted Subsidiary, as the case may be, than those that would
    have been obtained in a comparable transaction at the time of
    such transaction in arm&#146;s length dealings with a Person who
    is not such an Affiliate;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the Issuer delivers to the Trustee, with respect to any
    Affiliate Transaction involving aggregate value in excess of
    US$25.0&#160;million, an Officers&#146; Certificate certifying
    that such Affiliate Transaction complies with clause&#160;(1)
    above and a Secretary&#146;s Certificate which sets forth and
    authenticates a resolution that has been adopted by the
    Independent Directors approving such Affiliate
    Transaction;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the Issuer delivers to the Trustee, with respect to any
    Affiliate Transaction (other than a transaction with AIMCO)
    involving aggregate value in excess of US$50.0&#160;million, an
    opinion as to the fairness to the Issuer or such Restricted
    Subsidiary of such Affiliate Transaction from a financial point
    of view or that the Affiliate Transaction complies with
    clause&#160;(1) above, in each case as determined by a Canadian
    or U.S.&#160;nationally recognized accounting, appraisal or
    investment banking firm.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The foregoing restrictions shall not apply to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;transactions exclusively between or among (a)&#160;the
    Issuer and one or more Restricted Subsidiaries or
    (b)&#160;Restricted Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;reasonable director, trustee, officer and employee
    compensation (including bonuses) and other benefits (including
    pursuant to any employment agreement or any retirement, health,
    stock option or other benefit plan), payments or loans (or
    cancellation of loans) to employees of the Issuer and
    indemnification arrangements, in each case, as determined in
    good faith by the Issuer&#146;s Board of Directors or senior
    management;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the entering into of a tax sharing agreement, or
    payments pursuant thereto, between the Issuer
    <FONT style="white-space: nowrap">and/or</FONT> one
    or more Subsidiaries, on the one hand, and any other Person with
    which the Issuer or such Subsidiaries are required or permitted
    to file a consolidated tax return or with which the Issuer or
    such Subsidiaries are part of a consolidated group for tax
    purposes to be used by such Person to pay taxes, and which
    payments by the Issuer and the Restricted Subsidiaries are not
    in excess of the tax liabilities that would have been payable by
    them on a stand-alone basis;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;any Permitted Investments (other than pursuant to
    clause&#160;(1) of the definition thereof);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;any Restricted Payments which are made in accordance
    with the covenant described under &#147;&#151;&#160;Limitation
    on Restricted Payments&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;any agreement in effect on the Issue Date or as
    thereafter amended or replaced in any manner that, taken as a
    whole, is not more disadvantageous to the Holders or the Issuer
    in any material respect than such agreement as it was in effect
    on the Issue Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;any transaction with a Person (other than an
    Unrestricted Subsidiary of the Issuer) which would constitute an
    Affiliate of the Issuer solely because the Issuer or a
    Restricted Subsidiary owns an equity interest in or otherwise
    controls such Person;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;(a)&#160;any transaction with an Affiliate where the
    only consideration paid by the Issuer or any Restricted
    Subsidiary is Qualified Equity Interests or (b)&#160;the
    issuance or sale of any Qualified Equity Interests and the
    granting of registration and other customary rights in
    connection therewith.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Liens</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer shall not, and shall not permit any Restricted
    Subsidiary to, directly or indirectly, create, incur, assume or
    permit or suffer to exist any Lien (other than Permitted Liens)
    upon any of their property or assets
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (including Equity Interests of any Restricted Subsidiary),
    whether owned at the Issue Date or thereafter acquired, which
    Lien secures Indebtedness or trade payables, unless
    contemporaneously with the incurrence of such Lien:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;in the case of any Lien securing an obligation that
    ranks <I>pari passu </I>with the Notes or a Guarantee, effective
    provision is made to secure the Notes or such Guarantee, as the
    case may be, at least equally and ratably with or prior to such
    obligation with a Lien on the same collateral;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;in the case of any Lien securing an obligation that is
    subordinated in right of payment to the Notes or a Guarantee,
    effective provision is made to secure the Notes or such
    Guarantee, as the case may be, with a Lien on the same
    collateral that is senior to the Lien securing such subordinated
    obligation,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    in each case, for so long as such obligation is secured by such
    Lien.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Asset Sales</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer will not, and will not permit any Restricted
    Subsidiary to, directly or indirectly, consummate any Asset Sale
    unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the Issuer or such Restricted Subsidiary, as the case
    may be, receives consideration at least equal to the Fair Market
    Value (such Fair Market Value to be determined on the date of
    contractually agreeing to such Asset Sale) of the shares and
    assets subject to such Asset Sale;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;at least 75.0% of the total consideration from such
    Asset Sale received by the Issuer or such Restricted Subsidiary,
    as the case may be, is in the form of cash or Cash Equivalents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of clause&#160;(2) above and for no other purpose,
    the following shall be deemed to be cash:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;the amount (without duplication) of any Indebtedness
    (other than Subordinated Indebtedness or intercompany
    Indebtedness) of the Issuer or such Restricted Subsidiary that
    is expressly assumed by the transferee of any such assets
    pursuant to a written novation agreement that releases the
    Issuer or such Restricted Subsidiary from further liability
    therefor,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;the amount of any securities, notes or other
    obligations received from such transferee that are within
    180&#160;days after such Asset Sale converted by the Issuer or
    such Restricted Subsidiary into cash (to the extent of the cash
    actually so received),
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;any Designated Non-cash Consideration received by the
    Issuer or any of its Restricted Subsidiaries in such Asset Sale
    having an aggregate Fair Market Value, taken together with all
    other Designated Non-cash Consideration received pursuant to
    this clause&#160;(c) that is at that time outstanding, not to
    exceed the greater of (i)&#160;US$75.0&#160;million or
    (ii)&#160;2.5% of the Issuer&#146;s Consolidated Tangible Assets
    at the time of receipt of such Designated Non-cash
    Consideration, with the Fair Market Value of each item of
    Designated Non-cash Consideration being measured at the time
    received and without giving effect to subsequent changes in
    value,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;the Fair Market Value of (i)&#160;any assets (other
    than securities) received by the Issuer or any Restricted
    Subsidiary to be used by it in a Permitted Business,
    (ii)&#160;Equity Interests in a Person that is a Restricted
    Subsidiary or in a Person engaged in a Permitted Business that
    shall become a Restricted Subsidiary immediately upon the
    acquisition of such Person by the Issuer or (iii)&#160;a
    combination of (i)&#160;and (ii).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If at any time any non-cash consideration received by the Issuer
    or any Restricted Subsidiary, as the case may be, in connection
    with any Asset Sale is repaid or converted into or sold or
    otherwise disposed of for cash (other than interest received
    with respect to any such non-cash consideration), then the date
    of such repayment, conversion or disposition shall be deemed to
    constitute the date of an Asset Sale hereunder and the Net
    Available Proceeds thereof shall be applied in accordance with
    this covenant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any Asset Sale pursuant to a condemnation, appropriation or
    other similar taking, including by deed in lieu of condemnation,
    or pursuant to the foreclosure or other enforcement of a
    Permitted Lien or exercise by the related lienholder of rights
    with respect thereto, including by deed or assignment in lieu of
    foreclosure shall not be required to satisfy the conditions set
    forth in clauses&#160;(1) and (2)&#160;of the first paragraph of
    this covenant.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, the 75.0% limitation referred to
    above shall be deemed satisfied with respect to any Asset Sale
    in which the cash or Cash Equivalents portion of the
    consideration received therefrom, determined in accordance with
    the foregoing provision on an after-tax basis, is equal to or
    greater than what the after-tax proceeds would have been had
    such Asset Sale complied with the aforementioned 75.0%
    limitation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Issuer or any Restricted Subsidiary engages in an Asset
    Sale, the Issuer or such Restricted Subsidiary shall, no later
    than 365&#160;days following the consummation thereof, apply all
    or any of the Net Available Proceeds therefrom to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;permanently reduce (and permanently reduce commitments
    with respect thereto): (x)&#160;obligations under the Credit
    Agreement
    <FONT style="white-space: nowrap">and/or</FONT>
    (y)&#160;Indebtedness of the Issuer or a Restricted Subsidiary
    that is secured by a Lien (in each case other than any
    Disqualified Equity Interests or Subordinated Indebtedness, and
    other than Indebtedness owed to the Issuer or an Affiliate of
    the Issuer);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;permanently reduce obligations under other Indebtedness
    of the Issuer or a Restricted Subsidiary (in each case other
    than any Disqualified Equity Interests or Subordinated
    Indebtedness, and other than Indebtedness owed to the Issuer or
    an Affiliate of the Issuer); <I>provided </I>that the Issuer
    shall equally and ratably reduce obligations under the Notes as
    provided under &#147;&#151;&#160;Optional Redemption,&#148;
    through open market purchases (to the extent such purchases are
    at or above 100% of the principal amount thereof) or by making
    an offer (in accordance with the procedures set forth below for
    a Net Proceeds Offer) to all Holders to purchase their Notes at
    100% of the principal amount thereof, plus the amount of accrued
    but unpaid interest, if any, on the amount of Notes that would
    otherwise be prepaid;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;(A)&#160;make any capital expenditure or otherwise
    invest all or any part of the Net Available Proceeds thereof in
    the purchase of assets (other than securities and excluding
    working capital or current assets for the avoidance of doubt) to
    be used by the Issuer or any Restricted Subsidiary in a
    Permitted Business, (B)&#160;acquire Qualified Equity Interests
    held by a Person other than the Issuer or any of its Restricted
    Subsidiaries in a Person that is a Restricted Subsidiary or in a
    Person engaged in a Permitted Business that shall become a
    Restricted Subsidiary immediately upon the consummation of such
    acquisition or (C)&#160;a combination of (A)&#160;and (B).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The amount of Net Available Proceeds not applied or invested as
    provided in clauses&#160;(1) through (3)&#160;of the preceding
    paragraph will constitute &#147;Excess Proceeds.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On the 366th&#160;day after an Asset Sale (or, at the
    Issuer&#146;s option, an earlier date), if the aggregate amount
    of Excess Proceeds equals or exceeds US$50.0&#160;million, the
    Issuer will be required to make an offer to purchase or redeem
    (a &#147;Net Proceeds Offer&#148;) from all Holders and, to the
    extent required by the terms of other Pari Passu Indebtedness of
    the Issuer, to all holders of other Pari Passu Indebtedness
    outstanding with similar provisions requiring the Issuer to make
    an offer to purchase or redeem such Pari Passu Indebtedness with
    the proceeds from any Asset Sale, to purchase or redeem the
    maximum principal amount of Notes and any such Pari Passu
    Indebtedness to which the Net Proceeds Offer applies that may be
    purchased or redeemed out of the Excess Proceeds, at an offer
    price in cash in an amount equal to 100% of the principal amount
    of Notes and Pari Passu Indebtedness plus accrued and unpaid
    interest thereon, if any, to the date of purchase, in accordance
    with the procedures set forth in the Indenture or the agreements
    governing the Pari Passu Indebtedness, as applicable, in each
    case in denominations of US$2,000 or integral multiples of
    US$1,000 in excess thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the extent that the sum of the aggregate principal amount of
    Notes and Pari Passu Indebtedness so validly tendered pursuant
    to a Net Proceeds Offer is less than the Excess Proceeds, the
    Issuer may use any remaining Excess Proceeds, or a portion
    thereof, for any purposes not otherwise prohibited by the
    provisions of the Indenture. If the aggregate principal amount
    of Notes and Pari Passu Indebtedness so validly tendered
    pursuant to a Net Proceeds Offer exceeds the amount of Excess
    Proceeds, the Issuer shall select the Notes and Pari Passu
    Indebtedness to be purchased on a pro rata basis on the basis of
    the aggregate outstanding principal amount of Notes and Pari
    Passu Indebtedness. Upon completion of such Net Proceeds Offer
    in accordance with the foregoing provisions, the amount of
    Excess Proceeds with respect to which such Net Proceeds Offer
    was made shall be deemed to be zero.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Net Proceeds Offer will remain open for a period of 20
    Business Days following its commencement, except to the extent
    that a longer period is required by applicable law (the
    &#147;Net Proceeds Offer Period&#148;). No later than five
    Business Days after the termination of the Net Proceeds Offer
    Period (the &#147;Net Proceeds Purchase Date&#148;),
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the Issuer will purchase the principal amount of Notes and Pari
    Passu Indebtedness required to be purchased pursuant to this
    covenant (the &#147;Net Proceeds Offer Amount&#148;) or, if less
    than the Net Proceeds Offer Amount has been so validly tendered,
    all Notes and Pari Passu Indebtedness validly tendered in
    response to the Net Proceeds Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Net Proceeds Purchase Date is on or after an interest
    record date and on or before the related interest payment date,
    any accrued and unpaid interest will be paid to the Person in
    whose name a Note is registered at the close of business on such
    record date, and no additional interest will be payable to
    Holders who tender Notes pursuant to the Net Proceeds Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pending the final application of any Net Available Proceeds
    pursuant to this covenant, the holder of such Net Available
    Proceeds may apply such Net Available Proceeds temporarily to
    reduce Indebtedness outstanding under a revolving Credit
    Facility or otherwise invest such Net Available Proceeds in any
    manner not prohibited by the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On or before the Net Proceeds Purchase Date, the Issuer will, to
    the extent lawful, accept for payment, on a pro rata basis to
    the extent necessary, the Net Proceeds Offer Amount of Notes and
    Pari Passu Indebtedness or portions of Notes and Pari Passu
    Indebtedness so validly tendered and not properly withdrawn
    pursuant to the Net Proceeds Offer, or if less than the Net
    Proceeds Offer Amount has been validly tendered and not properly
    withdrawn, all Notes and Pari Passu Indebtedness so validly
    tendered and not properly withdrawn, in each case in
    denominations of US$2,000 and integral multiples of US$1,000 in
    excess thereof. The Issuer will deliver to the Trustee an
    Officers&#146; Certificate stating that such Notes or portions
    thereof were accepted for payment by the Issuer in accordance
    with the terms of this covenant and, in addition, the Issuer
    will deliver all certificates and notes required, if any, by the
    agreements governing the Pari Passu Indebtedness. The Issuer or
    the Paying Agent, as the case may be, will promptly (but in any
    case not later than five Business Days after termination of the
    Net Proceeds Offer Period) mail or deliver to each tendering
    Holder and the Issuer will mail or deliver to each tendering
    holder or lender of Pari Passu Indebtedness, as the case may be,
    an amount equal to the purchase price of the Notes or Pari Passu
    Indebtedness so validly tendered and not properly withdrawn by
    such holder or lender, as the case may be, and accepted by the
    Issuer for purchase, and the Issuer will promptly issue a new
    Note, and the U.S.&#160;Trustee, upon delivery of an
    Officers&#146; Certificate from the Issuer, will authenticate
    and mail or deliver such new Note to such Holder, in a principal
    amount equal to any unpurchased portion of the Note surrendered;
    <I>provided </I>that each such new Note will be in a principal
    amount of US$2,000 or an integral multiple of US$1,000 in excess
    thereof. In addition, the Issuer will take any and all other
    actions required by the agreements governing the Pari Passu
    Indebtedness. Any Note not so accepted will be promptly mailed
    or delivered by the Issuer to the Holder thereof. The Issuer
    will publicly announce the results of the Net Proceeds Offer on
    the Net Proceeds Purchase Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, the sale, conveyance or other
    disposition of all or substantially all of the assets of the
    Issuer and its Restricted Subsidiaries, taken as a whole, will
    be governed by the provisions of the Indenture described under
    the caption &#147;&#151;&#160;Change of Control&#148;
    <FONT style="white-space: nowrap">and/or</FONT> the
    provisions described under the caption
    &#147;&#151;&#160;Limitation on Mergers, Consolidations,
    Etc.&#148; and not by the provisions of the Asset Sale covenant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer will comply with all applicable securities laws and
    regulations in Canada and the United States, including, without
    limitation, the requirements of
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    under the Exchange Act and any other applicable laws and
    regulations in connection with the purchase of Notes pursuant to
    a Net Proceeds Offer. To the extent that the provisions of any
    applicable securities laws or regulations conflict with the
    &#147;Limitation on Asset Sales&#148; provisions of the
    Indenture, the Issuer shall comply with the applicable
    securities laws and regulations and will not be deemed to have
    breached its obligations under the &#147;Limitation on Asset
    Sales&#148; provisions of the Indenture by virtue of such
    compliance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Credit Facilities may limit, and future credit agreements or
    other agreements relating to Indebtedness to which the Issuer
    (or one of its Affiliates) becomes a party may prohibit or
    limit, the Issuer from purchasing any Notes pursuant to this
    covenant. In the event the Issuer is contractually prohibited
    from purchasing the Notes, the Issuer could seek the consent of
    its lenders to the purchase of the Notes or could attempt to
    refinance the borrowings that contain such prohibition. If the
    Issuer does not obtain such consent or repay such borrowings, it
    will remain contractually prohibited from purchasing the Notes.
    In such case, the Issuer&#146;s failure to purchase tendered
    Notes would constitute a Default under the Indenture.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Designation of Unrestricted Subsidiaries</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Directors of the Issuer may designate any
    Subsidiary (including any newly formed or newly acquired
    Subsidiary or a Person becoming a Subsidiary through merger or
    consolidation or Investment therein) of the Issuer as an
    &#147;Unrestricted Subsidiary&#148; under the Indenture (a
    &#147;Designation&#148;) only if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;no Default shall have occurred and be continuing at the
    time of or after giving effect to such Designation;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the Issuer would be permitted to make, at the time of
    such Designation, (a)&#160;a Permitted Investment or (b)&#160;an
    Investment pursuant to the first paragraph of
    &#147;&#151;&#160;Limitation on Restricted Payments&#148; above,
    in either case, in an amount (the &#147;Designation
    Amount&#148;) equal to the Fair Market Value of the
    Issuer&#146;s proportionate interest in such Subsidiary on such
    date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No Subsidiary shall be Designated as an &#147;Unrestricted
    Subsidiary&#148; unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;all of the Indebtedness of such Subsidiary and its
    Subsidiaries shall, at the date of Designation, consist of
    Non-Recourse Debt, except for any guarantee given solely to
    support the pledge by the Issuer or any Restricted Subsidiary of
    the Equity Interests of such Unrestricted Subsidiary, which
    guarantee is not recourse to the Issuer or any Restricted
    Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;on the date such Subsidiary is Designated an
    Unrestricted Subsidiary, such Subsidiary is not party to any
    agreement, contract, arrangement or understanding with the
    Issuer or any Restricted Subsidiary unless the terms of the
    agreement, contract, arrangement or understanding are no less
    favorable in any material respect to the Issuer or the
    Restricted Subsidiary than those that would be obtained at the
    time from Persons who are not Affiliates of the Issuer;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;such Subsidiary is a Person with respect to which
    neither the Issuer nor any of its Restricted Subsidiaries has
    any direct or indirect obligation (a)&#160;to subscribe for
    additional Equity Interests of such Person or (b)&#160;to
    maintain or preserve the Person&#146;s financial condition or to
    cause the Person to achieve any specified levels of operating
    results;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;such Subsidiary has not guaranteed or otherwise
    directly or indirectly provided credit support for any
    Indebtedness of the Issuer or any Restricted Subsidiary, except
    for any guarantee given solely to support the pledge by the
    Issuer or any Restricted Subsidiary of the Equity Interests of
    such Unrestricted Subsidiary, which guarantee is not recourse to
    the Issuer or any Restricted Subsidiary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any such Designation by the Board of Directors of the Issuer
    shall be evidenced to the Trustee by filing with the Trustee a
    resolution of the Board of Directors of the Issuer giving effect
    to such Designation and an Officers&#146; Certificate certifying
    that such Designation complies with the foregoing conditions.
    If, at any time, any Unrestricted Subsidiary fails to meet the
    preceding requirements as an Unrestricted Subsidiary, it shall
    thereafter cease to be an Unrestricted Subsidiary for purposes
    of the Indenture and any Indebtedness of the Subsidiary and any
    Liens on assets of such Subsidiary shall be deemed to be
    incurred by a Restricted Subsidiary at such time and, if the
    Indebtedness is not permitted to be incurred under the covenant
    described under &#147;&#151;&#160;Limitation on Additional
    Indebtedness&#148; or the Lien is not permitted under the
    covenant described under &#147;&#151;&#160;Limitation on
    Liens,&#148; the Issuer shall be in default of the applicable
    covenant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Directors of the Issuer may redesignate an
    Unrestricted Subsidiary as a Restricted Subsidiary (a
    &#147;Redesignation&#148;) only if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;no Default shall have occurred and be continuing at the
    time of and after giving effect to such Redesignation;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;all Liens, Indebtedness and Investments of such
    Unrestricted Subsidiary outstanding immediately following such
    Redesignation would, if incurred or made at such time, have been
    permitted to be incurred or made for all purposes of the
    Indenture.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any such Redesignation shall be evidenced to the Trustee by
    filing with the Trustee a resolution of the Board of Directors
    of the Issuer giving effect to such designation and an
    Officers&#146; Certificate certifying that such Redesignation
    complies with the foregoing conditions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Mergers, Consolidations, Etc.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer will not, directly or indirectly, in a single
    transaction or a series of related transactions, consolidate,
    amalgamate or merge with or into or wind up or dissolve into
    another Person (whether or not the Issuer is the surviving
    Person), or sell, lease, transfer, convey or otherwise dispose
    of or assign all or substantially all of the assets of the
    Issuer and its Restricted Subsidiaries (taken as a whole) unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;the Issuer will be the surviving or continuing
    Person;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;the Person (if other than the Issuer) formed by or
    surviving or continuing from such consolidation, merger,
    amalgamation, winding up or dissolution or to which such sale,
    lease, transfer, conveyance or other disposition or assignment
    shall be made (collectively, the &#147;Successor&#148;) is a
    corporation, limited liability company or limited partnership
    organized and existing under the laws of Canada or any province
    thereof or the United States of America or of any State of the
    United States of America or the District of Columbia, and the
    Successor expressly assumes, by agreements in form and substance
    reasonably satisfactory to the U.S.&#160;Trustee, all of the
    obligations of the Issuer under the Notes and the Indenture and
    expressly assumes all of the obligations of the Issuer under the
    Registration Rights Agreement; <I>provided, </I>that if the
    Successor is not a corporation, a Restricted Subsidiary that is
    a corporation expressly assumes as co-obligor all of the
    obligations of the Issuer under the Indenture and the Notes
    pursuant to a supplemental indenture to the Indenture executed
    and delivered to the Trustee;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;immediately after giving effect to such transaction and
    the assumption of the obligations as set forth in clause (1)(b)
    above and the incurrence of any Indebtedness to be incurred in
    connection therewith, and the use of any net proceeds therefrom
    on a pro forma basis, no Default shall have occurred and be
    continuing;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;immediately after giving pro forma effect to such
    transaction and the assumption of the obligations as set forth
    in clause (1)(b) above and the incurrence of any Indebtedness to
    be incurred in connection therewith, and the use of any net
    proceeds therefrom on a pro forma basis, (i)&#160;the Issuer or
    its Successor, as the case may be, could incur US$1.00 of
    additional Indebtedness pursuant to the Coverage Ratio Exception
    or (ii)&#160;the Consolidated Interest Coverage Ratio for the
    Issuer or its Successor, as the case may be, and its Restricted
    Subsidiaries would be greater than or equal to such Consolidated
    Interest Coverage Ratio prior to such transaction;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the Issuer shall have delivered to the Trustee an
    Officers&#146; Certificate and an Opinion of Counsel, each
    stating that such merger, amalgamation, consolidation or
    transfer and such agreement
    <FONT style="white-space: nowrap">and/or</FONT>
    supplemental indenture (if any) comply with the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of this covenant, any Indebtedness of the Successor
    which was not Indebtedness of the Issuer immediately prior to
    the transaction shall be deemed to have been incurred in
    connection with such transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to certain limitations governing releases of Guarantors
    described in the sixth paragraph under the caption
    &#147;&#151;&#160;Guarantees,&#148; no Guarantor will, and the
    Issuer will not permit any Guarantor to, directly or indirectly,
    in a single transaction or a series of related transactions,
    consolidate, amalgamate or merge with or into or wind up or
    dissolve into another Person (whether or not the Guarantor is
    the surviving Person), or sell, lease, transfer, convey or
    otherwise dispose of or assign all or substantially all of its
    assets to any Person unless either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;(a) (i)&#160;such Guarantor will be the surviving or
    continuing Person; or (ii)&#160;the Person (if other than such
    Guarantor) formed by or surviving any such consolidation,
    merger, amalgamation,
    <FONT style="white-space: nowrap">winding-up</FONT>
    or dissolution is another Guarantor or assumes, by agreements in
    form and substance reasonably satisfactory to the
    U.S.&#160;Trustee, all of the obligations of such Guarantor
    under the Guarantee of such Guarantor and the Indenture and
    assumes all of the obligations of such Guarantor under the
    Registration Rights Agreement;
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;immediately after giving effect to such transaction, no
    Default shall have occurred and be continuing;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;the Issuer shall have delivered to the Trustee an
    Officers&#146; Certificate and an Opinion of Counsel, each
    stating that such merger, amalgamation, consolidation or
    transfer and such agreements
    <FONT style="white-space: nowrap">and/or</FONT>
    supplemental indenture (if any) comply with the
    Indenture;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the transaction is made in compliance with the covenant
    described under &#147;&#151;&#160;Limitation on Asset
    Sales.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of the foregoing, the transfer (by lease,
    assignment, sale or otherwise, in a single transaction or series
    of transactions) of all or substantially all of the properties
    or assets of one or more Restricted Subsidiaries of the Issuer,
    the Equity Interests of which constitute all or substantially
    all of the properties and assets of the Issuer, will be deemed
    to be the transfer of all or substantially all of the properties
    and assets of the Issuer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon any consolidation, amalgamation or merger of the Issuer or
    a Guarantor, or any transfer of all or substantially all of the
    assets of the Issuer in accordance with the foregoing, in which
    the Issuer or such Guarantor is not the continuing obligor under
    the Notes or its Guarantee, as applicable, the surviving entity
    formed by such consolidation or amalgamation or into which the
    Issuer or such Guarantor is merged or the Person to which the
    sale, conveyance, lease, transfer, disposition or assignment is
    made will succeed to, and be substituted for, and may exercise
    every right and power of, the Issuer or such Guarantor under the
    Indenture, the Notes and the Guarantees with the same effect as
    if such surviving entity had been named therein as the Issuer or
    such Guarantor and, except in the case of a lease, the Issuer or
    such Guarantor, as the case may be, will be released from the
    obligation to pay the principal of and interest on the Notes or
    in respect of its Guarantee, as the case may be, and all of the
    Issuer&#146;s or such Guarantor&#146;s other obligations and
    covenants under the Notes, the Indenture and its Guarantee, if
    applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, (i)&#160;any Restricted
    Subsidiary may consolidate, merge or amalgamate with or into or
    convey, transfer or lease, in one transaction or a series of
    transactions, all or substantially all of its assets to the
    Issuer or another Restricted Subsidiary and (ii)&#160;any
    Guarantor may consolidate, merge or amalgamate with or into or
    convey, transfer or lease, in one transaction or a series of
    transactions, all or part of its properties and assets to the
    Issuer or another Guarantor or merge with a Restricted
    Subsidiary of the Issuer solely for the purpose of
    reincorporating the Guarantor in Canada or a province thereof, a
    State of the United States or the District of Columbia, as long
    as the amount of Indebtedness of the Issuer or such Guarantor
    and its Restricted Subsidiaries is not increased thereby.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Additional
    Guarantees</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any Restricted Subsidiary of the Issuer shall guarantee any
    Indebtedness of the Issuer or any Guarantor under a Credit
    Facility or under debt securities issued in the capital markets
    except for any such Subsidiary if the Fair Market Value of the
    assets of such Subsidiary together with the Fair Market Value of
    the assets of any other Subsidiaries that guaranteed such
    Indebtedness of the Issuer or any Guarantor but did not
    guarantee the Notes, does not exceed US$20.0&#160;million in the
    aggregate, then the Issuer shall cause such Restricted
    Subsidiary to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;execute and deliver to the Trustee a supplemental
    indenture in form and substance satisfactory to the
    U.S.&#160;Trustee pursuant to which such Restricted Subsidiary
    shall unconditionally guarantee, on a joint and several basis,
    the full and prompt payment of the principal of, premium, if
    any, and interest (including Additional Interest, if any) in
    respect of the Notes on a senior basis and all other obligations
    of the Issuer under the Indenture;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;deliver to the Trustee one or more Opinions of Counsel
    that such supplemental indenture (a)&#160;has been duly
    authorized, executed and delivered by such Restricted Subsidiary
    and (b)&#160;constitutes a valid and legally binding obligation
    of such Restricted Subsidiary in accordance with its terms.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Conduct
    of Business</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer will engage, and will cause its Restricted
    Subsidiaries to engage, only in businesses that, when considered
    together as a single enterprise, are primarily the Permitted
    Business.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Reports</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Whether or not required by the SEC, so long as any Notes are
    outstanding, the Issuer will furnish to the Trustee and the
    Holders of Notes, or, to the extent permitted by the SEC, file
    electronically with the SEC through the SEC&#146;s Electronic
    Data Gathering, Analysis and Retrieval System (or any successor
    system) within the time periods specified in the SEC&#146;s
    rules and regulations applicable to a foreign private issuer
    subject to the Multijurisdictional Disclosure System:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;all annual financial information that would be required
    to be contained in a filing with the SEC on
    <FONT style="white-space: nowrap">Forms&#160;40-F</FONT>
    or 20-F (or any successor form), as applicable, containing the
    information required therein (or required in such successor
    form) including a report on the annual financial statements by
    the Issuer&#146;s certified independent accountants and a
    reconciliation of the Issuer&#146;s financial statements to
    U.S.&#160;generally accepted accounting principles (provided
    that such reconciliation shall not be required if such financial
    statements are prepared in accordance with IFRS) as if the
    Issuer was required to file such forms and was a reporting
    issuer under the securities laws of the Province of Alberta or
    Ontario;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;for the first three quarters of each year, all
    quarterly financial information that the Issuer would be
    required to file with or furnish to the SEC on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    (or any successor form), if the Issuer were required to file or
    furnish, as applicable, such forms and as if the Issuer was a
    reporting issuer under the securities laws of the Province of
    Alberta or Ontario,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    in each case including a &#147;Management&#146;s Discussion and
    Analysis of Financial Condition and Results of
    Operations&#148;;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;all current reports that would otherwise be required to
    be filed or furnished by the Issuer with the SEC on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    if the Issuer were required to file or furnish, as applicable,
    such form as if the Issuer and was a reporting issuer under the
    securities laws of the Province of Alberta or Ontario.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Issuer has designated any of its Subsidiaries as
    Unrestricted Subsidiaries, then the quarterly and annual
    financial information required by the preceding paragraph will
    include a reasonably detailed presentation, either on the face
    of the financial statements or in the footnotes thereto, and in
    Management&#146;s Discussion and Analysis of Financial Condition
    and Results of Operations, of the financial condition and
    results of operations of the Issuer and its Restricted
    Subsidiaries excluding the Unrestricted Subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, whether or not required by the SEC, the Issuer will
    file a copy of all of the information and reports referred to in
    clauses&#160;(1) and (2)&#160;above with the SEC for public
    availability within the time periods specified in the SEC&#146;s
    rules and regulations applicable to such reports applicable to a
    foreign private issuer subject to the Multijurisdictional
    Disclosure System (unless the SEC will not accept the filing)
    and make the information available to securities analysts and
    prospective investors upon request. If, notwithstanding the
    foregoing, the SEC will not accept the Issuer&#146;s filings for
    any reason, the Issuer will post the reports referred to in
    clauses&#160;(1) and (2)&#160;above on its website within the
    time periods that would apply if the Issuer were required to
    file those reports with the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer and the Guarantors have agreed that, for so long as
    any Notes remain outstanding, the Issuer will furnish to the
    Holders and to securities analysts and prospective investors,
    upon their request, the information required to be delivered
    pursuant to Rule&#160;144A(d)(4) under the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding anything to the contrary contained herein, the
    Issuer will be deemed to have complied with its obligations in
    the preceding two paragraphs following the filing of the
    Exchange Offer Registration Statement and prior to the
    effectiveness thereof if the Exchange Offer Registration
    Statement includes the information specified in clause&#160;(1)
    above at the times it would otherwise be required to file such
    Forms.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Events of
    Default</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each of the following is an &#147;Event of Default&#148;:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;failure to pay interest on, or Additional Interest with
    respect to, any of the Notes when the same becomes due and
    payable and the continuance of any such failure for 30&#160;days;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;failure to pay principal of or premium, if any, on any
    of the Notes when it becomes due and payable, whether at Stated
    Maturity, upon redemption, upon purchase, upon acceleration or
    otherwise;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;failure by the Issuer or any of its Restricted
    Subsidiaries to comply with any of their respective agreements
    or covenants described above under &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Limitation on Mergers, Consolidations,
    Etc.,&#148; or failure by the Issuer to comply in respect of its
    obligations to make a Change of Control Offer as described under
    &#147;&#151;&#160;Change of Control&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;(a)&#160;except with respect to the covenant described
    under the heading &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Reports,&#148; failure by the Issuer or
    any Restricted Subsidiary to comply with any other agreement or
    covenant in the Indenture and continuance of this failure for
    60&#160;days after notice of the failure has been given to the
    Issuer by the U.S.&#160;Trustee or to the Issuer and the Trustee
    by the Holders of at least 25.0% of the aggregate principal
    amount of the Notes then outstanding, or (b)&#160;failure by the
    Issuer for 120&#160;days after notice of the failure has been
    given to the Issuer by the U.S.&#160;Trustee or by the Holders
    of at least 25.0% of the aggregate principal amount of the Notes
    then outstanding to comply with the covenant described under the
    heading &#147;&#151;&#160;Certain Covenants&#160;&#151;
    Reports&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;default by the Issuer or any Significant Subsidiary
    under any mortgage, indenture or other instrument or agreement
    under which there may be issued or by which there may be secured
    or evidenced Indebtedness for borrowed money by the Issuer or
    any Restricted Subsidiary, whether such Indebtedness now exists
    or is incurred after the Issue Date, which default:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;is caused by a failure to pay at its Stated Maturity
    principal on such Indebtedness within the applicable express
    grace period and any extensions thereof,&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;results in the acceleration of such Indebtedness prior
    to its Stated Maturity (which acceleration is not rescinded,
    annulled or otherwise cured within 30&#160;days of receipt by
    the Issuer or such Restricted Subsidiary of notice of any such
    acceleration),
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    and, in each case, the principal amount of such Indebtedness,
    together with the principal amount of any other Indebtedness
    with respect to which an event described in clause&#160;(a) or
    (b)&#160;has occurred and is continuing, aggregates
    US$50.0&#160;million or more;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;one or more judgments (to the extent not covered by
    insurance) for the payment of money in an aggregate amount in
    excess of US$50.0&#160;million shall be rendered against the
    Issuer, any of its Significant Subsidiaries or any combination
    thereof and the same shall remain undischarged for a period of
    60 consecutive days during which execution shall not be
    effectively stayed;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;certain events of bankruptcy affecting the Issuer or
    any Significant Subsidiary of the Issuer or group of Restricted
    Subsidiaries of the Issuer that, taken together (as of the
    latest audited consolidated financial statements for the Issuer
    and its Restricted Subsidiaries), would constitute a Significant
    Subsidiary;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;any Guarantee ceases to be in full force and effect
    (other than in accordance with the terms of such Guarantee and
    the Indenture) or is declared null and void and unenforceable or
    found to be invalid or any Guarantor denies its liability under
    the Guarantee of such Guarantor (other than by reason of release
    of such Guarantor from its Guarantee in accordance with the
    terms of the Indenture and the Guarantee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If an Event of Default (other than an Event of Default specified
    in clause&#160;(7) above), shall have occurred and be continuing
    under the Indenture, the U.S.&#160;Trustee, by written notice to
    the Issuer, or the Holders of at least 25.0% in aggregate
    principal amount of the Notes then outstanding by written notice
    to the Issuer and the U.S.&#160;Trustee, may declare (an
    &#147;acceleration declaration&#148;) all amounts owing under
    the Notes to be due and payable. Upon such acceleration
    declaration, the aggregate principal of and accrued and unpaid
    interest on the outstanding Notes shall
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    become due and payable immediately; <I>provided, however</I>,
    that after such acceleration, but before a judgment or decree
    based on acceleration, the Holders of a majority in aggregate
    principal amount of such outstanding Notes may, under certain
    circumstances, rescind and annul such acceleration if all Events
    of Default, other than the nonpayment of accelerated principal
    and interest, have been cured or waived as provided in the
    Indenture. If an Event of Default specified in clause&#160;(7)
    occurs, all outstanding Notes shall become due and payable
    without any further action or notice to the extent permitted by
    applicable law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders of the Notes may not enforce the Indenture or the Notes
    except as provided in the Indenture. Subject to certain
    limitations, Holders of a majority in principal amount of the
    then outstanding Notes may direct the Trustee in its exercise of
    any trust or power. The Trustee may withhold from Holders of the
    Notes notice of any Default or Event of Default (except an Event
    of Default relating to the payment of principal or interest or
    Additional Interest) if it determines that withholding notice is
    in their interest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Holders of a majority in principal amount of the then
    outstanding Notes will have the right to direct the time, method
    and place of conducting any proceeding for exercising any remedy
    available to the Trustee. However, the Trustee may refuse to
    follow any direction that conflicts with law or the Indenture,
    that may involve the Trustee in personal liability, or that the
    Trustee determines in good faith may be unduly prejudicial to
    the rights of Holders of Notes not joining in the giving of such
    direction and may take any other action it deems proper that is
    not inconsistent with any such direction received from Holders
    of Notes. A Holder may not pursue any remedy with respect to the
    Indenture or the Notes unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the Holder gives the Trustee written notice of a
    continuing Event of Default;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the Holder or Holders of at least 25.0% in aggregate
    principal amount of outstanding Notes make a written request to
    the Trustee to pursue the remedy;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;such Holder or Holders offer the Trustee indemnity
    satisfactory to the Trustee against any costs, liability or
    expense;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the Trustee does not comply with the request within
    60&#160;days after receipt of the request and the offer of
    indemnity;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;during such
    <FONT style="white-space: nowrap">60-day</FONT>
    period, the Holders of a majority in aggregate principal amount
    of the outstanding Notes do not give the Trustee a direction
    that is inconsistent with the request.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    However, such limitations do not apply to the right of any
    Holder of a Note to receive payment of the principal of, premium
    or Additional Interest, if any, or interest on, such Note or to
    bring suit for the enforcement of any such payment, on or after
    the due date expressed in the Notes, which right will not be
    impaired or affected without the consent of the Holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Holders of a majority in aggregate principal amount of the
    Notes then outstanding by written notice to the Trustee may, on
    behalf of the Holders of all of the Notes, rescind an
    acceleration or waive any existing Default or Event of Default
    and its consequences under the Indenture except a continuing
    Default or Event of Default in the payment of interest or
    premium or Additional Interest on, or the principal of, the
    Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer is required to deliver to the Trustee annually a
    statement regarding compliance with the Indenture and, upon any
    Officer of the Issuer becoming aware of any Default, a statement
    specifying such Default and what action the Issuer is taking or
    proposes to take with respect thereto. The Issuer will also be
    obligated to notify the Trustee of any default or defaults in
    the performance of any covenants or agreements under the
    Indenture.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Legal
    Defeasance and Covenant Defeasance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer may, at its option and at any time, elect to have its
    obligations discharged with respect to the outstanding Notes and
    all obligations of any Guarantors discharged with respect to
    their Guarantees (&#147;Legal Defeasance&#148;). Legal
    Defeasance means that the Issuer and the Guarantors shall be
    deemed to have paid and
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    discharged the entire obligations represented by the Notes and
    the Guarantees, and the Indenture shall cease to be of further
    effect as to all outstanding Notes and Guarantees, except as to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;rights of Holders of outstanding Notes to receive
    payments in respect of the principal of and interest and
    Additional Interest, if any, on such Notes when such payments
    are due from the trust funds referred to below,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the Issuer&#146;s obligations with respect to the Notes
    concerning issuing temporary Notes, registration of Notes,
    mutilated, destroyed, lost or stolen Notes, and the maintenance
    of an office or agency for payment and money for security
    payments held in trust,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the rights, powers, trust, duties, and immunities of
    the Trustee, and the obligations of the Issuer and the
    Guarantors in connection therewith,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the Legal Defeasance provisions of the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Issuer may, at its option and at any time,
    elect to have its obligations and the obligations of the
    Guarantors released with respect to the provisions of the
    Indenture described above under &#147;&#151;&#160;Change of
    Control&#148; and under &#147;&#151;&#160;Covenants&#148; (other
    than the covenant described under
    &#147;&#151;&#160;Covenants&#160;&#151; Limitation on Mergers,
    Consolidations, Etc.,&#148; except to the extent described
    below) and the limitation imposed by clause&#160;(3) under
    &#147;&#151;&#160;Covenants&#160;&#151; Limitation on Mergers,
    Consolidations, Etc.&#148; (such release and termination being
    referred to as &#147;Covenant Defeasance&#148;), and thereafter
    any omission to comply with such obligations or provisions will
    not constitute a Default or Event of Default. Covenant
    Defeasance will not be effective until the date 92&#160;days
    after the date of deposit of funds provided for in
    clause&#160;(1) of the paragraph below, and then only if no
    bankruptcy, receivership, rehabilitation and insolvency event
    has occurred and is continuing. In the event Covenant Defeasance
    occurs in accordance with the Indenture, the Events of Default
    described under clauses&#160;(3) through (8)&#160;under the
    caption &#147;&#151;&#160;Events of Default&#148; will no longer
    constitute an Event of Default. The Issuer may exercise its
    Legal Defeasance option regardless of whether it previously
    exercised Covenant Defeasance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order to exercise either Legal Defeasance or Covenant
    Defeasance:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the Issuer must irrevocably deposit with the
    U.S.&#160;Trustee, as trust funds, in trust solely for the
    benefit of the Holders, U.S.&#160;legal tender,
    U.S.&#160;Government Obligations or a combination thereof, in
    such amounts as will be sufficient (without consideration of any
    reinvestment of interest) in the opinion of a nationally
    recognized investment bank, appraisal firm or firm of
    independent public accountants selected by the Issuer delivered
    to the Trustee, to pay the principal of and interest and
    Additional Interest, if any, on the outstanding Notes on the
    stated date for payment thereof or on the applicable redemption
    date, as the case may be,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;in the case of Legal Defeasance, the Issuer shall have
    delivered to the Trustee an Opinion of Counsel in the United
    States reasonably acceptable to the U.S.&#160;Trustee confirming
    that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;the Issuer has received from, or there has been
    published by the Internal Revenue Service, a ruling,&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;since the date of the Indenture, there has been a
    change in the applicable U.S.&#160;federal income tax law,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    in either case to the effect that, and based thereon this
    Opinion of Counsel shall confirm that, the Holders of the
    outstanding Notes will not recognize income, gain or loss for
    U.S.&#160;federal income tax purposes as a result of the Legal
    Defeasance and will be subject to U.S.&#160;federal income tax
    on the same amounts, in the same manner and at the same times as
    would have been the case if such Legal Defeasance had not
    occurred,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;in the case of Covenant Defeasance, the Issuer shall
    have delivered to the Trustee an Opinion of Counsel in the
    United States reasonably acceptable to the U.S.&#160;Trustee
    confirming that the Holders of the outstanding Notes will not
    recognize income, gain or loss for U.S.&#160;federal income tax
    purposes as a result of the Covenant Defeasance and will be
    subject to U.S.&#160;federal income tax on the same amounts, in
    the same manner and at the same times as would have been the
    case if the Covenant Defeasance had not occurred,
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;in the case of Legal Defeasance or Covenant Defeasance,
    the Issuer shall have delivered to the Trustee an Opinion of
    Counsel reasonably acceptable to the U.S.&#160;Trustee and
    qualified to practice in Canada or a ruling from Canada Revenue
    Agency to the effect that Holders of the outstanding Notes who
    are not resident in Canada will not recognize income, gain or
    loss for Canadian federal, provincial or territorial income tax
    purposes as a result of the Legal Defeasance or Covenant
    Defeasance, as applicable, and will be subject to Canadian
    federal, provincial or territorial income tax on the same
    amounts, in the same manner and at the same times as would have
    been the case if the Legal Defeasance or Covenant Defeasance, as
    applicable, had not occurred,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;no Default shall have occurred and be continuing,
    either (a)&#160;on the date of such deposit (other than a
    Default resulting from the borrowing of funds to be applied to
    such deposit and the grant of any Lien securing such borrowings)
    or (b)&#160;insofar as Defaults from bankruptcy or insolvency
    events are concerned, at any time in the period ending on the
    91st&#160;day after the date of deposit,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;the Legal Defeasance or Covenant Defeasance shall not
    result in a breach or violation of, or constitute a default
    under any other material agreement or instrument to which the
    Issuer or any of its Subsidiaries is a party or by which the
    Issuer or any of its Subsidiaries is bound,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;the Issuer has delivered to the Trustee an Opinion of
    Counsel to the effect that after the 91st&#160;day following the
    deposit, no trust funds will be subject to the effect of any
    applicable bankruptcy, insolvency, reorganization or similar
    laws affecting creditors&#146; rights generally,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;the Issuer shall have delivered to the Trustee an
    Officers&#146; Certificate stating that the deposit was not made
    by it with the intent of preferring the Holders over any other
    of its creditors or with the intent of defeating, hindering,
    delaying or defrauding any other of its creditors or
    others,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;the Issuer shall have delivered to the Trustee an
    Officers&#146; Certificate and an Opinion of Counsel, each
    stating that the conditions precedent provided for in
    clauses&#160;(1) through (8)&#160;have been complied with.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the funds deposited with the U.S.&#160;Trustee to effect
    Covenant Defeasance are insufficient to pay the principal of and
    interest on the Notes when due, then the Issuer&#146;s
    obligations and the obligations of the Guarantors under the
    Indenture will be revived and no such defeasance will be deemed
    to have occurred.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Satisfaction
    and Discharge</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indenture will be discharged and will cease to be of further
    effect (except as to rights of registration of transfer or
    exchange of Notes which shall survive until all Notes have been
    canceled and the rights, protections and immunities of the
    Trustee) as to all outstanding Notes when either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;all the Notes that have been authenticated and
    delivered (except lost, stolen or destroyed Notes which have
    been replaced or paid and Notes for whose payment money has been
    deposited in trust or segregated and held in trust by the Issuer
    and thereafter repaid to the Issuer or discharged from this
    trust) have been delivered to the Trustee for
    cancellation,&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;(a)&#160;all Notes not delivered to the Trustee for
    cancellation otherwise (i)&#160;have become due and payable,
    (ii)&#160;will become due and payable, or may be called for
    redemption, within one year or (iii)&#160;have been called for
    redemption pursuant to the provisions described under
    &#147;&#151;&#160;Optional Redemption,&#148; and, in any case,
    the Issuer has irrevocably deposited or caused to be deposited
    with the Trustee as trust funds, in trust solely for the benefit
    of the Holders, U.S.&#160;legal tender, U.S.&#160;Government
    Obligations or a combination thereof, in such amounts as will be
    sufficient (without consideration of any reinvestment of
    interest) to pay and discharge the entire Indebtedness
    (including all principal and accrued interest and Additional
    Interest, if any) on the Notes not theretofore delivered to the
    Trustee for cancellation,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;the Issuer has paid all other sums payable by it under
    the Indenture,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;the Issuer has delivered irrevocable instructions to
    the Trustee to apply the deposited money toward the payment of
    the Notes at maturity or on the date of redemption, as the case
    may be.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Issuer must deliver an Officers&#146;
    Certificate and an Opinion of Counsel stating that all
    conditions precedent to satisfaction and discharge of the
    Indenture have been complied with.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    and Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A Holder is able to register the transfer of or exchange Notes
    only in accordance with the provisions of the Indenture. The
    Registrar may require a Holder, among other things, to furnish
    appropriate endorsements and transfer documents and to pay any
    taxes and fees required by law or permitted by the Indenture.
    Without the prior consent of the Issuer, the Registrar is not
    required (1)&#160;to register the transfer of or exchange any
    Note selected for redemption, (2)&#160;to register the transfer
    of or exchange any Note for a period of 15&#160;days before a
    selection of Notes to be redeemed or (3)&#160;to register the
    transfer or exchange of a Note between a record date and the
    next succeeding interest payment date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Notes were issued in registered form and the registered
    Holder will be treated as the owner of such Note for all
    purposes (except as required by applicable tax laws).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Amendment,
    Supplement and Waiver</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as otherwise provided in the next three succeeding
    paragraphs, the Indenture, the Guarantees or the Notes may be
    amended with the consent (which may include consents obtained in
    connection with a tender offer or exchange offer for Notes) of
    the Holders of at least a majority in principal amount of the
    Notes then outstanding, and any existing Default under, or
    compliance with any provision of, the Indenture may be waived
    (other than any continuing Default in the payment of the
    principal or interest on the Notes) with the consent (which may
    include consents obtained in connection with a tender offer or
    exchange offer for Notes) of the Holders of a majority in
    principal amount of the Notes then outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Without the consent of each Holder affected, an amendment or
    waiver may not (with respect to any Notes held by a
    non-consenting Holder):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;reduce, or change the maturity of, the principal of any
    Note;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;reduce the rate of or extend the time for payment of
    interest on any Note;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;reduce any premium payable upon redemption of the Notes
    or change the date on which any Notes are subject to redemption
    (other than the notice provisions) or waive any payment with
    respect to the redemption of the Notes; <I>provided,
    however</I>, that solely for the avoidance of doubt, and without
    any other implication, any purchase or repurchase of Notes
    (including pursuant to the covenants described above under the
    captions &#147;&#151;&#160;Change of Control&#148; and
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Asset Sales&#148;) shall not be deemed a redemption of the Notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;make any Note payable in money or currency other than
    that stated in the Notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;modify or change any provision of the Indenture or the
    related definitions to affect the ranking of the Notes or any
    Guarantee in a manner that adversely affects the Holders;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;reduce the percentage of Holders necessary to consent
    to an amendment or waiver to the Indenture or the Notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;waive a default in the payment of principal of or
    premium or interest or Additional Interest, if any, on any Notes
    (except a rescission of acceleration of the Notes by the Holders
    thereof as provided in the Indenture and a waiver of the payment
    default that resulted from such acceleration);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;impair the rights of Holders to receive payments of
    principal of or interest or Additional Interest, if any, on the
    Notes on or after the due date therefor or to institute suit for
    the enforcement of any payment on the Notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;release any Guarantor from any of its obligations under
    its Guarantee or the Indenture, except as permitted by the
    Indenture;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;make any change in these amendment and waiver
    provisions.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, the Issuer and the Trustee may
    amend the Indenture, the Guarantees or the Notes without the
    consent of any Holder:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;to cure any ambiguity, defect or inconsistency;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;to provide for uncertificated Notes in addition to or
    in place of certificated Notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;to provide for the assumption of the Issuer&#146;s or a
    Guarantor&#146;s obligations to the Holders in the case of a
    merger, amalgamation, consolidation or sale of all or
    substantially all of the Issuer&#146;s or such Guarantor&#146;s
    assets, or
    <FONT style="white-space: nowrap">winding-up</FONT>
    or dissolution or sale, lease, transfer, conveyance or other
    disposition or assignment in accordance with
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Mergers, Consolidations, Etc.,&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;to add any Guarantee or to effect the release of any
    Guarantor from any of its obligations under its Guarantee or the
    provisions of the Indenture (to the extent in accordance with
    the Indenture);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;to make any change that would provide any additional
    rights or benefits to the Holders or does not materially
    adversely affect the rights of any Holder;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;to effect or maintain the qualification of the
    Indenture under the Trust&#160;Indenture Act;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;to secure the Notes or any Guarantees or any other
    obligation under the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;to evidence and provide for the acceptance of
    appointment by a successor Trustee;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;to conform the text of the Indenture or the Notes to
    any provision of this Description of the Notes to the extent
    that such provision in this Description of the Notes was
    intended to be a substantially verbatim recitation of a
    provision of the Indenture, the Guarantees or the Notes;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;to provide for the issuance of Additional Notes or
    Exchange Notes in accordance with the Indenture and the
    Registration Rights Agreement, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The consent of the Holders of the Notes is not necessary under
    the Indenture to approve the particular form of any proposed
    amendment or waiver. It is sufficient if such consent approves
    the substance of the proposed amendment or waiver.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    After an amendment under the Indenture becomes effective, the
    Issuer is required to deliver to Holders of the Notes a notice
    briefly describing such amendment. However, the failure to give
    such notice to all Holders of the Notes, or any defect therein,
    will not impair or affect the validity of the amendment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">No
    Personal Liability of Directors, Officers, Employees and
    Stockholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No director, officer, employee, incorporator, or stockholder of
    the Issuer or any Guarantor or an annuitant under a plan of
    which a stockholder of the Issuer is a trustee or carrier will
    have any liability for any indebtedness, obligations or
    liabilities of the Issuer under the Notes or the Indenture or of
    any Guarantor under its Guarantee or for any claim based on, in
    respect of, or by reason of, such obligations or their creation.
    Each Holder by accepting a Note waives and releases all such
    liability. The waiver and release are part of the consideration
    for issuance of the Notes and the Guarantees. The waiver may not
    be effective to waive liabilities under the federal securities
    laws. It is the view of the SEC that this type of waiver is
    against public policy.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Concerning
    the Trustee</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The U.S.&#160;Trustee has been appointed by the Issuer as
    Registrar and Paying Agent with regard to the Notes. The
    Indenture contains certain limitations on the rights of the
    Trustee, should it become a creditor of the Issuer, to obtain
    payment of claims in certain cases, or to realize on certain
    assets received in respect of any such claim as security or
    otherwise. The Trustee is permitted to engage in other
    transactions; however, if it acquires any conflicting interest
    (as defined in the Indenture), it must eliminate such conflict
    within 90&#160;days, apply to the SEC for permission to continue
    (if the Indenture has been qualified under the
    Trust&#160;Indenture Act) or resign.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Holders of a majority in principal amount of the then
    outstanding Notes will have the right to direct the time, method
    and place of conducting any proceeding for exercising any remedy
    available to the Trustee, subject to
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    certain exceptions. The Indenture provides that, in case an
    Event of Default occurs and is not cured, the Trustee will be
    required, in the exercise of its power, to use the degree of
    care of a prudent person in similar circumstances in the conduct
    of his own affairs. The Trustee will be under no obligation to
    exercise any of its rights or powers under the Indenture at the
    request of any Holder, unless such Holder shall have offered to
    the Trustee security and indemnity satisfactory to the Trustee.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Governing
    Law</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Indenture, the Notes, and the Guarantees are governed by,
    and construed in accordance with, the laws of the State of New
    York.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Enforceability
    of Judgments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Since a substantial portion of the Issuer&#146;s and the
    Guarantors&#146; assets are outside the United States, any
    judgment obtained in the United States against the Issuer or the
    Guarantors, including judgments with respect to the payment of
    principal, premium, if any, or interest on the Notes may not be
    collectible within the United States.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer has been informed that the laws of the Province of
    Alberta and the federal laws of Canada applicable therein permit
    an action predicated solely on civil liability to be brought
    against the Issuer or a Guarantor in a court of competent
    jurisdiction in such Province on any final and conclusive
    judgment in personam of any federal or state court located in
    the Borough of Manhattan in The City of New York (&#147;New York
    Court&#148;) with respect to the Indenture, the Notes or any
    Guarantee, as applicable, that has not been stayed, that is
    subsisting and unsatisfied and is not impeachable as void or
    voidable under the internal laws of the State of New York and
    that is for a sum certain if (1)&#160;the New York Court
    rendering such judgment had jurisdiction over the judgment
    debtor, as recognized by the courts of the Province of Alberta;
    (2)&#160;such judgment was not obtained by fraud or in a manner
    contrary to natural justice (including service of process
    leading to the New York judgment) and the enforcement thereof
    would not be contrary to public policy, as such term is
    understood under the laws of the Province of Alberta or contrary
    to any order made by the Attorney General of Canada under the
    <I>Foreign Extraterritorial Measures Act </I>(Canada) or any
    order of the <I>Competition Tribunal under the Competition Act
    </I>(Canada) in respect of certain judgments (as defined
    therein) and the enforcement of such judgment would not
    constitute, directly or indirectly, the enforcement of foreign
    revenue, expropriatory or penal laws; (3)&#160;no new admissible
    evidence relevant to the action is discovered prior to the
    rendering of judgment by an Alberta court; (4)&#160;there is no
    manifest error on the face of the judgment; and (5)&#160;the
    action to enforce such judgment is commenced within the
    applicable limitation period. An Alberta court would apply the
    laws applicable in the Province of Alberta in respect of all
    matters relating to the procedure for the enforcement of such
    judgment which may include, among other laws, Alberta limitation
    legislation. Such court could also apply applicable New York
    limitation legislation as the law governing the judgment, in
    which case the shorter of the limitation periods in Alberta or
    New York would apply. The Issuer has been advised by such
    counsel that they do not know of any reason under present laws
    of the Province of Alberta and the federal laws of Canada
    applicable therein for avoiding recognition of any judgment of a
    New York Court under either the Indenture, the Notes or any
    Guarantee, as applicable, based upon public policy, provided the
    above requirements are met.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    for Judgment Currency Fluctuations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If for the purposes of obtaining judgment in any court it is
    necessary to convert a sum due under the Indenture to the Holder
    from U.S.&#160;dollars to another currency, the Issuer has
    agreed, and each Holder by holding such Note will be deemed to
    have agreed, to the fullest extent that the Issuer and they may
    effectively do so, that the rate of exchange used shall be that
    at which in accordance with normal banking procedures such
    Holder could purchase U.S.&#160;dollars with such other currency
    in New York City, New York on the Business Day preceding the day
    on which final judgment is given.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Issuer&#146;s obligations to any Holder will,
    notwithstanding any judgment in a currency (the &#147;judgment
    currency&#148;) other than U.S.&#160;dollars, be discharged only
    to the extent that on the Business Day following receipt by such
    Holder or the Trustee, as the case may be, of any amount in such
    judgment currency, such Holder may in accordance with normal
    banking procedures purchase U.S.&#160;dollars with the judgment
    currency. If the amount of the U.S.&#160;dollars so purchased is
    less than the amount originally to be paid to such Holder or the
    Trustee in the judgment
</DIV>
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    currency (as determined in the manner set forth in the preceding
    paragraph), as the case may be, each of the Issuer and the
    Guarantors, jointly and severally, agrees, as a separate
    obligation and notwithstanding any such judgment, to indemnify
    the Holder and the Trustee, as the case may be, against any such
    loss. If the amount of the U.S.&#160;dollars so purchased is
    more than the amount originally to be paid to such Holder or the
    Trustee, as the case may be, such Holder or the Trustee, as the
    case may be, will pay the Issuer such excess; <I>provided
    </I>that such Holder or the Trustee, as the case may be, shall
    not have any obligation to pay any such excess as long as a
    Default under the Notes or the Indenture has occurred and is
    continuing or if the Issuer shall have failed to pay any Holder
    any amounts then due and payable under such Note or the
    Indenture, in which case such excess may be applied by such
    holder to such obligations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Consent
    to Jurisdiction and Service</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each of the Issuer and each
    <FONT style="white-space: nowrap">non-U.S.&#160;Guarantor</FONT>
    has appointed CT Corporation, 111 Eighth Avenue, New York, New
    York, 10011 as its agent for service of process in any suit,
    action or proceeding with respect to the Indenture, the Notes or
    the Guarantees and for actions brought under federal or state
    securities laws brought in any federal or state court located in
    The City of New York and each of the Issuer and the Guarantors
    will submit to the non-exclusive jurisdiction of such courts.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Definitions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth below is a summary of certain of the defined terms
    used in the Indenture. Reference is made to the Indenture for
    the full definition of all such terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Acquired Indebtedness&#148; </I>means (1)&#160;with
    respect to any Person that becomes a Restricted Subsidiary after
    the Issue Date, Indebtedness of such Person and its Subsidiaries
    (including, for the avoidance of doubt, Indebtedness incurred in
    the ordinary course of such Person&#146;s business to acquire
    assets used or useful in its business) existing at the time such
    Person becomes a Restricted Subsidiary and (2)&#160;with respect
    to the Issuer or any Restricted Subsidiary, any Indebtedness of
    a Person (including, for the avoidance of doubt, Indebtedness
    incurred in the ordinary course of such Person&#146;s business
    to acquire assets used or useful in its business), other than
    the Issuer or a Restricted Subsidiary, existing at the time such
    Person is merged with or into the Issuer or a Restricted
    Subsidiary, or Indebtedness expressly assumed by the Issuer or
    any Restricted Subsidiary in connection with the acquisition of
    an asset or assets from another Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Additional Interest&#148; </I>has the meaning set forth
    in the Registration Rights Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Affiliate&#148; </I>of any Person means any other
    Person which directly or indirectly controls or is controlled
    by, or is under direct or indirect common control with, the
    referent Person. For purposes of this definition,
    &#147;control&#148; of a Person shall mean the power to direct
    the management and policies of such Person, directly or
    indirectly, whether through the ownership of voting securities,
    by contract or otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;AIMCO&#148; </I>means Her Majesty the Queen in Right of
    the Province of Alberta, as represented by Alberta Investment
    Management Corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;AIMCO Indenture&#148; </I>means the Note Indenture
    dated as of April&#160;22, 2009 relating to the Issuer&#146;s
    10%&#160;Senior Unsecured Notes due April&#160;22, 2017.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;AIMCO Warrants&#148; </I>means the 15,000,000 common
    share purchase warrants of the Issuer issued to AIMCO, pursuant
    to an amended and restated warrant certificate dated
    June&#160;1, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;amend&#148;</I> means to amend, supplement, restate,
    amend and restate or otherwise modify, including successively,
    and &#147;amendment&#148; shall have a correlative meaning.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;asset&#148; </I>means any asset or property, including,
    without limitation, Equity Interests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Asset Acquisition&#148; </I>means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;an Investment by the Issuer or any Restricted
    Subsidiary of the Issuer in any other Person if, as a result of
    such Investment, such Person shall become a Restricted
    Subsidiary of the Issuer, or shall be merged with or into the
    Issuer or any Restricted Subsidiary of the Issuer,&#160;or
</DIV>
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    <BR>
    101
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the acquisition by the Issuer or any Restricted
    Subsidiary of the Issuer of all or substantially all of the
    assets of any other Person (other than a Restricted Subsidiary
    of the Issuer) or any division or line of business of any such
    other Person (other than in the ordinary course of business).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Asset Sale&#148; means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;any sale, conveyance, transfer, lease, assignment or
    other disposition by the Issuer or any Restricted Subsidiary to
    any Person other than the Issuer or any Restricted Subsidiary
    (including by means of a sale and leaseback transaction or a
    merger or consolidation), in one transaction or a series of
    related transactions, of any assets of the Issuer or any of its
    Restricted Subsidiaries other than in the ordinary course of
    business;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;any issuance of Equity Interests of a Restricted
    Subsidiary (other than Preferred Stock of Restricted
    Subsidiaries issued in compliance with the covenant described
    under &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation
    on Additional Indebtedness&#148;) to any Person other than the
    Issuer or any Restricted Subsidiary in one transaction or a
    series of related transactions (the actions described in these
    clauses&#160;(a) and (b), collectively, for purposes of this
    definition, a &#147;transfer&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of this definition, the term &#147;Asset Sale&#148;
    shall not include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;transfers of cash or Cash Equivalents;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;transfers of assets (including Equity Interests) that
    are governed by, and made in accordance with, the covenants
    described under &#147;&#151;&#160;Change of Control&#148; or
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Mergers, Consolidations, Etc.&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;Permitted Investments and Restricted Payments permitted
    under the covenant described under &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Limitation on Restricted Payments&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the creation of or realization on any Permitted Lien
    and any disposition of assets resulting from the enforcement or
    foreclosure of any such Permitted Lien;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;transfers of damaged, worn-out or obsolete equipment or
    assets that, in the Issuer&#146;s reasonable judgment, are no
    longer used or useful in the business of the Issuer or its
    Restricted Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;sales or grants of licenses or sublicenses to use the
    patents, trade secrets, know-how and other Intellectual
    Property, and licenses, leases or subleases of other assets, of
    the Issuer or any Restricted Subsidiary to the extent not
    materially interfering with the business of the Issuer and the
    Restricted Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;any sale, lease, conveyance or other disposition of any
    assets or any sale or issuance of Equity Interests in each case,
    made pursuant to a Permitted Joint Venture Investment;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;a disposition of inventory in the ordinary course of
    business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;a disposition of receivables in connection with the
    compromise, settlement or collection thereof in the ordinary
    course of business or in bankruptcy or similar proceedings and
    exclusive of factoring and similar arrangements;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;the trade or exchange by the Issuer or any Restricted
    Subsidiary of any asset for any other asset or assets that are
    used in a Permitted Business; <I>provided</I>, that the Fair
    Market Value of the asset or assets received by the Issuer or
    any Restricted Subsidiary in such trade or exchange (including
    any cash or Cash Equivalents) is at least equal to the Fair
    Market Value (as determined in good faith by the Board of
    Directors or an executive officer of the Issuer or of such
    Restricted Subsidiary with responsibility for such transaction,
    which determination shall be conclusive evidence of compliance
    with this provision) of the asset or assets disposed of by the
    Issuer or any Restricted Subsidiary pursuant to such trade or
    exchange; and, <I>provided, further</I>, that if any cash or
    Cash Equivalents are used in such trade or exchange to achieve
    an exchange of equivalent value, that the amount of such cash
    <FONT style="white-space: nowrap">and/or</FONT> Cash
    Equivalents received shall be deemed proceeds of an &#147;Asset
    Sale,&#148; subject to the following clause (11);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;any transfer or series of related transfers that, but
    for this clause, would be Asset Sales, if after giving effect to
    such transfers, the aggregate Fair Market Value of the assets
    transferred in such transaction or any
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    such series of related transactions does not exceed
    US$10.0&#160;million per occurrence or US$20.0&#160;million in
    any fiscal year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Board of Directors&#148; </I>means, with respect to any
    Person, (i)&#160;in the case of any corporation, the board of
    directors of such Person and (ii)&#160;in any other case, the
    functional equivalent of the foregoing or, in each case, other
    than for purposes of the definition of &#147;Change of
    Control,&#148; any duly authorized committee of such body.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Business Day&#148; </I>means a day other than a
    Saturday, Sunday or other day on which banking institutions in
    the State of New York or Calgary, Canada are authorized or
    required by law to close.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Capitalized Lease&#148; </I>means a lease required to
    be capitalized for financial reporting purposes in accordance
    with GAAP. Notwithstanding the foregoing, any lease that would
    have been classified as an operating lease pursuant to Canadian
    generally accepted accounting principles as in effect on the
    Issue Date shall be deemed not to be a Capitalized Lease.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Capitalized Lease Obligations&#148; </I>of any Person
    means the obligations of such Person to pay rent or other
    amounts under a Capitalized Lease, and the amount of such
    obligation shall be the capitalized amount thereof determined in
    accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Cash Equivalents&#148; </I>means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;marketable obligations issued or directly and fully
    guaranteed or insured by the United States of America, the
    Canadian government or any agency or instrumentality thereof
    (<I>provided </I>that the full faith and credit of such
    government is pledged in support thereof), maturing within one
    year of the date of acquisition thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;demand and time deposits and certificates of deposit of
    any lender under any Credit Facility or any Eligible Bank
    organized under the laws of the United States, any state thereof
    or the District of Columbia or under the laws of Canada or any
    province or territory thereof or a U.S.&#160;or Canadian branch
    of any other Eligible Bank maturing within one year of the date
    of acquisition thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;commercial paper issued by any Person incorporated in
    the United States or Canada rated at least A1 or the equivalent
    thereof by S&#038;P or at least
    <FONT style="white-space: nowrap">P-1</FONT> or the
    equivalent thereof by Moody&#146;s or an equivalent rating by a
    nationally recognized rating agency if both S&#038;P and
    Moody&#146;s cease publishing ratings of commercial paper
    issuers generally, and in each case maturing not more than one
    year after the date of acquisition thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;repurchase obligations with a term of not more than one
    year for underlying securities of the types described in
    clause&#160;(1) above entered into with any Eligible Bank and
    maturing not more than one year after such time;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;securities issued and fully guaranteed by any state,
    commonwealth or territory of the United States of America, any
    province or territory of Canada or by any political subdivision
    or taxing authority thereof, rated at least &#147;A&#148; by
    Moody&#146;s Investors Service, Inc. or Standard&#160;&#038;
    Poor&#146;s Rating Services and having maturities of not more
    than one year from the date of acquisition;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;investments in money market or other mutual funds
    substantially all of whose assets comprise securities of the
    types described in clauses&#160;(1) through (5)&#160;above;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;demand deposit accounts maintained in the ordinary
    course of business;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;in the case of any Subsidiary of the Issuer organized
    or having its principal place of business outside the United
    States or Canada, investments denominated in the currency of the
    jurisdiction in which such Subsidiary is organized or has its
    principal place of business which are similar to the items
    specified in clauses&#160;(1) through (7)&#160;above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Change of Control&#148; </I>means the occurrence of any
    of the following events:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the direct or indirect sale, transfer, conveyance or
    other disposition (other than by way of merger or
    consolidation), in one or a series of related transactions, of
    all or substantially all of the properties or assets of
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the Issuer and its Restricted Subsidiaries, taken as a whole, to
    any &#147;person&#148; (as that term is used in
    Section&#160;13(d)(3) of the Exchange Act);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;any &#147;person&#148; or &#147;group&#148; (as such
    terms are used in Sections&#160;13(d) and 14(d) of the Exchange
    Act) is or becomes the beneficial owner of (as defined in
    <FONT style="white-space: nowrap">Rules&#160;13d-3</FONT>
    and <FONT style="white-space: nowrap">13d-5</FONT>
    under the Exchange Act, except that for purposes of this clause
    that person or group shall be deemed to have &#147;beneficial
    ownership&#148; of all securities that any such person or group
    has the right to acquire, whether such right is exercisable
    immediately or only after the passage of time), or controls,
    directly or indirectly, Voting Stock representing 50.0% or more
    of the voting power of the total outstanding Voting Stock of the
    Issuer on a fully diluted basis;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;during any period of two consecutive years, individuals
    who at the beginning of such period constituted the Board of
    Directors of the Issuer (together with any new directors whose
    election to such Board of Directors or whose nomination for
    election by the stockholders of the Issuer was approved by a
    vote of a majority of the directors of the Issuer then still in
    office who were either directors or trustees, as the case may
    be, at the beginning of such period or whose election or
    nomination for election was previously so approved) cease for
    any reason to constitute a majority of the Board of Directors of
    the Issuer;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the adoption by the stockholders of the Issuer of a
    Plan of Liquidation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of this definition, a Person shall not be deemed to
    have beneficial ownership of securities subject to a stock
    purchase agreement, merger agreement or similar agreement until
    the consummation of the transactions contemplated by such
    agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Common Stock&#148; </I>means with respect to any
    Person, any and all shares, interest or other participations in,
    and other equivalents (however designated and whether voting or
    nonvoting) of such Person&#146;s common stock whether or not
    outstanding on the Issue Date, and includes, without limitation,
    all series and classes of such common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Amortization Expense&#148; </I>for any
    period means the amortization expense of the Issuer and the
    Restricted Subsidiaries for such period, determined on a
    consolidated basis in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Cash Flow&#148; </I>for any period means,
    with respect to any specified Person, without duplication, the
    sum of the amounts for such period of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;Consolidated Net Income, <I>plus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;in each case only to the extent (and in the same
    proportion) deducted in determining Consolidated Net Income and
    with respect to the portion of Consolidated Net Income
    attributable to any Restricted Subsidiary only if a
    corresponding amount would be permitted at the date of
    determination to be distributed to such specified Person by such
    Restricted Subsidiary without prior approval (that has not been
    obtained), pursuant to the terms of its charter and all
    agreements, instruments, judgments, decrees, orders, statutes,
    rules and governmental regulations applicable to such Restricted
    Subsidiary or its stockholders,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;Consolidated Income Tax Expense,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;Consolidated Amortization Expense (but only to the
    extent not included in Consolidated Interest Expense),
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;Consolidated Depreciation Expense,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;Consolidated Interest Expense,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;all other non-cash items reducing the Consolidated Net
    Income (excluding any non-cash charge that results in an accrual
    of a reserve for cash charges in any future period) for such
    period,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;the amount of any documented extraordinary,
    non-recurring or unusual charges; <I>provided</I>, that the
    aggregate amount of such charges that may be added to
    Consolidated Cash Flow pursuant to this clause&#160;(f) shall
    not exceed US$25.0&#160;million in any Four-Quarter
    Period,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)&#160;any expenses or charges (other than depreciation or
    amortization expense) related to any Qualified Equity Offering,
    Permitted Investment, acquisition, disposition,
    recapitalization, or the incurrence of Indebtedness permitted to
    be incurred by the Indenture (including a refinancing thereof)
    (whether or not successful),
</DIV>
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    <BR>
    104
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    including: (i)&#160;such fees, expenses or charges related to
    the offering of the Notes and the Credit Facilities and
    (ii)&#160;any amendment or other modification of the Notes, and
    , in each case, deducted in computing Consolidated Net Income
    <I>provided</I>, that the amount of such expenses or charges
    that may be added to Consolidated Cash Flow pursuant to this
    clause&#160;(g) shall not exceed US$15.0&#160;million per
    occurrence,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    in each case determined on a consolidated basis in accordance
    with GAAP, <I>minus</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the aggregate amount of all non-cash items, determined
    on a consolidated basis, to the extent such items increased
    Consolidated Net Income for such period (excluding any non-cash
    items to the extent they represent the reversal of an accrual of
    a reserve for a potential cash item that reduced Consolidated
    Cash Flow in any prior period);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;any nonrecurring or unusual gain or income (or
    nonrecurring or unusual loss or expense), together with any
    related provision for taxes on any such nonrecurring or unusual
    gain or income (or the tax effect of any such nonrecurring or
    unusual loss or expense), realized by the Issuer or any
    Restricted Subsidiary during such period;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;increased or decreased by (without duplication) any
    unrealized gain or loss resulting in such period from Hedging
    Obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Depreciation Expense&#148; </I>for any
    period means the depreciation and depletion expense of the
    Issuer and its Restricted Subsidiaries for such period,
    determined on a consolidated basis in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Income Tax Expense&#148; </I>for any
    period means the provision for taxes of the Issuer and its
    Restricted Subsidiaries, determined on a consolidated basis in
    accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Interest Coverage Ratio&#148; </I>means,
    on any date of determination, with respect to any Person, the
    ratio of (x)&#160;Consolidated Cash Flow during the most recent
    four consecutive full fiscal quarters for which financial
    statements prepared on a consolidated basis in accordance with
    GAAP are available (the &#147;Four-Quarter Period&#148;) ending
    on or prior to the date of the transaction giving rise to the
    need to calculate the Consolidated Interest Coverage Ratio (the
    &#147;Transaction Date&#148;) to (y)&#160;Consolidated Interest
    Expense for the Four-Quarter Period. For purposes of this
    definition, Consolidated Cash Flow and Consolidated Interest
    Expense shall be calculated after giving effect on a pro forma
    basis for the period of such calculation to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the incurrence of any Indebtedness or the issuance of
    any Disqualified Equity Interests of the Issuer or Disqualified
    Equity Interests or Preferred Stock of any Restricted Subsidiary
    (and the application of the proceeds thereof) and any repayment,
    repurchase or redemption of other Indebtedness or other
    Disqualified Equity Interests or Preferred Stock (and the
    application of the proceeds therefrom) (other than the
    incurrence or repayment of Indebtedness in the ordinary course
    of business for working capital purposes pursuant to any
    revolving credit arrangement) occurring during the Four-Quarter
    Period or at any time subsequent to the last day of the
    Four-Quarter Period and on or prior to the Transaction Date, as
    if such incurrence, repayment, repurchase, issuance or
    redemption, as the case may be (and the application of the
    proceeds thereof), occurred on the first day of the Four-Quarter
    Period;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;any Asset Sale or Asset Acquisition (including, without
    limitation, any Asset Acquisition giving rise to the need to
    make such calculation as a result of the Issuer or any
    Restricted Subsidiary (including any Person who becomes a
    Restricted Subsidiary as a result of such Asset Acquisition)
    incurring Acquired Indebtedness and also including any
    Consolidated Cash Flow (including any pro forma expense and cost
    reductions occurring during the Four-Quarter Period or at any
    time subsequent to the last day of the Four-Quarter Period and
    on or prior to the Transaction Date), as if such Asset Sale or
    Asset Acquisition (including the incurrence of, or assumption or
    liability for, any such Indebtedness or Acquired Indebtedness)
    occurred on the first day of the Four-Quarter Period;
    <I>provided</I>, that such pro forma calculations shall be
    determined in good faith by a responsible financial or
    accounting officer of the Issuer and shall be set forth in an
    Officers&#146; Certificate signed by such Officer which states
    (a)&#160;the amount of such adjustment or adjustments,
    (b)&#160;that such adjustment or adjustments are based on the
    reasonable good faith belief of the Issuer at the time of such
    execution and (c)&#160;that the steps necessary for the
    realization of such adjustments have been or are reasonably
    expected to be taken within 12&#160;months following such
    transaction.
</DIV>
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    <BR>
    105
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In calculating Consolidated Interest Expense for purposes of
    determining the denominator (but not the numerator) of this
    Consolidated Interest Coverage Ratio:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;interest on outstanding Indebtedness determined on a
    fluctuating basis as of the Transaction Date and which will
    continue to be so determined thereafter shall be deemed to have
    accrued at a fixed rate per annum equal to the rate of interest
    on such Indebtedness in effect on the Transaction Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;if interest on any Indebtedness actually incurred on
    the Transaction Date may optionally be determined at an interest
    rate based upon a factor of a prime or similar rate, a
    eurocurrency interbank offered rate, or other rates, then the
    interest rate in effect on the Transaction Date will be deemed
    to have been in effect during the Four-Quarter Period;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;notwithstanding clause&#160;(1) or (2)&#160;above,
    interest on Indebtedness determined on a fluctuating basis, to
    the extent such interest is covered by agreements relating to
    Hedging Obligations, shall be deemed to accrue at the rate per
    annum resulting after giving effect to the operation of such
    agreements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Interest Expense&#148; </I>for any period
    means the sum, without duplication, of the total interest
    expense of the Issuer and the Restricted Subsidiaries for such
    period, determined on a consolidated basis in accordance with
    GAAP, including, without duplication:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;imputed interest on Capitalized Lease Obligations;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;commissions, discounts and other fees and charges owed
    with respect to letters of credit securing financial
    obligations, bankers&#146; acceptance financing and receivables
    financings;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the net costs associated with Hedging Obligations
    related to interest rates;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;amortization of debt issuance costs, debt discount or
    premium and other financing fees and expenses (other than the
    amortization or write off of any such costs, discounts, premium,
    fees or expenses incurred under or in connection with
    Indebtedness outstanding or available under the Credit Agreement
    or the Existing Credit Agreement or the AIMCO Indenture as of
    the Issue Date);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;the interest portion of any deferred payment
    obligations;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;all other non-cash interest expense;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;capitalized interest;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;all dividend payments on any series of Disqualified
    Equity Interests of the Issuer or any of its Restricted
    Subsidiaries or any Preferred Stock of any Restricted Subsidiary
    (other than dividends on Equity Interests payable solely in
    Qualified Equity Interests of the Issuer or to the Issuer or a
    Restricted Subsidiary of the Issuer);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;all interest payable with respect to discontinued
    operations;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;all interest on any Indebtedness described in
    clause&#160;(7) or (8)&#160;of the definition of
    Indebtedness,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    excluding, without duplication,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the cumulative effect of any change in accounting
    principles or policies&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;any penalties and interest related to the Contingent
    Tax Liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Net Income&#148; </I>for any period means
    the net income (or loss) of such Person and its Restricted
    Subsidiaries, in each case for such period determined on a
    consolidated basis in accordance with GAAP; <I>provided </I>that
    there shall be excluded from such net income (to the extent
    otherwise included therein), without duplication:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the net income (or loss) of any Person (other than a
    Restricted Subsidiary) in which any Person other than the Issuer
    and the Restricted Subsidiaries has an ownership interest,
    except to the extent that cash in an amount equal to any such
    income has actually been received by the Issuer or any of its
    Restricted Subsidiaries during such period;
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;except to the extent includible in the net income (or
    loss) of the Issuer pursuant to the foregoing clause (1), the
    net income (or loss) of any Person that accrued prior to the
    date that (a)&#160;such Person becomes a Restricted Subsidiary
    or is merged into or consolidated with the Issuer or any
    Restricted Subsidiary or (b)&#160;the assets of such Person are
    acquired by the Issuer or any Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the net income of any Restricted Subsidiary during such
    period to the extent that the declaration or payment of
    dividends or similar distributions by such Restricted Subsidiary
    of that income is not permitted by operation of the terms of its
    charter or any agreement, instrument, judgment, decree, order,
    statute, rule or governmental regulation applicable to that
    Subsidiary during such period, unless such restriction with
    respect to the payment of dividends has been legally waived;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;for the purposes of calculating the Restricted Payments
    Basket only, in the case of a successor to the Issuer by merger,
    amalgamation, consolidation or transfer of its assets, any
    income (or loss) of the successor prior to such merger,
    amalgamation, consolidation or transfer of assets;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;other than for purposes of calculating the Restricted
    Payments Basket, any gain (or loss), together with any related
    provisions for taxes on any such gain (or the tax effect of any
    such loss), realized during such period by the Issuer or any
    Restricted Subsidiary upon (a)&#160;the acquisition of any
    securities, or the extinguishment of any Indebtedness, of the
    Issuer or any Restricted Subsidiary or (b)&#160;any Asset Sale
    by the Issuer or any Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;gains and losses due solely to fluctuations in currency
    values and the related tax effects according to GAAP;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;unrealized gains and losses with respect to Hedging
    Obligations;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;the cumulative effect of any change in accounting
    principles or policies;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;extraordinary gains and losses and the related tax
    effect;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;any income tax expenses, penalties and interest
    related to the Contingent Tax Liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, any return of capital with respect to an Investment
    that increased the Restricted Payments Basket pursuant to clause
    (3)(d) of the first paragraph under &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Limitation on Restricted Payments&#148; or
    decreased the amount of Investments outstanding pursuant to
    clause&#160;(11) or (17)&#160;of the definition of
    &#147;Permitted Investments&#148; shall be excluded from
    Consolidated Net Income for purposes of calculating the
    Restricted Payments Basket.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Consolidated Tangible Assets&#148; </I>means, with
    respect to any Person as of any date, the amount which, in
    accordance with GAAP, would be set forth under the caption
    &#147;Total Assets&#148; (or any like caption) on a consolidated
    balance sheet of such Person and its Restricted Subsidiaries
    without giving effect to any writedowns or charges, up to an
    aggregate amount of US$300.0&#160;million, caused by the
    Issuer&#146;s adoption of IFRS as of January&#160;1, 2011, less,
    to the extent included in a determination of &#147;Total
    Assets,&#148; and without duplication, all goodwill, patents,
    tradenames, trademarks, copyrights, franchises, experimental
    expenses, organization expenses and any other amounts classified
    as intangible assets in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Contingent Tax Liabilities&#148; </I>means the
    contingent tax liabilities disclosed in Note&#160;10 to the
    financial statements of the Issuer as of and for the nine months
    ended September&#160;30, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Coverage Ratio Exception&#148; </I>has the meaning set
    forth in the proviso in the first paragraph of the covenant
    described under &#147;&#151;&#160;Certain Covenants&#160;&#151;
    Limitation on Additional Indebtedness.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Credit Agreement&#148; </I>means the Credit Agreement
    entered into on the Issue Date, by and among the Issuer, as
    borrower, Royal Bank of Canada, as administration agent, and the
    several lenders and other agents party thereto, including any
    notes, guarantees, collateral and security documents,
    instruments and agreements executed in connection therewith
    (including Hedging Obligations related to the Indebtedness
    incurred thereunder), and in each case as such agreement or
    facility may be amended (including any amendment or restatement
    thereof), supplemented or otherwise modified from time to time,
    including any agreement or indenture exchanging, extending the
    maturity of, refinancing, renewing, replacing, substituting or
    otherwise restructuring, whether in the bank or debt
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    capital markets (or combination thereof) (including increasing
    the amount of available borrowings thereunder or adding or
    removing Subsidiaries as borrowers or guarantors thereunder) all
    or any portion of the Indebtedness under such agreement or
    facility or any successor or replacement agreement or facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Credit Facilities&#148; </I>means one or more debt
    facilities or indentures (which may be outstanding at the same
    time and including, without limitation, the Credit Agreement)
    providing for revolving credit loans, debt securities, term
    loans, receivables financing or letters of credit and, in each
    case, as such agreements may be amended, refinanced, restated,
    refunded or otherwise restructured, in whole or in part from
    time to time (including increasing the amount of available
    borrowings thereunder or adding Subsidiaries of the Issuer as
    additional borrowers or guarantors thereunder) with respect to
    all or any portion of the Indebtedness under such agreement or
    agreements or any successor or replacement agreement or
    agreements and whether by the same or any other agent, lender,
    group of lenders or institutional lenders or investors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Default&#148; </I>means (1)&#160;any Event of Default
    or (2)&#160;any event, act or condition that, after notice or
    the passage of time or both, would be an Event of Default.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Designated Non-cash Consideration&#148; </I>means the
    Fair Market Value of non-cash consideration received by the
    Issuer or a Restricted Subsidiary in connection with an Asset
    Sale that is so designated as Designated Non-cash Consideration
    pursuant to an Officers&#146; Certificate, setting forth the
    basis of such valuation, executed by the principal financial
    officer of the Issuer, less the amount of cash or Cash
    Equivalents received in connected with a subsequent sale of or
    collection on such Designated Non-cash Consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Designation&#148; </I>has the meaning given to this
    term in the covenant described under &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Limitation on Designation of Unrestricted
    Subsidiaries.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Designation Amount&#148;</I> has the meaning given to
    this term in the covenant described under
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Designation of Unrestricted Subsidiaries.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Disqualified Equity Interests&#148; </I>of any Person
    means any class of Equity Interests of such Person that, by its
    terms, or by the terms of any related agreement or of any
    security into which it is convertible, puttable or exchangeable
    (in each case, at the option of the holder thereof), is, or upon
    the happening of any event or the passage of time would be,
    required to be redeemed by such Person, at the option of the
    holder thereof, or matures or is mandatorily redeemable,
    pursuant to a sinking fund obligation or otherwise, in whole or
    in part, on or prior to the date which is 91&#160;days after the
    Stated Maturity of the Notes; <I>provided, however</I>, that any
    class of Equity Interests of such Person that, by its terms,
    authorizes such Person to satisfy in full its obligations with
    respect to the payment of dividends or upon maturity, redemption
    (pursuant to a sinking fund or otherwise) or repurchase thereof
    or otherwise by the delivery of Equity Interests that are not
    Disqualified Equity Interests, and that is not convertible,
    puttable or exchangeable for Disqualified Equity Interests or
    Indebtedness, will not be deemed to be Disqualified Equity
    Interests so long as such Person satisfies its obligations with
    respect thereto solely by the delivery of Equity Interests that
    are not Disqualified Equity Interests; <I>provided, further,
    however</I>, that any Equity Interests that would not constitute
    Disqualified Equity Interests but for provisions thereof giving
    holders thereof (or the holders of any security into or for
    which such Equity Interests are convertible, exchangeable or
    exercisable) the right to require the Issuer to repurchase or
    redeem such Equity Interests upon the occurrence of a change in
    control or an Asset Sale occurring prior to the 91st&#160;day
    after the Stated Maturity of the Notes shall not constitute
    Disqualified Equity Interests if the change of control or asset
    sale provisions applicable to such Equity Interests are no more
    favorable to such holders than the provisions described under
    &#147;&#151;&#160;Change of Control&#148; and
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Asset Sales,&#148; respectively, and such Equity Interests
    specifically provide that the Issuer will not repurchase or
    redeem any such Equity Interests pursuant to such provisions
    prior to the Issuer&#146;s purchase of the Notes as required
    pursuant to the provisions described under
    &#147;&#151;&#160;Change of Control&#148; and
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Asset Sales,&#148; respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Eligible Bank&#148; </I>shall mean any commercial bank
    having, or which is the principal banking subsidiary of a bank
    holding company having, capital and surplus aggregating in
    excess of US$5,000.0&#160;million (or in the equivalent thereof
    in a foreign currency as of the date of determination) and a
    rating of &#147;A&#148; (or such other similar equivalent
    rating) or higher by at least one nationally recognized
    statistical rating organization.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Equity Interests&#148; </I>of any Person means
    (1)&#160;any and all shares or other equity interests (including
    Common Stock, Preferred Stock, limited liability company
    interests, trust units and partnership interests) in such Person
    and (2)&#160;all rights to purchase, warrants or options
    (whether or not currently exercisable), participations or other
    equivalents of or interests in (however designated) such shares
    or other interests in such Person, but excluding from all of the
    foregoing any debt securities convertible into Equity Interests,
    regardless of whether such debt securities include any right of
    participation with Equity Interests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Exchange Act&#148; </I>means the U.S.&#160;Securities
    Exchange Act of 1934, as amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Existing Credit Agreement&#148; </I>means the Credit
    Agreement dated as of December&#160;23, 2008 currently among the
    Issuer, the lenders party thereto, the co-documentation agents
    and syndication agent named therein, and Royal Bank of Canada,
    as administrative agent, as amended and supplemented from time
    to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Fair Market Value&#148; </I>means, with respect to any
    asset, the price (after taking into account any liabilities
    relating to such asset) that would be negotiated in an
    arm&#146;s-length transaction for cash between a willing seller
    and a willing and able buyer, neither of which is under any
    compulsion to complete the transaction as such price is
    determined in good faith by (a)&#160;in the case of an asset
    whose price would be greater than US$50.0&#160;million, the
    Board of Directors of the Issuer or a duly authorized committee
    thereof, as evidenced by a resolution of such Board of Directors
    or committee and (b)&#160;in all other cases, management of the
    Issuer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Foreign Restricted Subsidiary&#148; </I>means any
    Restricted Subsidiary not organized or existing under the laws
    of the United States, any state thereof, the District of
    Columbia or Canada or any province or territory thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;GAAP&#148; </I>means generally accepted accounting
    principles in Canada set forth in the opinions and
    pronouncements of the Accounting Principles Board of the
    Canadian Institute of Chartered Accountants, which were in
    effect on the Issue Date (&#147;Canadian GAAP&#148;). At any
    time after the adoption of IFRS by the Issuer for its financial
    statements and reports for all financial reporting purposes, the
    Issuer may elect to apply for all purposes of the Indenture, in
    lieu of Canadian GAAP, IFRS, and, upon any such election,
    references herein to GAAP shall be construed to mean IFRS as in
    effect when such election is made; provided that (1)&#160;any
    such election once made shall be irrevocable (and shall only be
    made once), (2)&#160;all financial statements and reports
    required to be provided after such election pursuant to the
    Indenture shall be prepared on the basis of IFRS and
    (3)&#160;from and after such election, all ratios, computations
    and other determinations (A)&#160;based on GAAP contained in the
    Indenture shall be computed in conformity with IFRS (other than
    as set forth in the applicable definitions herein) and
    (B)&#160;in the Indenture that require the application of GAAP
    for periods that include fiscal quarters ended prior to the
    Company&#146;s election to apply IFRS shall remain as previously
    calculated or determined in accordance with GAAP. The Company
    shall give notice of any election to the Trustee and the Holders
    of notes within 15&#160;days of such election. For the avoidance
    of doubt, solely making an election (without any other action)
    referred to in this definition will not be treated as an
    incurrence of Indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;guarantee&#148; </I>means a direct or indirect
    guarantee by any Person of any Indebtedness of any other Person
    and includes any obligation, direct or indirect, contingent or
    otherwise, of such Person (1)&#160;to purchase or pay (or
    advance or supply funds for the purchase or payment of)
    Indebtedness of such other Person (whether arising by virtue of
    partnership arrangements, or by agreements to keep-well, to
    purchase assets, goods, securities or services (unless such
    purchase arrangements are on arm&#146;s-length terms and are
    entered into in the ordinary course of business), to
    <FONT style="white-space: nowrap">take-or-pay,</FONT>
    or to maintain financial statement conditions or otherwise); or
    (2)&#160;entered into for purposes of assuring in any other
    manner the obligee of such Indebtedness of the payment thereof
    or to protect such obligee against loss in respect thereof (in
    whole or in part); &#147;guarantee,&#148; when used as a verb,
    and &#147;guaranteed&#148; have correlative meanings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Guarantee&#148; </I>means, individually, any guarantee
    of payment of the Notes and Exchange Notes issued in a
    Registered Exchange Offer pursuant to the Registration Rights
    Agreement by a Guarantor pursuant to the terms of the Indenture
    and any supplemental indenture thereto, and, collectively, all
    such guarantees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Guarantors&#148; </I>means each Restricted Subsidiary
    of the Issuer on the Issue Date that is a guarantor of the
    Issuer&#146;s obligations under the Credit Agreement, and each
    other Person that is required to, or at the election of the
    Issuer, does become a Guarantor by the terms of the Indenture
    after the Issue Date, in each case, until such Person is
    released from its Guarantee in accordance with the terms of the
    Indenture.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Hedging Obligations&#148; </I>of any Person means the
    obligations of such Person under swap, cap, collar, forward
    purchase or similar agreements or arrangements dealing with
    interest rates or currency exchange rates or commodity prices
    (including, without limitation, for purposes of this definition,
    rates for electrical power used in the ordinary course of
    business), either generally or under specific contingencies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Holder&#148; </I>means any registered holder, from time
    to time, of the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;incur&#148; </I>means, with respect to any Indebtedness
    or Obligation, incur, create, issue, assume, guarantee or
    otherwise become directly or indirectly liable, contingently or
    otherwise, with respect to such Indebtedness or Obligation;
    <I>provided </I>that (1)&#160;the Indebtedness of a Person
    existing at the time such Person became a Restricted Subsidiary
    of the Issuer shall be deemed to have been incurred by such
    Restricted Subsidiary at the time it becomes a Restricted
    Subsidiary of the Issuer and (2)&#160;neither the accrual of
    interest nor the accretion of original issue discount or the
    accretion or accumulation of dividends on any Equity Interests
    shall be deemed to be an incurrence of Indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Indebtedness&#148; </I>of any Person at any date means,
    without duplication:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;all liabilities, contingent or otherwise, of such
    Person for borrowed money (whether or not the recourse of the
    lender is to the whole of the assets of such Person or only to a
    portion thereof);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;all obligations of such Person evidenced by bonds,
    debentures, banker&#146;s acceptances, notes or other similar
    instruments;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;all reimbursement obligations of such Person in respect
    of letters of credit, letters of guaranty and similar credit
    transactions;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;all obligations of such Person to pay the deferred and
    unpaid purchase price of property or services, except deferred
    compensation, trade payables and accrued expenses incurred by
    such Person in the ordinary course of business in connection
    with obtaining goods, materials or services and not overdue by
    more than 180&#160;days unless subject to a bona fide dispute;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;the maximum fixed redemption or repurchase price of all
    Disqualified Equity Interests of such Person or, with respect to
    any Subsidiary that is not a Guarantor, any Preferred Stock;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;all Capitalized Lease Obligations of such Person;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;all Indebtedness of others secured by a Lien on any
    asset of such Person, whether or not such Indebtedness is
    assumed by such Person;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;all Indebtedness of others guaranteed by such Person to
    the extent of such guarantee; <I>provided </I>that Indebtedness
    of the Issuer or its Subsidiaries that is guaranteed by the
    Issuer or the Issuer&#146;s Subsidiaries shall only be counted
    once in the calculation of the amount of Indebtedness of the
    Issuer and its Subsidiaries on a consolidated basis;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;to the extent not otherwise included in this
    definition, Hedging Obligations of such Person;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;all obligations of such Person under conditional sale
    or other title retention agreements relating to assets purchased
    by such Person.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The amount of any Indebtedness which is incurred at a discount
    to the principal amount at maturity thereof as of any date shall
    be deemed to have been incurred at the accreted value thereof as
    of such date. The amount of Indebtedness of any Person at any
    date shall be the outstanding balance at such date of all
    unconditional obligations as described above, the maximum
    liability of such Person for any such contingent obligations at
    such date and, in the case of clause (7), the lesser of
    (a)&#160;the Fair Market Value of any asset subject to a Lien
    securing the Indebtedness of others on the date that the Lien
    attaches and (b)&#160;the amount of the Indebtedness secured.
    For purposes of clause (5), the &#147;maximum fixed redemption
    or repurchase price&#148; of any Disqualified Equity Interests
    that do not have a fixed redemption or repurchase price shall be
    calculated in accordance with the terms of such Disqualified
    Equity Interests as if such Disqualified Equity Interests were
    redeemed or repurchased on any date on which an amount of
    Indebtedness outstanding shall be required to be determined
    pursuant to the Indenture.
</DIV>
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    <BR>
    110
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Independent Director&#148; </I>means a director of the
    Issuer who:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;is independent with respect to the transaction at issue;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;does not have any material financial interest in the
    Issuer or any of its Affiliates (other than as a result of
    holding securities of the Issuer);&#160;and
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;has not, and whose Affiliates or affiliated firm have
    not, at any time during the twelve months prior to the taking of
    any action hereunder, directly or indirectly, received, or
    entered into any understanding or agreement to receive, any
    compensation, payment or other benefit, of any type or form,
    from the Issuer or any of their respective Affiliates, other
    than customary directors&#146; fees for serving on the Board of
    Directors of the Issuer or any Affiliate and reimbursement of
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses for attendance at the Issuer&#146;s or any of their
    respective Affiliates&#146; board and board committee meetings.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Intellectual Property&#148; </I>means all patents,
    patent applications, trademarks, trade names, service marks,
    copyrights, technology, trade secrets, proprietary information,
    domain names, know-how and processes necessary for the conduct
    of the Issuer&#146;s or any Restricted Subsidiary&#146;s
    business.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Investments&#148; </I>of any Person means:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;all direct or indirect investments by such Person in
    any other Person (including Affiliates) in the form of loans,
    advances or capital contributions or other credit extensions
    constituting Indebtedness of such other Person, and any
    guarantee of Indebtedness of any other Person;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;all purchases (or other acquisitions for consideration)
    by such Person of Indebtedness, Equity Interests or other
    securities of any other Person (other than any such purchase
    that constitutes a Restricted Payment of the type described in
    clause&#160;(2) of the definition thereof);
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;all other items that would be classified as investments
    on a balance sheet of such Person prepared in accordance with
    GAAP (including, if required by GAAP, purchases of assets
    outside the ordinary course of business);&#160;and
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the Designation of any Subsidiary as an Unrestricted
    Subsidiary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as otherwise expressly specified in this definition, the
    amount of any Investment (other than an Investment made in cash)
    shall be the Fair Market Value thereof on the date such
    Investment is made. The amount of an Investment pursuant to
    clause&#160;(4) shall be the Designation Amount determined in
    accordance with the covenant described under
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Designation of Unrestricted Subsidiaries.&#148; If the Issuer or
    any Restricted Subsidiary sells or otherwise disposes of any
    Equity Interests of any Restricted Subsidiary, or any Restricted
    Subsidiary issues any Equity Interests, in either case, such
    that, after giving effect to any such sale or disposition, such
    Person is no longer a Subsidiary, the Issuer shall be deemed to
    have made an Investment on the date of any such sale or other
    disposition equal to the Fair Market Value of the Equity
    Interests of and all other Investments in such Restricted
    Subsidiary retained. Notwithstanding the foregoing, purchases or
    redemptions of Equity Interests of the Issuer shall be deemed
    not to be Investments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Issue Date&#148; </I>means the date on which the
    original Notes were originally issued.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Issuer&#148; </I>means Precision Drilling Corporation,
    a corporation amalgamated under the laws of the Province of
    Alberta, and any successor Person resulting from any transaction
    permitted by the covenant described under
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Mergers, Consolidations, Etc.&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Lien&#148; </I>means, with respect to any asset, any
    mortgage, deed of trust, lien (statutory or other), pledge,
    lease, easement, restriction, covenant, charge, security
    interest or other encumbrance of any kind or nature in respect
    of such asset, whether or not filed, recorded or otherwise
    perfected under applicable law, including any conditional sale
    or other title retention agreement, but excluding, for
    certainty, deemed security interests arising under
    Section&#160;1(1) (tt) (ii)&#160;of the <I>Personal Property
    Security Act </I>(Alberta) or similar legislation with respect
    to transfers of accounts, consignments of goods and leases with
    a term of more than one year that are not capital leases and do
    not secure performance of a payment or other obligation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Moody&#146;s&#148; </I>means Moody&#146;s Investors
    Service, Inc., and its successors.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Multijurisdictional Disclosure System&#148; </I>means
    the Canada-U.S.&#160;Multijurisdictional Disclosure System
    adopted by the SEC and the Canadian Securities Administrators,
    as in effect from time to time, and any successor statutes,
    rules or regulations thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Net Available Proceeds&#148; </I>means, with respect to
    any Asset Sale, the proceeds thereof in the form of cash or Cash
    Equivalents received by the Issuer or any of its Restricted
    Subsidiaries from such Asset Sale, net of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;brokerage commissions and other fees and expenses
    (including fees, discounts and expenses of legal counsel,
    accountants and investment banks, consultants and placement
    agents) of such Asset Sale;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;provisions for taxes payable (including any withholding
    or other taxes paid or reasonably estimated to be payable in
    connection with the transfer to the Issuer of such proceeds from
    any Restricted Subsidiary that received such proceeds) as a
    result of such Asset Sale (after taking into account any
    available tax credits or deductions and any tax sharing
    arrangements);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;amounts required to be paid to any Person (other than
    the Issuer or any Restricted Subsidiary and other than under a
    Credit Facility) owning a beneficial interest in the assets
    subject to the Asset Sale or having a Lien thereon;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;payments of unassumed liabilities (not constituting
    Indebtedness) relating to the assets sold at the time of, or
    within 30&#160;days after the date of, such Asset Sale;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;appropriate amounts to be provided by the Issuer or any
    Restricted Subsidiary, as the case may be, as a reserve required
    in accordance with GAAP against any adjustment in the sale price
    of such asset or assets or liabilities associated with such
    Asset Sale and retained by the Issuer or any Restricted
    Subsidiary, as the case may be, after such Asset Sale, including
    pensions and other post-employment benefit liabilities,
    liabilities related to environmental matters and liabilities
    under any indemnification obligations associated with such Asset
    Sale, all as reflected in an Officers&#146; Certificate
    delivered to the Trustee; <I>provided, however</I>, that any
    amounts remaining after adjustments, revaluations or
    liquidations of such reserves shall constitute Net Available
    Proceeds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Non-Recourse Debt&#148; </I>means Indebtedness of an
    Unrestricted Subsidiary:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;as to which neither the Issuer nor any Restricted
    Subsidiary (a)&#160;provides credit support of any kind
    (including any undertaking, agreement or instrument that would
    constitute Indebtedness), (b)&#160;is directly or indirectly
    liable as a guarantor or otherwise, or (c)&#160;constitutes the
    lender;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;no default with respect to which (including any rights
    that the holders thereof may have to take enforcement action
    against an Unrestricted Subsidiary) would permit upon notice,
    lapse of time or both any holder of any other Indebtedness of
    the Issuer or any Restricted Subsidiary to declare a default on
    the other Indebtedness or cause the payment thereof to be
    accelerated or payable prior to its Stated Maturity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Obligation&#148; </I>means any principal, interest,
    penalties, fees, indemnification, reimbursements, costs,
    expenses, damages and other liabilities payable under the
    documentation governing any Indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Officer&#148; </I>means any of the following of the
    Issuer or any Guarantor: the Chairman of the Board of Directors,
    the Chief Executive Officer, the Chief Financial Officer, the
    President, any Vice President, any trustee, the Treasurer or the
    Secretary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Officers&#146; Certificate&#148; </I>means a
    certificate signed by two Officers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Opinion of Counsel&#148; </I>means a written opinion
    from legal counsel acceptable to the U.S.&#160;Trustee. The
    counsel may be an employee of or counsel to the Issuer or the
    Trustee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Pari Passu Indebtedness&#148; </I>means any
    Indebtedness of the Issuer or any Guarantor that ranks <I>pari
    passu </I>in right of payment with the Notes or the Guarantees,
    as applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Permitted Business&#148; </I>means the businesses
    engaged in by the Issuer and its Subsidiaries on the Issue Date
    as described in this prospectus and businesses that are
    reasonably related, incidental or ancillary thereto or
    reasonable extensions thereof (other than, in each case,
    material exploration or production businesses).
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Permitted Investment&#148; </I>means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;Investments by the Issuer or any Restricted Subsidiary
    in (a)&#160;any Restricted Subsidiary or (b)&#160;any Person
    that will become immediately after such Investment a Restricted
    Subsidiary or that will merge or consolidate into the Issuer or
    any Restricted Subsidiary; <I>provided </I>the surviving or
    continuing Person of such merger or consolidation is either the
    Issuer or a Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;Investments in the Issuer by any Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;loans and advances to directors, employees and officers
    of the Issuer and its Restricted Subsidiaries (i)&#160;in the
    ordinary course of business (including payroll, travel and
    entertainment related advances) (other than any loans or
    advances to any director or executive officer (or equivalent
    thereof) that would be in violation of Section&#160;402 of the
    Sarbanes Oxley Act) and (ii)&#160;to purchase Equity Interests
    of the Issuer not in excess of US$2.5&#160;million individually
    and US$5.0&#160;million in the aggregate outstanding at any one
    time;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;Hedging Obligations entered into in the ordinary course
    of business for <I>bona fide</I> hedging purposes of the Issuer
    or any Restricted Subsidiary not for the purpose of speculation;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;Investments in cash and Cash Equivalents;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;receivables owing to the Issuer or any Restricted
    Subsidiary if created or acquired in the ordinary course of
    business and payable or dischargeable in accordance with
    customary trade terms; <I>provided, however</I>, that such trade
    terms may include such concessionary trade terms as the Issuer
    or any such Restricted Subsidiary deems reasonable under the
    circumstances;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;Investments in securities of trade creditors or
    customers received pursuant to any plan of reorganization or
    similar arrangement upon the bankruptcy or insolvency of such
    trade creditors or customers or received in compromise or
    resolution of litigation, arbitration or other disputes with
    such parties;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;Investments made by the Issuer or any Restricted
    Subsidiary as a result of consideration received in connection
    with an Asset Sale made in compliance with the covenant
    described under &#147;&#151;&#160;Certain Covenants&#160;&#151;
    Limitation on Asset Sales&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;lease, utility and other similar deposits in the
    ordinary course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;stock, obligations or securities received in
    settlement of debts created in the ordinary course of business
    and owing to the Issuer or any Restricted Subsidiary or in
    satisfaction of judgments;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;Permitted Joint Venture Investments made by the Issuer
    or any of its Restricted Subsidiaries, in an aggregate amount
    (measured on the date each such Investment was made and without
    giving effect to subsequent changes in value), when taken
    together with all other Investments made pursuant to this clause
    (11), that does not exceed US$50.0&#160;million;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (12)&#160;guarantees of Indebtedness of the Issuer or any of its
    Restricted Subsidiaries permitted in accordance with
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Additional Indebtedness&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (13)&#160;repurchases of, or other Investments in the Notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (14)&#160;advances or extensions of credit in the nature of
    accounts receivable arising from the sale or lease of goods or
    services, the leasing of equipment or the licensing of property
    in the ordinary course of business and payable or dischargeable
    in accordance with customary trade terms; <I>provided </I>that
    such trade terms may include such concessionary trade terms as
    the Issuer or the applicable Restricted Subsidiary deems
    reasonable under the circumstances;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (15)&#160;Investments existing on the Issue Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (16)&#160;Investments the payment for which consists of Equity
    Interests (exclusive of Disqualified Equity Interests) of the
    Issuer; <I>provided, however, </I>that such Equity Interests
    will not increase the amount available for Restricted Payments
    under the Restricted Payments Basket;
</DIV>
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    113
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (17)&#160;other Investments in any Person having an aggregate
    Fair Market Value (measured on the date each such Investment was
    made and without giving effect to subsequent changes in value)
    that, when taken together with all other Investments made
    pursuant to this clause&#160;(17) since the Issue Date, do not
    exceed the greater of (a)&#160;US$150.0&#160;million or
    (b)&#160;5.0% of the Issuer&#146;s Consolidated Tangible
    Assets;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (18)&#160;performance guarantees of any trade or non-financial
    operating contract (other than such contract that itself
    constitutes Indebtedness) in the ordinary course of business;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In determining whether any Investment is a Permitted Investment,
    the Issuer may allocate or reallocate all or any portion of an
    Investment among the clauses of this definition and any of the
    provisions of the covenant described under the caption
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Restricted Payments.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Permitted Joint Venture Investment&#148; </I>means,
    with respect to an Investment by any specified Person, an
    Investment by such specified Person in any other Person engaged
    in a Permitted Business (a)&#160;over which the specified Person
    is responsible (either directly or through a services agreement)
    for
    <FONT style="white-space: nowrap">day-to-day</FONT>
    operations or otherwise has operational and managerial control
    of such other Person, or veto power over significant management
    decisions affecting such other Person and (b)&#160;of which at
    least 20.0% of the outstanding Equity Interests of such other
    Person is at the time owned directly or indirectly by the
    specified Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Permitted Liens&#148; </I>means the following types of
    Liens:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;Liens for taxes, assessments or governmental charges or
    levies not yet due and payable or delinquent or that are being
    contested in good faith by appropriate proceedings, provided
    that adequate reserves with respect thereto are maintained on
    the books of the Issuer or its Restricted Subsidiaries, as the
    case may be, in conformity with GAAP;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;Liens in respect of property of the Issuer or any
    Restricted Subsidiary imposed by law or contract, which were not
    incurred or created to secure Indebtedness for borrowed money,
    such as carriers&#146;, warehousemen&#146;s, materialmen&#146;s,
    landlords&#146;, workmen&#146;s, suppliers&#146;,
    repairmen&#146;s and mechanics&#146; Liens and other similar
    Liens arising in the ordinary course of business, and which do
    not in the aggregate materially detract from the value of the
    property of the Issuer or its Restricted Subsidiaries, taken as
    a whole, and do not materially impair the use thereof in the
    operation of the business of the Issuer and its Restricted
    Subsidiaries, taken as a whole;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;pledges or deposits made in connection therewith in the
    ordinary course of business in connection with workers&#146;
    compensation, unemployment insurance, road transportation and
    other types of social security, regulations;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;Liens (i)&#160;incurred in the ordinary course of
    business to secure the performance of tenders, bids, trade
    contracts, stay and customs bonds, leases, statutory
    obligations, surety and appeal bonds, statutory bonds,
    government contracts, performance and return money bonds and
    other similar obligations (exclusive of obligations for the
    payment of borrowed money) or (ii)&#160;incurred in the ordinary
    course of business to secure liability for premiums to insurance
    carriers;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;Liens upon specific items of inventory or other goods
    and proceeds of any Person securing such Person&#146;s
    obligations in respect of bankers&#146; acceptances issued or
    created for the account of such Person to facilitate the
    purchase, shipment or storage of such inventory or other goods;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;Liens arising out of judgments or awards not resulting
    in a Default or an Event of Default so long as such Lien is
    adequately bonded and any appropriate legal proceedings which
    may have been duly initiated for the review of such judgment
    have not been finally terminated or the period within which such
    proceedings may be initiated has not expired;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;easements, rights of way, restrictions (including
    zoning restrictions), covenants, encroachments, protrusions and
    other similar charges or encumbrances, and minor title
    deficiencies on or with respect to any Real Property, in each
    case whether now or hereafter in existence, not
    (i)&#160;securing Indebtedness and (ii)&#160;in the aggregate
    materially interfering with the conduct of the business of the
    Issuer and its Restricted Subsidiaries and not materially
    impairing the use of such Real Property in such business;
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;Liens securing reimbursement obligations with respect
    to commercial letters of credit which encumber documents and
    other assets relating to such letters of credit and products and
    proceeds thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;Liens encumbering deposits made to secure obligations
    arising from statutory, regulatory, contractual or warranty
    requirements of the Issuer or any Restricted Subsidiary,
    including rights of offset and setoff;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;bankers&#146; Liens, rights of setoff and other
    similar Liens existing solely with respect to cash and Cash
    Equivalents on deposit in one or more of accounts maintained by
    the Issuer or any Restricted Subsidiary, in each case granted in
    the ordinary course of business in favor of the bank or banks
    with which such accounts are maintained, securing amounts owing
    to such bank with respect to cash management and operating
    account arrangements, including those involving pooled accounts
    and netting arrangements;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;any interest or title of a lessor under any lease
    entered into by the Issuer or any Restricted Subsidiary, in the
    ordinary course so long as such leases do not, individually or
    in the aggregate, (i)&#160;interfere in any material respect
    with the ordinary conduct of the business of the Issuer or any
    Restricted Subsidiary or (ii)&#160;materially impair the use
    (for its intended purposes) or the value of the property subject
    thereto;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (12)&#160;the filing of UCC financing statements solely as a
    precautionary measure in connection with operating leases,
    consignments of goods or transfers of accounts or the filing of
    <I>Personal Property Security Act </I>financing statements in
    connection with operating leases, consignments of goods or
    transfers of accounts, in each case to the extent not securing
    performance of a payment or other obligation;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (13)&#160;Liens securing all of the Notes and Liens securing any
    Guarantee;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (14)&#160;Liens securing Hedging Obligations entered into for
    <I>bona fide </I>hedging purposes of the Issuer or any
    Restricted Subsidiary not for the purpose of speculation;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (15)&#160;Liens existing on the Issue Date securing Indebtedness
    outstanding on the Issue Date; <I>provided </I>that (i)&#160;the
    aggregate principal amount of the Indebtedness, if any, secured
    by such Liens does not increase; and (ii)&#160;such Liens do not
    encumber any property other than the property subject thereto on
    the Issue Date (plus improvements, accessions, proceeds or
    dividends or distributions in respect thereof);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (16)&#160;Liens in favor of the Issuer or a Guarantor;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (17)&#160;Liens securing Indebtedness under the Credit
    Facilities incurred and then outstanding pursuant to
    clause&#160;(1) of the second paragraph of
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Additional Indebtedness&#148; and related Hedging Obligations;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (18)&#160;Liens arising pursuant to Purchase Money Indebtedness
    incurred pursuant to clause&#160;(8) of the second paragraph of
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Additional Indebtedness&#148;; <I>provided </I>that (i)&#160;the
    Indebtedness secured by any such Lien (including refinancings
    thereof) does not exceed 100.0% of the cost of the property
    being acquired or leased at the time of the incurrence of such
    Indebtedness and (ii)&#160;any such Liens attach only to the
    property being financed pursuant to such Purchase Money
    Indebtedness (plus improvements, accessions, proceeds or
    dividends or distributions in respect thereof) and do not
    encumber any other property of the Issuer or any Restricted
    Subsidiary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (19)&#160;Liens securing Acquired Indebtedness permitted to be
    incurred under the Indenture; <I>provided </I>that such
    Indebtedness was not incurred in connection with, or in
    contemplation of, such Person becoming a Restricted Subsidiary
    or being acquired or merged into the Issuer or a Restricted
    Subsidiary of the Issuer and the Liens do not extend to assets
    not subject to such Lien at the time of acquisition (plus
    improvements, accessions, proceeds or dividends or distributions
    in respect thereof) and are no more favorable in any material
    respect to the lienholders than those securing such Acquired
    Indebtedness prior to the incurrence of such Acquired
    Indebtedness by the Issuer or a Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (20)&#160;Liens on property of a Person existing at the time
    such Person is acquired or amalgamated or merged with or into or
    consolidated with the Issuer or any Restricted Subsidiary (and
    not created in anticipation or contemplation thereof);
    <I>provided </I>that such Liens do not extend to property not
    subject to such Liens at the time of acquisition (plus
    improvements, accessions, proceeds or dividends or distributions
    in respect thereof) and are no more favorable in any material
    respect to the lienholders than the existing Lien;
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (21)&#160;Liens to secure Refinancing Indebtedness of
    Indebtedness secured by Liens referred to in the foregoing
    clauses (15), (18), (19), (20)&#160;and this clause (21);
    <I>provided </I>that such Liens do not extend to any additional
    assets (other than improvements thereon and replacements
    thereof);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (22)&#160;licenses of Intellectual Property granted by the
    Issuer or any Restricted Subsidiary in the ordinary course of
    business and not interfering in any material respect with the
    ordinary conduct of the business of the Issuer or such
    Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (23)&#160;Liens arising out of conditional sale, title
    retention, consignment or similar arrangements for the sale of
    goods entered into by Issuer or any Restricted Subsidiary in the
    ordinary course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (24)&#160;Liens in favor of the Trustee as provided for in the
    Indenture on money or property held or collected by the Trustee
    in its capacity as Trustee;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (25)&#160;Liens securing Specified Cash Management Agreements
    entered into in the ordinary course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (26)&#160;Liens on assets of any Foreign Restricted Subsidiary
    to secure Indebtedness of such Foreign Restricted Subsidiary
    which Indebtedness is permitted by the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (27)&#160;Liens securing Indebtedness incurred under
    clause&#160;(16) of the second paragraph of
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Additional Indebtedness&#148;;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (28)&#160;other Liens with respect to obligations which do not
    in the aggregate exceed the greater of
    (a)&#160;US$150.0&#160;million or (b)&#160;5.0% of the
    Issuer&#146;s Consolidated Tangible Assets at any time
    outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Person&#148; </I>means any individual, corporation,
    partnership, limited liability company, joint venture,
    incorporated or unincorporated association, joint-stock company,
    trust, mutual fund trust, unincorporated organization or
    government or other agency or political subdivision thereof or
    other legal entity of any kind.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Plan of Liquidation&#148; </I>with respect to any
    Person, means a plan that provides for, contemplates or the
    effectuation of which is preceded or accompanied by (whether or
    not substantially contemporaneously, in phases or otherwise):
    (1)&#160;the sale, lease, conveyance or other disposition of all
    or substantially all of the assets of such Person otherwise than
    as an entirety or substantially as an entirety; and (2)&#160;the
    distribution of all or substantially all of the proceeds of such
    sale, lease, conveyance or other disposition of all or
    substantially all of the remaining assets of such Person to
    holders of Equity Interests of such Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Preferred Stock&#148; </I>means, with respect to any
    Person, any and all preferred or preference stock or other
    Equity Interests (however designated) of such Person whether now
    outstanding or issued after the Issue Date that is preferred as
    to the payment of dividends upon liquidation, dissolution or
    winding up.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;principal&#148; </I>means, with respect to the Notes,
    the principal of, and premium, if any, on the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Purchase Money Indebtedness&#148; </I>means
    Indebtedness, including Capitalized Lease Obligations, of the
    Issuer or any Restricted Subsidiary incurred for the purpose of
    financing all or any part of the purchase price of property,
    plant or equipment used in the business of the Issuer or any
    Restricted Subsidiary or the cost of installation, construction
    or improvement thereof; <I>provided, however</I>, that (except
    in the case of Capitalized Lease Obligations) the amount of such
    Indebtedness shall not exceed such purchase price or cost.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Qualified Equity Interests&#148; </I>of any Person
    means Equity Interests of such Person other than Disqualified
    Equity Interests; <I>provided </I>that such Equity Interests
    shall not be deemed Qualified Equity Interests to the extent
    sold or owed to a Subsidiary of such Person or financed,
    directly or indirectly, using funds (1)&#160;borrowed from such
    Person or any Subsidiary of such Person until and to the extent
    such borrowing is repaid or (2)&#160;contributed, extended,
    guaranteed or advanced by such Person or any Subsidiary of such
    Person (including, without limitation, in respect of any
    employee stock ownership or benefit plan). Unless otherwise
    specified, Qualified Equity Interests refer to Qualified Equity
    Interests of the Issuer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Qualified Equity Offering&#148; </I>means the issuance
    and sale of Qualified Equity Interests of the Issuer (or any
    direct or indirect parent of the Issuer to the extent the net
    proceeds therefrom are contributed to the common equity capital
    of the Issuer or used to purchase Qualified Equity Interests of
    the Issuer), other than (a)&#160;any issuance
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    pursuant to employee benefit plans or otherwise in compensation
    to officers, directors, trustees or employees, (b)&#160;public
    offerings with respect to the Issuer&#146;s Qualified Equity
    Interests, or options, warrants or rights, registered on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    or <FONT style="white-space: nowrap">S-8,</FONT> or
    (c)&#160;any offering of Qualified Equity Interests issued in
    connection with a transaction that constitutes a Change of
    Control.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Rating Agencies&#148; </I>means Moody&#146;s and
    S&#038;P.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Real Property&#148; </I>means, collectively, all right,
    title and interest (including any leasehold estate) in and to
    any and all parcels of or interests in real property owned,
    leased or operated by any Person, whether by lease, license or
    other means, together with, in each case, all easements,
    hereditaments and appurtenances relating thereto, all
    improvements and appurtenant fixtures and equipment, all general
    intangibles and contract rights and other property and rights
    incidental to the ownership, lease or operation thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Redesignation&#148; </I>has the meaning given to such
    term in the covenant described under &#147;&#151;&#160;Certain
    Covenants&#160;&#151; Limitation on Designation of Unrestricted
    Subsidiaries.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;refinance&#148; </I>means to refinance, repay, prepay,
    replace, renew or refund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Refinancing Indebtedness&#148; </I>means Indebtedness
    or Disqualified Stock of the Issuer or a Restricted Subsidiary
    incurred in exchange for, or the proceeds of which are used to
    redeem, refinance, replace, defease, discharge, refund or
    otherwise retire for value, in whole or in part, any
    Indebtedness of the Issuer or any Restricted Subsidiary (the
    &#147;Refinanced Indebtedness&#148;); <I>provided </I>that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the principal amount (and accreted value, in the case
    of Indebtedness issued at a discount) of the Refinancing
    Indebtedness does not exceed the principal amount (and accreted
    value, as the case may be) of the Refinanced Indebtedness plus
    the amount of accrued and unpaid interest on the Refinanced
    Indebtedness, any reasonable premium paid to the holders of the
    Refinanced Indebtedness and reasonable expenses incurred in
    connection with the incurrence of the Refinancing Indebtedness;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the obligor of the Refinancing Indebtedness does not
    include any Person (other than the Issuer or any Guarantor) that
    is not an obligor of the Refinanced Indebtedness;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;if the Refinanced Indebtedness was subordinated in
    right of payment to the Notes or the Guarantees, as the case may
    be, then such Refinancing Indebtedness, by its terms, is
    subordinate in right of payment to the Notes or the Guarantees,
    as the case may be, at least to the same extent as the
    Refinanced Indebtedness;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the Refinancing Indebtedness has a Stated Maturity
    either (a)&#160;no earlier than the Refinanced Indebtedness
    being repaid or amended or (b)&#160;no earlier than 91&#160;days
    after the maturity date of the Notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;the portion, if any, of the Refinancing Indebtedness
    that is scheduled to mature on or prior to the maturity date of
    the Notes has a Weighted Average Life to Maturity at the time
    such Refinancing Indebtedness is incurred that is equal to or
    greater than the Weighted Average Life to Maturity of the
    portion of the Refinanced Indebtedness being repaid that is
    scheduled to mature on or prior to the maturity date of the
    Notes;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;the proceeds of the Refinancing Indebtedness shall be
    used substantially concurrently with the incurrence thereof to
    redeem, refinance, replace, defease, discharge, refund or
    otherwise retire for value the Refinanced Indebtedness, unless
    the Refinanced Indebtedness is not then due and is not
    redeemable or prepayable at the option of the obligor thereof or
    is redeemable or prepayable only with notice, in which case such
    proceeds shall be held in a segregated account of the obligor of
    the Refinanced Indebtedness until the Refinanced Indebtedness
    becomes due or redeemable or prepayable or such notice period
    lapses and then shall be used to refinance the Refinanced
    Indebtedness; <I>provided </I>that in any event the Refinanced
    Indebtedness shall be redeemed, refinanced, replaced, defeased,
    discharged, refunded or otherwise retired for value within one
    year of the incurrence of the Refinancing Indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Registration Rights Agreement&#148; </I>means
    (i)&#160;the Registration Rights Agreement dated as of the Issue
    Date among the Issuer the Guarantors and the initial purchasers
    of the Notes issued on the Issue Date, together with any joinder
    agreement executed thereafter by the Guarantors and
    (ii)&#160;any other registration rights agreement entered into
    in connection with an issuance of Additional Notes in a private
    offering after the Issue Date.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Restricted Payment&#148; </I>means any of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the declaration or payment of any dividend or any other
    distribution (whether made in cash, securities or other
    property) on or in respect of Equity Interests of the Issuer or
    any Restricted Subsidiary or any payment made to the direct or
    indirect holders (in their capacities as such) of Equity
    Interests of the Issuer or any Restricted Subsidiary, including,
    without limitation, any payment in connection with any merger or
    consolidation involving the Issuer or any of its Restricted
    Subsidiaries but excluding (a)&#160;dividends or distributions
    payable solely in Qualified Equity Interests or through
    accretion or accumulation of such dividends on such Equity
    Interests and (b)&#160;in the case of Restricted Subsidiaries,
    dividends or distributions payable to the Issuer or to a
    Restricted Subsidiary (and if such Restricted Subsidiary is not
    a Wholly-Owned Subsidiary, to its other holders of its Common
    Stock on a pro rata basis);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the purchase, redemption, defeasance or other
    acquisition or retirement for value of any Equity Interests of
    the Issuer or any direct or indirect parent of the Issuer held
    by Persons other than the Issuer or a Restricted Subsidiary
    (including, without limitation, any payment in connection with
    any merger or consolidation involving the Issuer);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;any Investment other than a Permitted
    Investment;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;any principal payment on, purchase, redemption,
    defeasance, prepayment, decrease or other acquisition or
    retirement for value prior to any scheduled maturity or prior to
    any scheduled repayment of principal or sinking fund payment, as
    the case may be, in respect of Subordinated Indebtedness (other
    than any Subordinated Indebtedness owed to and held by the
    Issuer or any Restricted Subsidiary permitted under
    clause&#160;(6) of the definition of &#147;Permitted
    Indebtedness&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Restricted Payments Basket&#148; </I>has the meaning
    given to such term in the first paragraph of the covenant
    described under &#147;&#151;&#160;Certain Covenants&#160;&#151;
    Limitation on Restricted Payments.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Restricted Subsidiary&#148; </I>means any Subsidiary
    other than an Unrestricted Subsidiary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Sale and Repurchase Agreement&#148; </I>means the Sale
    and Repurchase Agreement, dated as of December&#160;23, 2008, by
    and between the Issuer and Precision Drilling Oilfield Services
    Corporation, as in effect on the Issue Date, and any other sale
    and repurchase agreements or similar agreements among the Issuer
    or any of the Guarantors entered into after the Issue Date;
    <I>provided </I>that any restrictions on dividends or
    distributions, loans or advances or transfers of property
    contained in such other agreements are no more restrictive to
    the Issuer or any Guarantor in all material respects as the
    analogous restrictions in the Sale and Repurchase Agreement,
    dated as of December&#160;23, 2008, and the applicable covenants
    therein are qualified so as to permit exceptions thereto
    (i)&#160;for the purpose of permitting payment of principal,
    interest and any other obligations under the Notes and the
    Indenture to the same extent in all material respects as the
    qualifications contained in the Sale and Repurchase Agreement,
    dated as of December&#160;23, 2008, (ii)&#160;to permit the
    granting of Liens under the Notes and the Indenture and
    (iii)&#160;to subordinate any Liens (including backup Liens)
    thereunder to any Liens under the Notes and the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;S&#038;P&#148; </I>means Standard&#160;&#038;
    Poor&#146;s Ratings Services, a division of the McGraw-Hill
    Companies, Inc., and its successors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;SEC&#148; </I>means the U.S.&#160;Securities and
    Exchange Commission.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Secretary&#146;s Certificate&#148; </I>means a
    certificate signed by the Secretary of the Issuer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Securities Act&#148; </I>means the U.S.&#160;Securities
    Act of 1933, as amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Significant Subsidiary&#148; </I>means (1)&#160;any
    Restricted Subsidiary that would be a &#147;significant
    subsidiary&#148; as defined in
    <FONT style="white-space: nowrap">Rule&#160;1-02</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    promulgated pursuant to the Securities Act as such Regulation
    was in effect on the Issue Date and (2)&#160;any Restricted
    Subsidiary that, when aggregated with all other Restricted
    Subsidiaries that are not otherwise Significant Subsidiaries and
    as to which any event described in clause&#160;(7) under
    &#147;&#151;&#160;Events of Default&#148; has occurred and is
    continuing, would constitute a Significant Subsidiary under
    clause&#160;(1) of this definition.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Specified Cash Management Agreements&#148; </I>means
    any agreement providing for treasury, depositary, purchasing
    card or cash management services, including in connection with
    any automated clearing house transfers of funds or any similar
    transactions between the Issuer or any Guarantor and any lender,
    including, without limitation, the centralized banking agreement
    among the Issuer, Precision Limited Partnership, Precision
    Drilling Canada Limited Partnership and Royal Bank of Canada
    providing for the administration of and netting of balances
    between Canadian bank accounts maintained by the Issuer and
    certain Subsidiaries with Royal Bank of Canada, as amended,
    restated or otherwise modified from time to time including, but
    not limited to, through the addition of new Subsidiaries as
    parties thereto and withdrawals of Subsidiaries therefrom from
    time to time, and including any replacement thereof entered into
    by the Issuer and any Subsidiaries with Royal Bank of Canada or
    any other lender from time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Stated Maturity&#148; </I>means, with respect to any
    Indebtedness, the date specified in the agreement governing or
    certificate relating to such Indebtedness as the fixed date on
    which the final payment of principal of such Indebtedness is due
    and payable, including pursuant to any mandatory redemption
    provision, but shall not include any contingent obligations to
    repay, redeem or repurchase any such principal prior to the date
    originally scheduled for the payment thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Subordinated Indebtedness&#148; </I>means Indebtedness
    of the Issuer or any Guarantor that is expressly subordinated in
    right of payment to the Notes or the Guarantees, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Subsidiary&#148; </I>means, with respect to any Person:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;any corporation, limited liability company,
    association, trust or other business entity of which more than
    50.0% of the total voting power of the Equity Interests entitled
    (without regard to the occurrence of any contingency) to vote in
    the election of the Board of Directors thereof is at the time
    owned or controlled, directly or indirectly, by such Person or
    one or more of the other Subsidiaries of such Person (or a
    combination thereof);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;any partnership (a)&#160;the sole general partner or
    the managing general partner of which is such Person or a
    Subsidiary of such Person or (b)&#160;the only general partners
    of which are such Person or of one or more Subsidiaries of such
    Person (or any combination thereof).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise specified, &#147;Subsidiary&#148; refers to a
    Subsidiary of the Issuer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Trust&#160;Indenture Act&#148; </I>means the
    Trust&#160;Indenture Act of 1939, as amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Unrestricted Subsidiary&#148; </I>means (1)&#160;any
    Subsidiary that at the time of determination shall be designated
    an Unrestricted Subsidiary by the Board of Directors of the
    Issuer in accordance with the covenant described under
    &#147;&#151;&#160;Certain Covenants&#160;&#151; Limitation on
    Designation of Unrestricted Subsidiaries&#148; and (2)&#160;any
    Subsidiary of an Unrestricted Subsidiary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;U.S.&#160;Government Obligations&#148; </I>means direct
    non-callable obligations of, or guaranteed by, the United States
    of America for the payment of which guarantee or obligations the
    full faith and credit of the United States is pledged.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Voting Stock&#148; </I>with respect to any Person,
    means securities of any class of Equity Interests of such Person
    entitling the holders thereof (whether at all times or only so
    long as no senior class of stock or other relevant equity
    interest has voting power by reason of any contingency) to vote
    in the election of members of the Board of Directors of such
    Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Weighted Average Life to Maturity&#148; </I>when
    applied to any Indebtedness at any date, means the number of
    years obtained by dividing (1)&#160;the sum of the products
    obtained by multiplying (a)&#160;the amount of each then
    remaining installment, sinking fund, serial maturity or other
    required payment of principal, including payment at Stated
    Maturity, in respect thereof by (b)&#160;the number of years
    (calculated to the nearest one-twelfth) that will elapse between
    such date and the making of such payment by (2)&#160;the then
    outstanding principal amount of such Indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Wholly-Owned Subsidiary&#148; </I>means a Restricted
    Subsidiary, all of the Equity Interests of which (other than
    directors&#146; qualifying shares) are owned by the Issuer or
    another Wholly-Owned Subsidiary.
</DIV>
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    <BR>
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<A name='O69608117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    FEDERAL INCOME TAX CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    United States Federal Income Tax Consequences of the Exchange
    Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The exchange of outstanding notes for exchange notes in the
    exchange offer will not constitute a taxable event to holders
    for United States federal income tax purposes. Consequently, you
    will not recognize gain or loss upon receipt of an exchange
    note, the holding period of the exchange note will include the
    holding period of the outstanding note exchanged therefor and
    the basis of the exchange note will be the same as the basis of
    the outstanding note immediately before the exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In any event, persons considering the exchange of outstanding
    notes for exchange notes should consult their own tax advisors
    concerning the United States federal income tax consequences in
    light of their particular situations as well as any consequences
    arising under the laws of any other taxing jurisdiction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Canadian Federal Income Tax Consequences of the Exchange
    Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following summary describes the principal Canadian federal
    income tax considerations generally applicable, as of the date
    hereof, to a holder of the outstanding notes who participates in
    the exchange offer and who, for purposes of the <I>Income Tax
    Act </I>(Canada) (the &#147;Tax Act&#148;) and at all relevant
    times, is not and is not deemed to be resident in Canada, does
    not use or hold and is not deemed to use or hold the outstanding
    notes or the exchange notes in carrying on a business in Canada,
    holds the outstanding notes and the exchange notes as capital
    property, deals at arm&#146;s length and is not affiliated with
    Precision, and deals at arm&#146;s length with any transferee
    resident or deemed to be resident in Canada to whom the holder
    assigns, transfers or otherwise disposes of an outstanding note
    or an exchange note (a &#147;Holder&#148;). Generally, the
    outstanding notes and the exchange notes will be capital
    property to a Holder provided the Holder does not acquire or
    hold such notes in the course of carrying on a business of
    trading or dealing in securities or as part of an adventure or
    concern in the nature of trade.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This summary is not applicable to a Holder that is an insurer
    that carries on an insurance business in Canada and elsewhere
    within the meaning of the Tax Act. Any such holder should
    consult its own Canadian tax advisors with respect to the
    acquisition, holding or disposition of the outstanding notes and
    the exchange notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This summary is based upon the provisions of the Tax Act and the
    regulations thereunder as of the date hereof, all specific
    proposals to amend the Tax Act and the regulations thereunder
    (the &#147;Tax Proposals&#148;) which have been publicly
    announced by or on behalf of the Minister of Finance (Canada)
    prior to the date hereof and the administrative policies and
    assessing practices of the Canada Revenue Agency published in
    writing prior to the date hereof. Except for the Tax Proposals,
    this summary does not take into account or anticipate any
    changes in law or administrative policy and assessing practice,
    whether by way of judicial, regulatory, legislative or
    governmental decision or action, nor does it take into account
    other federal or provincial, territorial or foreign income tax
    legislation or considerations, which may differ from the
    Canadian federal income tax considerations discussed herein. No
    assurances can be given that the Tax Proposals will be enacted
    as proposed or at all.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>This summary is of a general nature only and is not intended
    to be, and should not be construed to be, legal or tax advice to
    any particular Holder. This summary is not exhaustive of all
    Canadian federal income tax considerations. Accordingly, Holders
    should consult their own Canadian tax advisors with respect to
    the Canadian income tax considerations associated with
    participating in the exchange offer.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the purposes of the Tax Act, the exchange of the outstanding
    notes for the exchange notes should not constitute a taxable
    transaction.
</DIV>
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    <BR>
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<A name='O69608118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    ERISA CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a summary of certain considerations associated
    with the purchase and holding of the notes by employee benefit
    plans that are subject to Title&#160;I of the U.S.&#160;Employee
    Retirement Income Security Act of 1974, as amended
    (&#147;ERISA&#148;), plans, individual retirement accounts and
    other arrangements that are subject to Section&#160;4975 of the
    U.S.&#160;Internal Revenue Code of 1986, as amended (the
    &#147;Code&#148;), or provisions under any other federal, state,
    local,
    <FONT style="white-space: nowrap">non-U.S.&#160;or</FONT>
    other laws or regulations that are similar to such provisions of
    ERISA or the Code (collectively, &#147;Similar Laws&#148;), and
    entities whose underlying assets are considered to include
    &#147;plan assets&#148; of any such employee benefit plan, plan,
    account or arrangement (each, a &#147;Plan&#148;).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">General
    Fiduciary Matters</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    ERISA and the Code impose certain duties on persons who are
    fiduciaries of a Plan subject to Title&#160;I of ERISA or
    Section&#160;4975 of the Code (an &#147;ERISA Plan&#148;) and
    prohibit certain transactions involving the assets of an ERISA
    Plan and its fiduciaries or other interested parties. Under
    ERISA and the Code, any person who exercises any discretionary
    authority or control over the administration of such an ERISA
    Plan or the management or disposition of the assets of such an
    ERISA Plan, or who renders investment advice for a fee or other
    compensation to such an ERISA Plan, is generally considered to
    be a fiduciary of the ERISA Plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In considering an investment in the notes of a portion of the
    assets of any Plan, a fiduciary should determine whether the
    investment is in accordance with the documents and instruments
    governing the Plan and the applicable provisions of ERISA, the
    Code or any Similar Law relating to a fiduciary&#146;s duties to
    the Plan including, without limitation, the prudence,
    diversification and prohibited transaction provisions of ERISA,
    the Code and any other applicable Similar Laws.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Prohibited
    Transaction Issues</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Section&#160;406 of ERISA and Section&#160;4975 of the Code
    prohibit ERISA Plans from engaging in specified transactions
    involving plan assets with persons or entities who are
    &#147;parties in interest,&#148; within the meaning of ERISA, or
    &#147;disqualified persons,&#148; within the meaning of
    Section&#160;4975 of the Code, unless an exemption is available.
    A party in interest or disqualified person who engaged in a
    non-exempt prohibited transaction may be subject to excise taxes
    and other penalties and liabilities under ERISA and the Code. In
    addition, the fiduciary of the ERISA Plan that engaged in such a
    non-exempt prohibited transaction may be subject to penalties
    and liabilities under ERISA and the Code. The acquisition
    <FONT style="white-space: nowrap">and/or</FONT>
    holding of notes (including the exchange of outstanding notes
    for exchange notes) by an ERISA Plan with respect to which we or
    a subsidiary guarantor is considered a party in interest or a
    disqualified person may constitute or result in a direct or
    indirect prohibited transaction under Section&#160;406 of ERISA
    <FONT style="white-space: nowrap">and/or</FONT>
    Section&#160;4975 of the Code, unless the investment is acquired
    and is held in accordance with an applicable statutory, class or
    individual prohibited transaction exemption. In this regard, the
    U.S.&#160;Department of Labor has issued prohibited transaction
    class exemptions, or &#147;PTCEs,&#148; that may apply to the
    acquisition and holding of the notes. These class exemptions
    include, without limitation,
    <FONT style="white-space: nowrap">PTCE&#160;84-14</FONT>
    respecting transactions determined by independent qualified
    professional asset managers,
    <FONT style="white-space: nowrap">PTCE&#160;90-1</FONT>
    respecting insurance company pooled separate accounts,
    <FONT style="white-space: nowrap">PTCE&#160;91-38</FONT>
    respecting bank collective investment funds,
    <FONT style="white-space: nowrap">PTCE&#160;95-60</FONT>
    respecting life insurance company general accounts and
    <FONT style="white-space: nowrap">PTCE&#160;96-23</FONT>
    respecting transactions determined by in-house asset managers.
    In addition, Section&#160;408(b)(17) of ERISA and
    Section&#160;4975(d)(20) of the Code provide limited relief from
    the prohibited transaction provisions of ERISA and
    Section&#160;4975 of the Code for certain transactions, provided
    that neither the issuer of the securities nor any of its
    affiliates (directly or indirectly) have or exercise any
    discretionary authority or control or render any investment
    advice with respect to the assets of any ERISA Plan involved in
    the transaction and provided further that the ERISA Plan pays no
    more than adequate consideration in connection with the
    transaction. There can be no assurance that all of the
    conditions of any such exemptions will be satisfied.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because of the foregoing, the notes should not be acquired or
    held by any person investing &#147;plan assets&#148; of any
    Plan, unless such acquisition (including the exchange of
    outstanding notes for exchange notes) and holding will not
    constitute a non-exempt prohibited transaction under ERISA and
    the Code or a similar violation of any applicable Similar Laws.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Representation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Accordingly, by acceptance of a note (including an exchange of
    an outstanding note for an exchange note), each purchaser and
    subsequent transferee will be deemed to have represented and
    warranted that either (i)&#160;no portion of the assets used by
    such purchaser or transferee to acquire or hold the notes
    constitutes assets of any Plan or (ii)&#160;the acquisition and
    holding of the notes by such purchaser or transferee will not
    constitute a non-exempt prohibited transaction under
    Section&#160;406 of ERISA or Section&#160;4975 of the Code or a
    similar violation under any applicable Similar Laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The foregoing discussion is general in nature and is not
    intended to be all inclusive. Due to the complexity of these
    rules and the penalties that may be imposed upon persons
    involved in non-exempt prohibited transactions, it is
    particularly important that fiduciaries, or other persons
    considering purchasing the notes (including exchanging
    outstanding notes for exchange notes) on behalf of, or with the
    assets of, any Plan, consult with their counsel regarding the
    potential applicability of ERISA, Section&#160;4975 of the Code
    and any Similar Laws to such investment and whether an exemption
    would be applicable to the purchase and holding of the notes.
</DIV>
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    <BR>
    122
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='O69608119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each broker-dealer that receives exchange notes for its own
    account pursuant to the exchange offer must acknowledge that it
    will deliver a prospectus in connection with any resale of the
    exchange notes in the United States. This prospectus, as it may
    be amended or supplemented from time to time, may be used by a
    broker-dealer in connection with resales of exchange notes in
    the United States received in exchange for outstanding notes
    where the outstanding notes were acquired as a result of
    market-making activities or other trading activities. We have
    agreed that, for a period of 180&#160;days after the expiration
    date, we will make this prospectus, as amended or supplemented,
    available to any broker-dealer for use in connection with any
    such resale. In addition, all dealers effecting transactions in
    the exchange notes may be required to deliver a prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will not receive any proceeds from any exchange of
    outstanding notes for exchange notes or from any sale of
    exchange notes by broker-dealers. Exchange notes received by
    broker-dealers for their own accounts pursuant to the exchange
    offer may be sold from time to time in one or more transactions
    in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market, in negotiated transactions, through the writing of
    options on the exchange notes or a combination of these methods
    of resale, at market prices prevailing at the time of resale, at
    prices related to the prevailing market prices or at negotiated
    prices. Any such resale may be made directly to purchasers or
    through brokers or dealers who may receive compensation in the
    form of commissions or concessions from any broker-dealer
    <FONT style="white-space: nowrap">and/or</FONT> the
    purchasers of any exchange notes. Any broker-dealer that resells
    exchange notes that were received by it for its own account
    pursuant to the exchange offer and any broker or dealer that
    participates in a distribution of the exchange notes may be
    deemed to be an &#147;underwriter&#148; within the meaning of
    the Securities Act and any profit of any resale of exchange
    notes and any commissions or concessions received by these
    persons may be deemed to be underwriting compensation under the
    Securities Act. The letter of transmittal states that by
    acknowledging that it will deliver and by delivering a
    prospectus, a broker-dealer will not be deemed to admit that it
    is an &#147;underwriter&#148; within the meaning of the
    Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For a period of 180&#160;days after the expiration date, we will
    promptly send additional copies of this prospectus and any
    amendment or supplement to this prospectus to any broker-dealer
    that requests such documents in the letter of transmittal. We
    have agreed to pay all expenses incident to the exchange offer
    other than commissions or concessions of any brokers or dealers
    and, except in certain circumstances, the expenses of counsel
    and other advisors of the holders and will indemnify the holders
    of outstanding notes, including any broker-dealers, against
    certain liabilities, including liabilities under the Securities
    Act.
</DIV>
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    <BR>
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<A name='O69608120'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CANADIAN
    SECURITIES LAWS MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each holder of outstanding notes that tenders such notes in the
    exchange offer and is resident outside of Alberta will be deemed
    to have certified that such holder is not a resident of Alberta
    and will be deemed to acknowledge that: (1)&#160;no securities
    commission or similar regulatory authority in Canada has
    reviewed or passed on the merits of the exchange notes,
    (2)&#160;there is no government or other insurance covering the
    exchange notes, (3)&#160;there are risks associated with the
    exchange offer, (4)&#160;there are restrictions on the
    holder&#146;s ability to resell the exchange notes to residents
    of Canada and it is the responsibility of the holder to find out
    what those restrictions are and to comply with them before
    selling the exchange notes, (5)&#160;we have advised the holder
    that we are relying on an exemption from the requirements to
    provide the holder with a prospectus qualifying the distribution
    of the exchange notes in Canada and to sell securities through a
    person or company registered to sell securities under the
    <I>Securities Act </I>(Alberta) and, as a consequence, certain
    protections, rights and remedies provided by the <I>Securities
    Act </I>(Alberta), including statutory rights of rescission or
    damages, will not be available to the holder in connection with
    the exchange offer, and (6)&#160;each exchange note will contain
    a legend relating to resale restrictions to the following effect:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
    THIS SECURITY MUST NOT TRADE THE SECURITY TO A RESIDENT OF
    CANADA BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE
    DISTRIBUTION DATE.</B>
</DIV>
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    <BR>
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<A name='O69608121'>
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    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The validity of the exchange notes and the related guarantees
    offered hereby will be passed upon by Simpson
    Thacher&#160;&#038; Bartlett LLP, New York, New York and Bennett
    Jones LLP, Calgary, Alberta, will pass on matters of Canadian
    law.
</DIV>

<A name='O69608122'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The consolidated financial statements of Precision as of
    December&#160;31, 2010 and 2009, and for each of the years in
    the three-year period ended December&#160;31, 2010, and
    management&#146;s assessment of the effectiveness of internal
    control over financial reporting as of December&#160;31, 2010
    have been incorporated by reference herein in reliance upon the
    reports of KPMG LLP, independent registered public accounting
    firm, incorporated by reference herein, and upon the authority
    of said firm as experts in accounting and auditing.
</DIV>
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    <BR>
    125
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<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="o69608o6960800.gif" alt="(PRECISION DRILLING LOGO)">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 14%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 14%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    US$650,000,000 principal amount of our 6.625%&#160;Senior Notes
    due 2020, which have been registered under the Securities Act of
    1933, for any and all of our outstanding 6.625%&#160;Senior
    Notes due 2020.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Until the date that is 90&#160;days from the date of this
    prospectus, all dealers that effect transactions in these
    securities, whether or not participating in this offering, may
    be required to deliver a prospectus. This is in addition to the
    dealers&#146; obligation to deliver a prospectus when acting as
    underwriters with respect to their unsold allotments or
    subscriptions or otherwise.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">II.
    INFORMATION NOT REQUIRED IN PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;20.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Directors and Officers</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Canadian
    Registrants</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Precision
    Drilling Corporation, Precision Diversified Oilfield Services
    Corp. and Precision Oilfield Personnel Services Ltd. are
    incorporated under the laws of Alberta, Canada.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the <I>Business Corporations Act </I>(Alberta) (the
    &#147;ABCA&#148;), a corporation may indemnify a present or
    former director or officer of the corporation or a person who
    acts or acted at the corporation&#146;s request as a director or
    officer of a body corporate of which the corporation is or was a
    shareholder or creditor, and his heirs and legal representatives
    (an &#147;Indemnified Party&#148;), against all costs, charges
    and expenses, including an amount paid to settle an action or
    satisfy a judgment, reasonably incurred by him in respect of any
    civil, criminal or administrative action or proceeding to which
    he is made a party by reason of being or having been a director
    or officer of the corporation or that body corporate, if the
    director or officer acted honestly and in good faith with a view
    to the best interests of the corporation, and, in the case of a
    criminal or administrative action or proceeding that is enforced
    by a monetary penalty, the director or officer had reasonable
    grounds for believing that his conduct was lawful. Such
    indemnification may be in connection with an action by or on
    behalf of the corporation to procure a judgment in its favor
    only with court approval. An Indemnified Party is entitled to
    indemnification from the corporation as a matter of right if in
    the defense of the matter or action he or she was substantially
    successful on the merits, fulfilled the conditions set forth
    above, and is fairly and reasonably entitled to indemnity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The bylaws of Precision Drilling Corporation provide that,
    subject to section&#160;124 of the ABCA, except in respect of an
    action by or on behalf of the corporation or body corporate to
    procure a judgment in its favor, the corporation shall indemnify
    a director or officer of the corporation, a former director or
    officer of a body corporate of which the corporation is or was a
    shareholder or creditor, and his heirs and legal
    representatives, against all costs, charges and expenses,
    including an amount paid to settle an action or satisfy a
    judgment, reasonably incurred by him in respect of any civil,
    criminal or administrative action or proceeding to which he is
    made a party by reason for being or having been a director or
    officer of the corporation or body corporate, if he acted
    honestly and in good faith with a view to the best interests of
    the corporation and in the case of a criminal or administrative
    action or proceeding that is enforced by a monetary penalty, he
    had reasonable grounds for believing that his conduct was
    lawful. The corporation shall, subject to the approval of a
    Court (as defined in the ABCA), indemnify a person in respect of
    an action by or on behalf of the corporation or a body corporate
    to procure a judgment in its favor, to which he is made a party
    by reason of being or having been a director or an officer of
    the corporation or body corporate, against all costs, charges
    and expenses reasonably incurred by him in connection with such
    action if he fulfills the following conditions. A person shall
    be entitled to indemnity from the corporation in respect of all
    costs, charges and expenses reasonably incurred by him in
    connection with the defense of any civil, criminal, or
    administrative action or proceeding to which he is made a party
    by reason of being or having been a director or officer of the
    corporation or body corporate, if the person seeking indemnity
    was substantially successful on the merits of his defense of the
    action or proceeding and if he acted honestly and in good faith
    with a view to the best interests of the corporation and in the
    case of a criminal or administrative action or proceeding that
    is enforced by a monetary penalty, he had reasonable grounds for
    believing that his conduct was lawful.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The bylaws of Precision Diversified Oilfield Services Corp.
    provide that subject to the limitations contained in the ABCA,
    the corporation shall indemnify a director or officer, or a
    former director or officer, or a person who acts or acted at the
    corporation&#146;s request as a director or officer of a body
    corporate of which the corporation is or was a shareholder or
    creditor (or a person who undertakes or has undertaken any
    liability on behalf of the corporation or any such body
    corporate) and his heirs and legal representatives, against all
    costs, charges and expenses, including an amount paid to settle
    an action or satisfy a judgment, reasonably incurred by him in
    respect of any civil, criminal or administrative action or
    proceeding to which he is made a party by reason for being or
    having been a director or officer of the corporation or such
    body corporate, if he acted honestly and in good faith with a
    view to the best interests of the corporation and in the case of
    a criminal or administrative action or proceeding that is
    enforced by a monetary penalty, he had reasonable grounds for
    believing that his conduct was lawful.
</DIV>
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    <BR>
    II-1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The bylaws of Precision Oilfield Personnel Services Ltd. provide
    that the corporation shall indemnify a director or officer of
    the corporation, a former director or officer of the
    corporation, or a person who acts or acted at the
    corporation&#146;s request as a director or officer of a body
    corporate of which the corporation is or was a shareholder or
    creditor, and his heirs and legal representatives in the
    circumstances contemplated by, and to the fullest extent
    permitted by the ABCA.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Precision
    Drilling Canada Limited Partnership and Precision Limited
    Partnership are formed under the laws of Alberta,
    Canada.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the <I>Partnership Act</I> (Alberta) (the
    &#147;Alberta Partnership Act&#148;), a limited partner is not
    liable for the&#160;obligations of the limited partnership
    except in respect of the amount of property the limited partner
    contributes or agrees to contribute to the capital of the
    limited partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the limited partnership agreement of Precision
    Drilling Canada Limited Partnership, the general partner has
    unlimited liability for the debts, liabilities and obligations
    of the partnership to the extent of its assets. The liability of
    each limited partner for the liabilities and obligations of the
    partnership is limited to the amount of its capital
    contribution(s) plus its pro rata share of the undistributed
    assets of the partnership. A limited partner will have no
    further personal liability for such liabilities and obligations
    and following the payment of its capital contribution will not
    be liable for any additional assessments or contributions to the
    partnership, except that the limited partners shall be bound to
    return to the partnership such part of any amount distributed to
    them as may be necessary to restore the capital of the
    partnership to its existing amount before such distribution if,
    as a result of such distribution, the capital of the partnership
    is reduced and the partnership is unable to pay its debts as
    they become due. Except for its own gross negligence or willful
    misconduct, the general partner is not liable to the limited
    partners for any mistake or error in judgment, any act or
    omission believed in good faith to be within the scope of
    authority conferred by the limited partnership agreement and any
    loss or damage to property of the partnership caused by
    circumstances beyond the control of the general partner. The
    general partner shall indemnify the partnership for any damages
    incurred as a result of an act of gross negligence or willful
    misconduct of the general partner.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The limited partnership agreement of Precision Limited
    Partnership provides that the general partner has unlimited
    liability for the debts, liabilities and obligations of the
    partnership to the extent of its assets. The liability of each
    limited partner for the liabilities and obligations of the
    partnership is limited to the amount of his capital contribution
    plus his pro rata share of the undistributed assets of the
    partnership provided the limited partner is not in breach of any
    term hereof or the provisions of the Alberta Partnership Act. A
    limited partner will have no further personal liability for such
    liabilities and obligations and following the payment of his
    capital contribution will not be liable for any additional
    assessments or contributions to the partnership, except that the
    limited partners shall be bound to return to the partnership
    such part of any amount distributed to them as may be necessary
    to restore the capital of the partnership to its existing amount
    before such distribution if, as a result of such distribution,
    the capital of the partnership is reduced and the partnership is
    unable to pay its debts as they become due. Except for its own
    gross negligence or willful misconduct, the general partner is
    not liable to the limited partners for any mistake or error in
    judgment, any act or omission believed in good faith to be
    within the scope of authority conferred by the limited
    partnership agreement and any loss or damage to property of the
    partnership for any damages incurred as a result of an act of
    gross negligence or willful misconduct of the general partner.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Grey
    Wolf International Drilling Corporation is incorporated under
    the Canada Business Corporations Act.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the provisions of the <I>Canada Business
    Corporations Act</I> (the &#147;CBCA&#148;), a CBCA corporation
    may indemnify a current or former director or officer or any
    other individual who, at the request of the corporation, acts or
    has acted as a director or officer, or in any similar capacity,
    of the corporation or any other entity. Such indemnity may
    include all costs, charges and expenses reasonably incurred by
    the individual in respect of any civil, criminal,
    administrative, investigative or other proceeding in which the
    individual becomes involved as a result of having acted as a
    director or officer, or in any similar capacity, of the
    corporation or such other entity.
</DIV>
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    <BR>
    II-2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A CBCA corporation may not indemnify such an individual unless
    the individual has (a)&#160;acted honestly and in good faith,
    with a view to the best interests of the corporation or the
    other entity, as the case may be, and (b)&#160;in the case of a
    criminal or administrative action or proceeding that is enforced
    by a monetary penalty, the individual had reasonable grounds for
    believing that their conduct was lawful. Current and former
    directors and officers, and those acting in a similar capacity,
    will be entitled to indemnification from a CBCA corporation if
    they have not been judged by a court or other competent
    authority to have committed any fault or omitted to do anything
    they ought to have done and conditions (a)&#160;and (b)&#160;set
    out above in this paragraph have been fulfilled. A CBCA
    corporation may advance moneys to an indemnified individual for
    the costs, charges and expenses of a proceeding; however, such
    individual must repay the moneys if they do not satisfy
    conditions (a)&#160;and (b)&#160;set out above in this
    paragraph. CBCA corporations may purchase and maintain liability
    insurance for the benefit for those individuals entitled to
    indemnification under the CBCA. In the case of a derivative
    action, indemnification may only be made with court approval.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The bylaws of Grey Wolf International Drilling Corporation
    provide that the corporation shall indemnify a director or
    officer of the corporation, a former director or officer of the
    corporation or a person who acts or acted at the
    corporation&#146;s request as a director or officer of a body
    corporate of which the corporation is or was a shareholder or
    creditor, and his heirs and legal representatives to the extent
    permitted by the CBCA. Except as otherwise required by the CBCA
    and provided for in the bylaws, the corporation may from time to
    time indemnify and save harmless any person who was or is a
    party or is threatened to be made a party to any threatened,
    pending or contemplated action, suit or proceeding, whether
    civil, criminal, administrative or investigative (other than an
    action by or in the right of the corporation) by reason of the
    fact that he is or was an employee or agent of the corporation,
    or is or was serving at the request of the corporation as a
    director, officer, employee, agent of or participant in another
    body corporate, partnership, joint venture, trust or other
    enterprise, against expenses (including legal fees), judgments,
    fines and any amount actually and reasonably incurred by him in
    connection with such action, suit or proceeding if he acted
    honestly and in good faith with a view to the best interests of
    the corporation and, with respect to any criminal or
    administrative action or proceeding that is enforced by a
    monetary penalty, had reasonable grounds for believing that his
    conduct was lawful. The termination of any action, suit or
    proceeding by judgment, order, settlement or conviction shall
    not, of itself, create a presumption that the person did not act
    honestly and in good faith with a view to the best interests of
    the corporation and, with respect to any criminal or
    administrative action or proceeding that is enforced by a
    monetary penalty, had no reasonable grounds for believing that
    his conduct was lawful. The provisions for indemnification
    contained in the bylaws of the corporation shall not be deemed
    exclusive of any other rights to which any person seeking
    indemnification may be entitled under any agreement, vote of
    shareholders or directors or otherwise, both as to action in his
    official capacity and as to action in another capacity, and
    shall continue as to a person who has ceased to be a director,
    officer, employee or agent and shall inure to the benefit of the
    heirs and legal representatives of such a person.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Delaware
    Registrants</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Murco
    Drilling Corporation, Precision Completion&#160;&#038;
    Production Services Ltd. and Precision Drilling, Inc. are
    incorporated under the laws of Delaware.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Section&#160;145 of the Delaware General Corporation Law (the
    &#147;DGCL&#148;) grants each corporation organized thereunder
    the power to indemnify any person who is or was a director,
    officer, employee or agent of a corporation or enterprise,
    against expenses, including attorneys&#146; fees, judgments,
    fines and amounts paid in settlement actually and reasonably
    incurred by him in connection with any threatened, pending or
    completed action, suit or proceeding, whether civil, criminal,
    administrative or investigative, other than an action by or in
    the right of the corporation, by reason of being or having been
    in any such capacity, if he acted in good faith in a manner
    reasonably believed to be in, or not opposed to, the best
    interests of the corporation, and, with respect to any criminal
    action or proceeding, had no reasonable cause to believe his
    conduct was unlawful.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Section&#160;102(b)(7) of the DGCL enables a corporation in its
    certificate of incorporation or an amendment thereto to
    eliminate or limit the personal liability of a director to the
    corporation or its stockholders of monetary damages for
    violations of the directors&#146; fiduciary duty of care, except
    (i)&#160;for any breach of the directors&#146; duty of loyalty
    to the corporation or its stockholders, (ii)&#160;for acts or
    omissions not in good faith or that involve intentional
    misconduct or a knowing violation of law, (iii)&#160;pursuant to
    Section&#160;174 of the DGCL (providing for liability of
    directors for unlawful payment of dividends or unlawful stock
    purchases or redemptions) or (iv)&#160;for any transaction from
    which a director derived an improper personal benefit.
</DIV>
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    <BR>
    II-3
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The certificate of incorporation of each of Murco Drilling
    Corporation, Precision Completion&#160;&#038; Production
    Services Ltd. and Precision Drilling, Inc. indemnifies and
    advances expenses to all current and former officers of the
    corporation to the fullest extent permitted by applicable laws,
    as such laws exist and to such greater extent as they may
    provide in the future and provides that the liability of the
    directors of the corporation to the corporation or its
    stockholders for monetary damages shall be limited to the
    fullest extent permitted by applicable laws, as such laws exist
    and to such greater extent as they may provide in the future.
    Each of the bylaws of Murco Drilling Corporation, Precision
    Completion&#160;&#038; Production Services Ltd. and Precision
    Drilling, Inc. further state that each person who was or is a
    party or is threatened to be made a party to or is involved in
    any threatened, pending or completed action, by reason of the
    fact that he is or was a director or officer of the corporation
    or is or was serving at the request of the corporation in any
    other shall be indemnified and held harmless by the corporation
    to the fullest extent permitted by law and with respect to any
    criminal action or proceeding, had no reasonable cause to
    believe his conduct was unlawful; provided, however, that the
    corporation shall indemnify any such person seeking
    indemnification in connection with a proceeding initiated by
    such person only if such proceeding was authorized by the Board
    of Directors of the corporation. With respect to actions by or
    in the right of the corporation, each of the bylaws provide that
    no indemnification shall be made in respect of any claim, issue
    or matter as to which such person shall have been finally
    adjudged to be liable for negligence or misconduct in the
    performance of his duty to the corporation unless and only to
    the extent that the court in which such action is brought or any
    other court of competent jurisdiction, shall determine upon
    application that, despite the adjudication of liability but in
    view of all the circumstances of the case, such person is fairly
    and reasonably entitled to indemnity for such expenses as such
    court shall deem proper.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Louisiana
    Registrant</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Precision
    Drilling LLC is formed under the laws of the state of
    Louisiana.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Section&#160;315 of the Louisiana Limited Liability Company Act
    permits a limited liability company, in its articles of
    organization or in a written operating agreement, to eliminate
    or limit the personal liability of a member or members, if
    management is reserved to the members, or a manager or managers,
    if management is vested in one or more managers, for monetary
    damages for breach of any duty of diligence, care, judgment or
    skill. Notwithstanding the foregoing, the liability of a member
    or manager shall not be limited or eliminated for the amount of
    a financial benefit received by a member or manager to which he
    is not entitled or for an intentional violation of a criminal
    law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The regulations of Precision Drilling LLC provide that each
    person who was or is made a party or is threatened to be made a
    party to or is involved in any threatened, pending or completed
    action, suit or proceeding, whether civil, criminal,
    administrative or investigative (a &#147;proceeding&#148;), or
    any appeal in such a proceeding or any inquiry or investigation
    that could lead to such a proceeding, by reason of the fact that
    he or she, or a person of whom he or she is the legal
    representative, is or was a member or officer of the company or
    while a member or officer of the company is or was serving at
    the request of the company as a director, officer, partner,
    venture, proprietor, trustee, employee, agent of similar
    functionary of another foreign or domestic limited liability
    company, corporation, partnership, joint venture, sole
    proprietorship, trust, employee benefit plan or other enterprise
    shall be indemnified by the company to the fullest extent
    permitted by the Louisiana Limited Liability Company Act, as the
    same exists or may be amended (but, in the case of any such
    amendment, only to the extent that such amendment permits the
    company to provide broader indemnification rights than said law
    permitted the company to provide prior to such amendment)
    against judgments, penalties (including excise and similar taxes
    and punitive damages), fines, settlements and reasonable
    expenses (including, without limitation attorneys&#146; fees)
    actually incurred by such person in connection with such
    proceeding, and indemnification rights shall continue as to a
    person who has ceased to serve in the capacity which initially
    entitled such person to indemnity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Nevada
    Registrant</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Precision
    Drilling Holdings Company is incorporated under the laws of
    Nevada.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, Chapter&#160;78 of the Nevada Revised Statutes
    (&#147;NRS&#148;) entitled &#147;Private Corporations&#148;
    (&#147;Nevada Corporation Law&#148;) permits Precision Drilling
    Holdings Company (&#147;Precision Drilling&#148;) to indemnify
    its directors, officers, employees or agents against liabilities
    they may incur while serving in such capacities. Under NRS
</DIV>
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    <BR>
    II-4
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    78.7502, and as provided in the Bylaws of Precision Drilling,
    Precision Drilling may indemnify its directors, officers,
    employees or agents who were or are a party or are threatened to
    be made a party to any threatened, pending, or completed action,
    suit, or proceeding, whether civil, criminal, administrative, or
    investigative (except an action by or in the right of Precision
    Drilling), by reason of the fact that they are or were
    directors, officers, employees or agents of Precision Drilling,
    or are or were serving, at the request of Precision Drilling, as
    directors, officers, employees or agents of another corporation,
    partnership, joint venture, trust, or other enterprise, against
    expenses, including attorneys&#146; fees, judgments, fines, and
    amounts paid in settlement, actually and reasonably incurred by
    them in connection with the action, suit, or proceeding, unless
    it is ultimately determined by a court of competent jurisdiction
    that they breached their fiduciary duties set forth at NRS
    78.138 owed to Precision Drilling or did not act in good faith
    and in a manner which they reasonably believed to be in, or not
    opposed to, the best interests of Precision Drilling, and, with
    respect to any criminal action or proceeding, had no reasonable
    cause to believe their conduct was unlawful.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Similarly, the Bylaws of Precision Drilling provide that it may
    indemnify any party who was or is a party or is threatened to be
    made a party to any threatened, pending or completed action or
    suit by or in the right of the corporation to procure a judgment
    in its favor by reason of the fact that the person is or was a
    director, officer, employee or agent of Precision Drilling or
    another entity at Precision Drilling&#146;s request, including
    amounts paid in settlement and attorneys&#146; fees actually and
    reasonably incurred by the person in the defense or settlement
    of the action or suit if the person is not liable for breach of
    their fiduciaries duties set forth at NRS 78.138, and acted in
    good faith and a manner which he or she reasonably believed to
    be in, or not opposed to, the best interests of Precision
    Drilling. However, indemnification may not be made if the person
    seeking indemnification has been adjudged by a court of
    competent jurisdiction, after all appeals therefrom, to be
    liable to the corporation or for amounts paid in settlement to
    the corporation unless the court in which the action or suit was
    brought or another court of competent jurisdiction determines
    that in view of all of the circumstances, the person is fairly
    and reasonably entitled to indemnity for such expenses as the
    court deems proper. In addition, the applicable statutory
    provisions require that Precision Drilling indemnify its
    directors, officers, employees or agents who have been
    successful on the merits or otherwise in defense of any action,
    suit, or proceeding referred to above, against expenses,
    including attorneys&#146; fees, actually and reasonably incurred
    by them in connection with the defense.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any discretionary indemnification by Precision Drilling, unless
    ordered by a court or advanced by Precision Drilling upon the
    receipt of an undertaking by or on behalf of the indemnified
    party, may be made only as authorized in the specific case upon
    a determination that indemnification of the director, officer,
    employee or agent is proper in the circumstances. The
    determination must be made by the stockholders, or by the board
    of directors by a majority vote of a quorum consisting of
    directors who were not parties to the action, suit or
    proceeding, or if a majority vote of a quorum consisting of
    directors who were not parties to the action, suit or proceeding
    so orders, by independent legal counsel in a written opinion, or
    if a quorum consisting of directors who were not parties to the
    action, suit or proceeding cannot be obtained, then by
    independent legal counsel in a written opinion.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Articles of Incorporation, or the Bylaws or an agreement
    made by Precision Drilling provide that Precision Drilling will
    advance expenses incurred by directors or officers in defending
    a civil or criminal action, suit, or proceeding as they are
    incurred upon receipt of an undertaking that is provided by or
    on behalf of such directors or officers to repay such advances
    if it is ultimately determined by a court of competent
    jurisdiction that they are not entitled to indemnification by
    Precision Drilling.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Articles of Incorporation of Precision Drilling provide
    generally that it shall, to the fullest extent permitted by the
    Nevada Corporation Law, indemnify any and all persons whom it
    shall have power to indemnify under said Nevada Corporation Law
    from and against any and all of the expenses, liabilities or
    other matters referred to in or covered by said Nevada
    Corporation Law, and that such indemnification shall not be
    deemed exclusive of any other rights to which those indemnified
    may be entitled under Precision Drilling&#146;s Articles of
    Incorporation or under any bylaw, agreement, vote of
    stockholders or disinterested directors or otherwise, both as to
    actions in his or her official capacity and as to actions in
    another capacity while holding such office and said
    indemnification shall continue as to a person who has ceased to
    be a director, officer, employee or agent and shall inure to the
    benefit of the heirs, executors and administrators of such
    person.
</DIV>
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    <BR>
    II-5
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    <B><U><FONT style="font-family: 'Times New Roman', Times">Texas
    Registrants</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">DI
    Energy, Inc., DI/Perfensa Inc., Grey Wolf International, Inc.,
    Grey Wolf Supply Inc., Precision Drilling Oilfield Services
    Corporation, and Precision Directional Services, Inc. are
    corporations incorporated under the laws of Texas. Precision
    Drilling Company LP is a limited partnership formed under the
    laws of Texas.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under Section&#160;8.101 of the Texas Business Organizations
    Code (the &#147;TBOC&#148;), a company may indemnify a director
    or general partner (a &#147;governing person&#148;), former
    governing person, or a person who, while serving as a governing
    person of the company, serves at the company&#146;s request as
    its representative at another company, organization, or employee
    benefits plan (a &#147;delegate&#148;) who was, is, or is
    threatened to be made a named defendant or respondent in a
    proceeding against judgment and reasonable expenses (including
    court costs, penalties, settlements, fines, excise and similar
    taxes, and reasonable attorney&#146;s fees) actually incurred by
    the person in connection with the proceeding if it is determined
    that (a)&#160;the person seeking indemnification acted in good
    faith, reasonably believed that his or her conduct was in or at
    least not opposed to best interests of the company and, in the
    case of a criminal proceeding, has no reasonable cause to
    believe his or her conduct was unlawful, (b)&#160;expenses
    (other than a judgment) are reasonable, and
    (c)&#160;indemnification should be paid, except that if the
    person is found liable to the company or improperly received a
    personal benefit a company may indemnify such person only for
    reasonable expenses (including court costs, settlements, and
    reasonable attorney&#146;s fees, but excluding judgments,
    penalties, fines, excise and similar taxes) actually incurred by
    the person in connection with the proceeding. Section&#160;8.102
    of the TBOC prohibits a company from indemnifying any such
    person in respect of any such proceeding in which the person is
    found liable for willful or intentional misconduct in the
    performance of the person&#146;s duties to the company, breach
    of the person&#146;s duty of loyalty owed to the company, or an
    act or omission not in good faith that constitutes a breach of a
    duty owed by such person to the company. Under
    Section&#160;8.105 of the TBOC, a company may indemnify an
    officer, employee, agent, or other person that is not a
    governing person as provided by (i)&#160;the company&#146;s
    governing documents, (ii)&#160;action of the company&#146;s
    board of directors or other governing authority,
    (iii)&#160;resolution of the company&#146;s owners,
    (iv)&#160;contract, or (v)&#160;common law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A company is required by Sections&#160;8.051 and 8.105 of the
    TBOC to indemnify a governing person, former governing person,
    delegate, or officer against reasonable expenses (including
    court costs, penalties, settlements, fines, excise and similar
    taxes, and reasonable attorney&#146;s fees) actually incurred by
    the person in connection with a proceeding in which the person
    is a named defendant or respondent due to the fact that the
    person is or was in that position if the person has been wholly
    successful, on the merits or otherwise, in the defense of the
    proceeding. In a suit for indemnification, a court that
    determines that a governing person, former governing person, or
    delegate is entitled to indemnification under Section&#160;8.051
    of the TBOC must order indemnification and award expenses to the
    person (including court costs, penalties, settlements, fines,
    excise and similar taxes, and reasonable attorney&#146;s fees)
    incurred in securing the indemnification. Under
    Section&#160;8.052 of the TBOC, on application and after notice
    is provided, a court may order a company to indemnify a
    governing person, former governing person, or delegate to the
    extent the court determines that the person is fairly and
    reasonably entitled to indemnification in view of all the
    relevant circumstances; however, if the person is found liable
    to the company or is found liable on the basis that a personal
    benefit was improperly received by the person, the
    indemnification will be limited to reasonable expenses
    (including court costs, penalties, settlements, fines, excise
    and similar taxes, and reasonable attorney&#146;s fees).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under Section&#160;8.515 of the TBOC, a company may maintain
    insurance or another arrangement to indemnify or hold harmless
    an existing or former governing person, delegate, officer,
    employee, or agent against liability asserted against or
    incurred by the person in that capacity or arising out of the
    person&#146;s status in that capacity, without regard to whether
    the company otherwise would have had the power to indemnify the
    person against that liability, subject to certain conditions.
    Additionally, the company may also take certain other steps for
    the benefit of the persons to be indemnified such as creating a
    trust fund, establishing self-insurance, granting a security
    interest in the company&#146;s assets to secure the indemnity
    obligation, or establishing a letter of credit, guaranty, or
    surety arrangement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under Section&#160;8.104 of the TBOC, a company may pay or
    reimburse reasonable expenses (including court costs, penalties,
    settlements, fines, excise and similar taxes, and reasonable
    attorney&#146;s fees) incurred by a present governing person or
    delegate who was, is, or is threatened to be made a respondent
    in a proceeding in advance of the final disposition of the
    proceeding upon the company&#146;s receipt of a written
    affirmation by the person of the person&#146;s
</DIV>
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    <BR>
    II-6
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    good faith belief that the person has met the standard of
    conduct necessary for indemnification and a written undertaking
    by or on behalf of the person to repay the amount paid or
    reimbursed if the final determination is that the person has not
    met that standard or that indemnification is prohibited under
    the TBOC. Section&#160;8.105 of the TBOC provides that a company
    may advance expenses to an officer, employee, agent, or other
    person that is not a governing person as provided by
    (i)&#160;the company&#146;s governing documents,
    (ii)&#160;action of the company&#146;s board of directors or
    other governing authority, (iii)&#160;resolution of the
    company&#146;s owners, (iv)&#160;contract, or (v)&#160;common
    law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The circumstances in which a company may or is required to
    indemnify, or may advance expenses to, a person under the TBOC
    may be restricted by the company&#146;s certificate of formation
    or partnership agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each of the certificates of formation of Grey Wolf Supply Inc.
    and of Precision Drilling Oilfield Services Corporation provides
    that no director of the corporation shall be personally liable
    to the corporation or its shareholders for monetary damages for
    an act or omission in the director&#146;s capacity as a
    director, except to the extent otherwise expressly provided by a
    statute of the State of Texas. All directors of the corporation
    shall be entitled to indemnification by the corporation to the
    maximum extent permitted by the TBOC (or such comparable
    statutory provision governing indemnification by a Texas
    corporation of its directors as may from time to time be
    applicable). If the TBOC or the Texas Miscellaneous Corporation
    Laws Act hereafter is amended to authorize the further
    elimination or limitation of the liability of directors, then
    the liability of a director of the corporation, in addition to
    the limitation on personal liability provided herein, shall be
    eliminated or limited to the fullest extent permitted by the
    amended statute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The bylaws of Grey Wolf Supply Inc. and of Precision Drilling
    Oilfield Services Corporation provide that each person who at
    any time shall serve, or shall have served, as a director,
    officer, employee or agent of the corporation, or any person
    who, while a director, officer, employee or agent of the
    corporation, is or was serving at the request of the corporation
    as a director, officer, partner, venturer, proprietor, trustee,
    employee, agent, member, manager or similar functionary of
    another foreign or domestic corporation, partnership, limited
    partnership, joint venture, sole proprietorship, trust, limited
    liability company, employee benefit plan or other enterprise
    (each such person referred to herein as an
    &#147;indemnitee&#148;), shall be entitled to indemnification as
    and to the fullest extent permitted by Chapter&#160;8 of the
    TBOC or any successor statutory provision, as from time to time
    amended. The foregoing right of indemnification shall not be
    deemed exclusive of any other rights to which those to be
    indemnified may be entitled as a matter of law or under any
    agreement, other provision of such bylaws, vote of shareholders
    or directors, or other arrangement. The corporation may enter
    into indemnification agreements with its executive officers and
    directors that contractually provide to them the benefits of the
    indemnification provisions of Article&#160;8 of such bylaws and
    include related provisions meant to facilitate the
    indemnitees&#146; receipt of such benefits and such other
    indemnification protections as may be deemed appropriate. The
    foregoing rights of an indemnitee shall include, but not be
    limited to, the right to be indemnified and to have expenses
    advanced in all proceedings to the fullest extent permitted by
    Chapter&#160;8 of the TBOC or any successor statutory
    provisions, as from time to time amended, subject to certain
    limitations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The bylaws of DI Energy, Inc. and Grey Wolf International, Inc.
    provide that the corporation shall indemnify every director or
    officer or former director or officer of the corporation or any
    person who may have served at its request as a director or
    officer of the corporation or any person who may have served at
    its request as a director or officer (or in a similar capacity)
    of another corporation, partnership, joint venture, trust, other
    enterprise or employee benefit plan, against reasonable expenses
    (including attorneys&#146; fees), damages, fines, penalties,
    judgments, amounts paid in settlement, and other liabilities
    actually and reasonably incurred by him in connection with any
    threatened, pending or completed action, suit or proceeding,
    whether civil, criminal, administrative or investigative, to
    which he may be made a party or in which he may become involved
    by reason of his being or having been such a director or officer
    (whether or not involving action in his official capacity as
    director or officer), except that no indemnification shall be
    made in respect of any claim, issue or matter as to which such
    person shall have been adjudged to be liable for gross
    negligence, recklessness or willful misconduct in the
    performance of his duty to the corporation, unless and only to
    the extent that a court of appropriate jurisdiction shall
    determine upon application that, despite the adjudication of
    liability but in view of all the circumstances of the case, such
    person is fairly and reasonably entitled to indemnity. Any
    indemnification (unless ordered by a court of appropriate
    jurisdiction) shall be made by the corporation only as
    authorized in the specific case upon a determination that
    indemnification of the director or officer is proper in the
    circumstances because he is not guilty of gross negligence,
    recklessness or willful misconduct in the performance of his
    duty to the corporation. Expenses incurred in appearing
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-7
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    at, participating in or defending any threatened, pending, or
    completed action, suit, or proceeding, whether civil, criminal,
    administrative or investigative, shall be paid by the
    corporation at reasonable intervals in advance of the final
    disposition of such action, suit or proceeding after a
    determination is made in the manner specified in the bylaws that
    the information then known to those making the determination
    does not establish that indemnification would not be permissible
    under such bylaws and upon receipt by the corporation of a
    written affirmation by the director or officer of his good faith
    belief that he has met the standard of conduct necessary for
    indemnification by the corporation and a written undertaking by
    or on behalf of the director or officer to repay such amount
    unless it shall ultimately be determined that he is entitled to
    be indemnified by the corporation. The bylaws further provide
    that it is the intent of the corporation to indemnify persons
    referenced therein to the fullest extent permitted by law, and
    that the indemnification provided in such bylaws shall not be
    deemed exclusive of any other rights to which those seeking
    indemnification may be entitled and shall continue after a
    person has ceased to be a director or officer and shall inure to
    the benefit of the heirs, executors, and administrators of such
    person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The articles of incorporation of DI/Perfensa Inc. provide that a
    director of the corporation shall not be personally liable to
    the corporation or its shareholders for monetary damages for any
    act or omission in his capacity as a director, except to the
    extent otherwise expressly provided by a statute of the State of
    Texas.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The bylaws of DI/Perfensa Inc. provide that the corporation
    shall indemnify every present or former director, advisory
    director, or officer of the corporation, any person who while
    serving in any such capacity served at the corporation&#146;s
    request as a director, officer, partner, venturer, proprietor,
    trustee, employee, agent, or similar functionary of another
    foreign or domestic corporation, partnership, joint venture,
    trust, employee benefit plan, or other enterprise, and any
    person nominated or designated by the board of directors or any
    committee of the board to serve in such capacities, against all
    judgments, penalties (including excise and similar taxes),
    fines, amounts paid in settlement and reasonable expenses
    (including court costs and attorneys&#146; fees and
    disbursements) actually incurred by the indemnitee in connection
    with any proceeding in which he was, is or is threatened to be
    named a defendant or respondent, or in which he was or is a
    witness without being named a defendant or respondent, by
    reason, in whole or in part, of his serving or having served, or
    having been nominated or designated to serve, in any of the
    capacities referred to, if it is determined that the indemnitee
    conducted himself in good faith, reasonably believed, in the
    case of conduct in his official capacity, that his conduct was
    in the corporation&#146;s best interests and, in all other
    cases, that his conduct was at least not opposed to the
    corporation&#146;s best interest, and in the case of any
    criminal proceeding, had no reasonable cause to believe that his
    conduct was unlawful; provided, however, that in the event that
    an indemnitee is found liable to the corporation or is found
    liable on the basis that personal benefit was improperly
    received by the indemnitee the indemnification is limited to
    reasonable expenses actually incurred by the indemnitee in
    connection with the proceeding and shall not be made in respect
    of any proceeding in which the indemnitee shall have been found
    liable for willful or intentional misconduct in the performance
    of his duty to the corporation. Except as provided above, no
    indemnification shall be made in respect of any proceeding in
    which such indemnitee shall have been found liable on the basis
    that personal benefit was improperly received by him, whether or
    not the benefit resulted from an action taken in the
    indemnitee&#146;s official capacity, or found liable to the
    corporation. The indemnification provided in such bylaws shall
    be applicable whether or not negligence or gross negligence of
    the indemnitee is alleged or proven. The bylaws further provide
    that such indemnification shall not be deemed exclusive of, or
    preclude, any other rights to which those seeking
    indemnification may at any time be entitled and shall continue
    as to a person who has ceased to be in the capacity by reason of
    which he was an indemnitee with respect to matters arising
    during the period he was in such capacity, and inure to the
    benefit of the heirs, executors, and administrators of such
    person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The certificate of formation and bylaws of Precision Directional
    Services, Inc. provide that each person who at any time is or
    was a director or officer of the company, and who was, is or is
    threatened to be made a party to any proceeding (as defined in
    the TBOC), by reason of the fact that such person is or was a
    director or officer of the company, or is or was a director or
    officer of the company serving at the request of the company as
    a director, officer, partner, venturer, proprietor, trustee,
    employee, agent or similar functionary of another foreign or
    domestic corporation, partnership, joint venture, sole
    proprietorship, trust, employee benefit plan or other enterprise
    shall be indemnified by the company to the fullest extent that
    an enterprise is permitted to indemnify and advance expenses to
    such a person under the TBOC, or any amendment thereto or
    enactment of other applicable law as may from time
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-8
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    to time be in effect (but, in the case of any such amendment or
    enactment, only to the extent that such amendment or law permits
    the company to provide broader indemnification rights than such
    law prior to such amendment or enactment permitted the company
    to provide), against judgments, penalties (including excise and
    similar taxes), fines, settlements and reasonable expenses
    (including court costs and attorneys&#146; fees) actually
    incurred by such person in connection with such proceeding.
    Expenses incurred in defending a proceeding shall be paid by the
    company in advance of the final disposition of such proceeding
    to the fullest extent permitted by the TBOC or any other
    applicable laws as may from time to time be in effect. The
    rights to indemnification and prepayment of expenses which are
    conferred upon the company&#146;s directors and officers by the
    certificate of formation and bylaws may be conferred upon any
    employee or agent of the company if, and to the extent,
    authorized by the company&#146;s board of directors. The company
    may purchase and maintain insurance or make other arrangements,
    at its expense, to protect itself and any such director,
    officer, employee, agent or person as specified in the
    certificate of formation and bylaws of the company, against any
    such expense, liability or loss, whether or not the company
    would have the power to indemnify against such expense,
    liability or loss under the TBOC. To the greatest extent
    permitted by applicable law, a director or officer of the
    company shall not be liable to the company or its shareholders
    for monetary damages for an act or omission in the
    director&#146;s or officer&#146;s capacity as a director or
    officer of the company except to the extent that the director or
    officer is found to be liable under applicable law for:
    (a)&#160;a breach of the person&#146;s duty of loyalty to the
    company or its shareholders; (b)&#160;an act or omission not
    committed in good faith that (i)&#160;constitutes a breach of a
    duty owed by the person to the company or its shareholders or
    (ii)&#160;involves intentional misconduct or a knowing violation
    of law; (c)&#160;a transaction from which the person received an
    improper benefit, regardless of whether the benefit resulted
    from an action taken within the scope of the person&#146;s
    duties; or (d)&#160;an act or omission for which the liability
    of the person is expressly provided by an applicable statute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the Agreement of Limited Partnership of Precision
    Drilling Company LP, the partnership shall indemnify the general
    partner if it is named as a defendant or respondent in a
    proceeding because it was acting within the scope of its
    official capacity with the partnership. The partnership shall
    indemnify the limited partners and their officers, directors,
    employees and agents, the general partner and its officers,
    directors, employees and agents and any person serving at the
    request of the partnership, acting through the general partner,
    as director, officer, partner, trustee, employee or agent of
    another corporation, partnership, joint venture, trust or other
    enterprise (each an &#147;indemnitee&#148;) who is made a named
    defendant or respondent in a proceeding because such indemnitee
    was acting within the scope of his official capacity with the
    partnership, provided such indemnitee acted in good faith and
    reasonably believed that his conduct was in the best interest of
    the partnership. An indemnittee may be indemnified in a criminal
    proceeding only if he had no reasonable basis to believe his
    conduct was unlawful. The partnership shall not indemnify an
    indemnitee who is found liable on the basis that he improperly
    received personal benefit in violation of a fiduciary duty or
    that he committed other willful or intentional misconduct.
    Without limiting the foregoing provisions, the partnership may
    be required to indemnify an indemnitee to the full extent
    allowed by the TBOC. The partnership shall, with respect to
    claims for indemnity, be governed by the provisions of the TBOC
    in effect at the time the conduct subject to the indemnity claim
    arose.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Indemnification
    Agreements</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition to the indemnification provisions included in the
    various corporate and organizational documents, Precision
    Drilling Corporation maintains indemnification agreements with
    individuals that are or have been officers or directors of
    Precision Drilling Corporation and its affiliates and
    individuals that are, have been or may become, at the request of
    Precision Drilling Corporation, an officer, director or trustee
    for a body corporate, limited liability company, partnership,
    unincorporated association, unincorporated syndicate,
    unincorporated organization, joint venture or trust. The
    indemnification agreements provide that Precision Drilling
    Corporation will indemnify and save harmless a party, the
    party&#146;s estate, heirs and legal representatives against all
    costs, charges and expenses (including, without limitation,
    legal expenses), including an amount paid to settle an action or
    satisfy a judgment or any fines levied, reasonably incurred by
    him or her in respect of any actual or threatened civil,
    criminal or administrative action or proceeding to which he or
    she is made a party or threatened to be made a party by reason
    of being or having been an officer or director if (i)&#160;the
    party acted honestly and in good faith with a view to the best
    interests of the corporation or entity to which the party served
    as an officer or director and (ii)&#160;in the case of a
    criminal or administrative action or proceeding that is enforced
    by a monetary penalty, the party had reasonable grounds for
    believing that his conduct was lawful. In respect of an actual
    or threatened action by or on behalf of a
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-9
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    corporation that is a body corporate to procure a judgment in
    its favor to which the party, or the party&#146;s estate, heirs
    or legal representations, is made a party or threatened to be
    made a party by reason of being or having been an officer or
    director of such corporation, Precision Drilling Corporation
    shall, subject to obtaining any necessary approval of the Court
    (as defined in the <I>Business Corporations Act </I>(Alberta)),
    indemnify and save harmless the party, the party&#146;s estate,
    heirs and legal representations, from and against all costs,
    charges and expenses (including, without limitation, legal
    expenses), including an amount paid to settle an action or
    satisfy a judgment, reasonably incurred by him in connection
    with such action if the party fulfills the conditions set out
    above. Should a party be compelled by law or requested by
    Precision Drilling Corporation or a related entity to
    participate in any action or proceeding without having been
    named as a party, by reason of being or having been an officer
    or director of a company, and thereby incur or become liable for
    any costs, charges or expenses (including, without limitation,
    legal expenses, counsel and witness fees), then, Precision
    Drilling Corporation shall forthwith assume and pay, or promptly
    reimburse the party for and indemnify the party from, any and
    all such costs, charges or expenses.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"><!-- TABLE 05 -->

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;21.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Exhibits
    and Financial Statement Schedules.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Arrangement Agreement, dated March&#160;30, 2010, among
    Precision Drilling Trust, Precision Drilling Limited
    Partnership, 1194312 Alberta Ltd., Precision Drilling
    Corporation, 1521502 Alberta Ltd. and 1521500 Alberta Ltd.
    (incorporated by reference to Exhibit&#160;1 to Precision
    Drilling Corporation&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    filed on April&#160;15, 2010 (file number
    <FONT style="white-space: nowrap">001-14534))</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amalgamation of Precision Drilling Corporation*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Precision Drilling Corporation*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of DI Energy, Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of DI Energy, Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of DI/Perfensa Inc., as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of DI/Perfensa Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Grey Wolf International, Inc., as
    amended.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Grey Wolf International, Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Grey Wolf Supply Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Grey Wolf Supply Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Murco Drilling Corporation, as
    amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Murco Drilling Corporation*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .13
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Precision Completion&#160;&#038;
    Production Services Ltd.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .14
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Precision Completion&#160;&#038; Production Services
    Ltd.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .15
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Precision Directional Services, Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .16
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Precision Directional Services, Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Precision Diversified Oilfield
    Services Corp., as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .18
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Precision Diversified Oilfield Services Corp.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .19
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of Precision Drilling Canada
    Limited Partnership*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .20
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Limited Partnership Agreement of Precision Drilling Canada
    Limited Partnership*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .21
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of Precision Drilling
    Company, LP, as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .22
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Agreement of Limited Partnership of Precision Drilling Company,
    LP, as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .23
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Precision Drilling Holdings
    Company, as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .24
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Precision Drilling Holdings Company*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .25
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Certificate of Incorporation of Precision
    Drilling, Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .26
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Precision Drilling, Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .27
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Grey Wolf International Drilling
    Corporation, as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .28
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Grey Wolf International Drilling Corporation*
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .29
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Precision Drilling LLC, as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .30
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Regulations of Precision Drilling LLC, as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .31
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Precision Drilling Oilfield Services
    Corporation, as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .32
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Precision Drilling Oilfield Services Corporation*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .33
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of Precision Limited
    Partnership, as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .34
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Limited Partnership Agreement of Precision Limited Partnership,
    as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .35
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Precision Oilfield Personnel
    Services Ltd., as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .36
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Precision Oilfield Personnel Services Ltd.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture, dated as of November&#160;17, 2010, among Precision
    Drilling Corporation, the guarantors named therein, The Bank of
    New York Mellon, as U.S. trustee, and Valiant
    Trust&#160;Company, as Canadian trustee (incorporated by
    reference to Exhibit&#160;99.1 to Precision Drilling
    Corporation&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;6-K,</FONT>
    filed on November&#160;23, 2010 (file number
    <FONT style="white-space: nowrap">001-14534))</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors named
    therein and the Initial Purchasers named therein. (incorporated
    by reference to Exhibit&#160;99.2 to Precision Drilling
    Corporation&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;6-K,</FONT>
    filed on November&#160;23, 2010 (file number
    <FONT style="white-space: nowrap">001-14534))</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture, dated as of March&#160;15, 2011, between Precision
    Drilling Corporation and Valiant Trust&#160;Company, as trustee*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Exchange Notes (included in Exhibit&#160;4.1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Simpson Thacher&#160;&#038; Bartlett LLP*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Bennett Jones LLP*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Fulbright&#160;&#038; Jaworski*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Jones Vargas*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Slattery Marino&#160;&#038; Roberts*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Credit Agreement, dated as of November&#160;17, 2010, among
    Precision Drilling Corporation, the financial institutions party
    thereto, Royal Bank of Canada, as administration agent, RBC
    Capital Markets, as co-lead arranger and joint bookrunner,
    Credit Suisse Securities (USA) LLC, as co-lead arranger and
    joint bookrunner, The Toronto-Dominion Bank, as co-documentation
    agent, HSBC Bank Canada, as co-documentation agent, and Wells
    Fargo Bank, N.A., as co-documentation agent*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Statement of Computation of Ratio of Earnings to Fixed Charges*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Subsidiaries of Precision Drilling Corporation*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Simpson Thacher&#160;&#038; Bartlett LLP (included as
    part of its opinion filed as Exhibit&#160;5.1 hereto)*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Bennett Jones LLP (included as part of its opinion
    filed as Exhibit&#160;5.2 hereto)*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Fulbright&#160;&#038; Jaworski (included as part of
    its opinion filed as Exhibit&#160;5.3 hereto)*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Jones Vargas (included as part of its opinion filed
    as Exhibit&#160;5.4 hereto)*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Slattery Marino&#160;&#038; Roberts (included as part
    of its opinion filed as Exhibit&#160;5.5 hereto)*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of KPMG LLP in respect of Precision Drilling Corporation*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Power of Attorney (included in signature pages of this
    registration statement)*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    25
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="white-space: nowrap">Form&#160;T-1</FONT>
    Statement of Eligibility under the Trust&#160;Indenture Act of
    1939 of The Bank of New York Mellon as U.S. trustee under the
    Indenture, dated as of November&#160;17, 2010, among Precision
    Drilling Corporation, the guarantors named therein, The Bank of
    New York Mellon, as U.S. trustee, and Valiant
    Trust&#160;Company, as Canadian trustee*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter of Transmittal*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Brokers, Dealers, Commercial Banks,
    Trust&#160;Companies and Other Nominees*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Clients*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Notice of Guaranteed Delivery*
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 06 -->

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    II-11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent"><!-- TABLE 05 -->

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;22.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Undertakings.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;Each of the undersigned registrants hereby undertakes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;to include any prospectus required by
    section&#160;10(a)(3) of the Securities Act of 1933;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;to reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule&#160;424(b) if, in the aggregate, the changes in volume and
    price represent no more than 20% change in the maximum aggregate
    offering price set forth in the &#147;Calculation of
    Registration Fee&#148; table in the effective registration
    statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iii)&#160;to include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;that, for the purpose of determining any liability
    under the Securities Act of 1933, each such post-effective
    amendment shall be deemed to be a new registration statement
    relating to the securities offered therein, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;to remove from registration by means of a
    post-effective amendment any of the securities being registered
    which remain unsold at the termination of the offering;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;that, for the purpose of determining liability under
    the Securities Act of 1933 to any purchaser: each prospectus
    filed pursuant to Rule&#160;424(b) as part of a registration
    statement relating to an offering, other than registration
    statements relying on Rule&#160;430B or other than prospectuses
    filed in reliance on Rule&#160;430A, shall be deemed to be part
    of and included in the registration statement as of the date it
    is first used after effectiveness; provided, however, that no
    statement made in a registration statement or prospectus that is
    part of the registration statement or made in a document
    incorporated or deemed incorporated by reference into the
    registration statement or prospectus that is part of the
    registration statement will, as to a purchaser with a time of
    contract of sale prior to such first use, supersede or modify
    any statement that was made in the registration statement or
    prospectus that was part of the registration statement or made
    in any such document immediately prior to such date of first
    use;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;that, for the purpose of determining liability of the
    registrant under the Securities Act of 1933 to any purchaser in
    the initial distribution of the securities: The undersigned
    registrant undertakes that in a primary offering of securities
    of the undersigned registrant pursuant to this registration
    statement, regardless of the underwriting method used to sell
    the securities to the purchaser, if the securities are offered
    or sold to such purchaser by means of any of the following
    communications, the undersigned registrant will be a seller to
    the purchaser and will be considered to offer or sell such
    securities to such purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;any preliminary prospectus or prospectus of the
    undersigned registrant relating to the offering required to be
    filed pursuant to Rule&#160;424;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrant or used
    or referred to by the undersigned registrant;
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-12
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iii)&#160;the portion of any other free writing prospectus
    relating to the offering containing material information about
    the undersigned registrant or its securities provided by or on
    behalf of the undersigned registrant;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iv)&#160;any other communication that is an offer in the
    offering made by the undersigned registrant to the purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;that, for purposes of determining any liability under
    the Securities Act of 1933, each filing of the registrant&#146;s
    annual report pursuant to Section&#160;13(a) or 15(d) of the
    Securities Exchange Act of 1934 (and, where applicable, each
    filing of an employee benefit plan&#146;s annual report pursuant
    to Section&#160;15(d) of the Securities Exchange Act of
    1934)&#160;that is incorporated by reference in the registration
    statement shall be deemed to be a new registration statement
    relating to the securities offered therein, and the offering of
    such securities at that time shall be deemed to be the initial
    <I>bona fide </I>offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;Insofar as indemnification for liabilities arising
    under the Securities Act of 1933&#160;may be permitted to
    directors, officers and controlling persons of the registrant
    pursuant to the foregoing provisions, or otherwise, the
    registrant has been advised that in the opinion of the
    Securities and Exchange Commission such indemnification is
    against public policy as expressed in the Act and is, therefore,
    unenforceable. In the event that a claim for indemnification
    against such liabilities (other than the payment by the
    registrant of expenses incurred or paid by a director, officer
    or controlling person of the registrant in the successful
    defense of any action, suit or proceeding) is asserted by such
    director, officer or controlling person in connection with the
    securities being registered, the registrant will, unless in the
    opinion of its counsel the matter has been settled by
    controlling precedent, submit to a court of appropriate
    jurisdiction the question whether such indemnification by it is
    against public policy as expressed in the Act and will be
    governed by the final adjudication of such issue.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;Each of the undersigned registrants hereby undertakes
    to respond to requests for information that is incorporated by
    reference into the prospectus pursuant to Items&#160;4, 10(b),
    11, or 13 of this Form, within one business day of receipt of
    such request, and to send the incorporated documents by first
    class mail or other equally prompt means. This includes
    information contained in documents filed subsequent to the
    effective date of the registration statement through the date of
    responding to the request.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;Each of the undersigned registrants hereby undertakes
    to supply by means of a post-effective amendment all information
    concerning a transaction, and the company being acquired
    involved therein, that was not the subject of and included in
    the registration statement when it became effective.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PRECISION DRILLING CORPORATION</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Kevin
    A. Neveu</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Name:&#160;&#160;&#160;&#160;&#160;Kevin A. Neveu</B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="8%"></TD>
    <TD width="43%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;</B>
</TD>
    <TD align="left">
    <B>President and Chief Executive Officer</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kevin
    A. Neveu</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Kevin
    A. Neveu</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Chief Executive Officer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President and Chief Financial Officer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;William
    T. Donovan</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>William
    T. Donovan</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;W.C.
    Dunn</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>W.C.
    Dunn</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-14
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J.S. Gibson</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J.S. Gibson</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allen
    R. Hagerman</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allen
    R. Hagerman</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Stephen
    J. J. Letwin</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Stephen
    J. J. Letwin</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Patrick
    M. Murray</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Patrick
    M. Murray</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Frederick
    W. Pheasey</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Frederick
    W. Pheasey</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    L. Phillips</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    L. Phillips</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>Chairman</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Trevor
    M. Turbidy</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Trevor
    M. Turbidy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>DI ENERGY, INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Name:&#160;&#160;&#160;&#160;&#160;Robert J. McNally</B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="9%"></TD>
    <TD width="42%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and<BR>
    Chief Financial Officer</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below Kevin A. Neveu, Robert
    J. McNally and Joanne L. Alexander, or any of them, as his
    attorney in fact and agent, with full power of substitution and
    resubstitution, to execute, in his name and on his behalf, in
    any and all capacities, a Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President, Chief<BR>
    Financial Officer and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    J. Haddad</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Kenneth
    J. Haddad</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>DI/PERFENSA INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Name:&#160;&#160;&#160;&#160;&#160;Robert J. McNally</B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="9%"></TD>
    <TD width="42%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and<BR>
    Chief Financial Officer</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President, Chief<BR>
    Financial Officer and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    J. Haddad</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Kenneth
    J. Haddad</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>GREY WOLF INTERNATIONAL, INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Name:&#160;&#160;&#160;&#160;&#160;Robert J. McNally</B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="9%"></TD>
    <TD width="42%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and<BR>
    Chief Financial Officer</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President, Chief<BR>
    Financial Officer and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    J. Haddad</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Kenneth
    J. Haddad</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 20pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>GREY WOLF INTERNATIONAL<BR>
    DRILLING CORPORATION</B>
</DIV>

<DIV style="margin-top: 42pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Name:&#160;&#160;&#160;&#160;&#160;Robert J. McNally</B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="9%"></TD>
    <TD width="42%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and<BR>
    Chief Financial Officer</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President, Chief<BR>
    Financial Officer and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Joanne
    L. Alexander</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Joanne
    L. Alexander</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President, General Counsel,<BR>
    Corporate Secretary and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Wane
    J. Stickland</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Wane
    J. Stickland</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>GREY WOLF SUPPLY INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Name:&#160;&#160;&#160;&#160;&#160;Robert J. McNally</B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="9%"></TD>
    <TD width="42%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and<BR>
    Chief Financial Officer</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President, Chief<BR>
    Financial Officer and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    J. Haddad</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Kenneth
    J. Haddad</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of City of Calgary, Province of Alberta,
    Country of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>MURCO DRILLING CORPORATION</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Name:&#160;&#160;&#160;&#160;&#160;Robert J. McNally</B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="9%"></TD>
    <TD width="42%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and<BR>
    Chief Financial Officer</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President, Chief<BR>
    Financial Officer and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    J. Haddad</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Kenneth
    J. Haddad</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May&#160;4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PRECISION COMPLETION&#160;&#038; <BR>
    PRODUCTION SERVICES LTD.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Name:&#160;&#160;&#160;&#160;&#160;Robert J. McNally</B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="9%"></TD>
    <TD width="42%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and<BR>
    Chief Financial Officer</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President, Chief Financial Officer and
    Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    J. Haddad</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Kenneth
    J. Haddad</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PRECISION DIRECTIONAL SERVICES, INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Name:&#160;&#160;&#160;&#160;&#160;Robert J. McNally</B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="8%"></TD>
    <TD width="43%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and</B>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 57%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Chief Financial Officer</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President, Chief <BR>
    Financial Officer and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    J. Haddad</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Kenneth
    J. Haddad</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PRECISION DIVERSIFIED OILFIELD <BR>
    SERVICES CORP.</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="8%"></TD>
    <TD width="43%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Name:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Robert J. McNally</B>
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and</B>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 57%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Chief Financial Officer</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President, Chief <BR>
    Financial Officer and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Joanne
    L. Alexander</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Joanne
    L. Alexander</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President, General Counsel, Corporate Secretary and
    Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Wane
    J. Stickland</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Wane
    J. Stickland</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Douglas
    J. Strong</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Douglas
    J. Strong</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President, Completion and Services, <BR>
    and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PRECISION DRILLING CANADA <BR>
    LIMITED PARTNERSHIP</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="8%"></TD>
    <TD width="43%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Name:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Robert J. McNally</B>
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and</B>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 57%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Chief Financial Officer</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Director of the general partner, Precision
    Diversified Oilfield Services Corp.</B>&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President and Chief Financial Officer of the
    general partner, Precision Diversified Oilfield Services
    Corp.</B>&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Wane
    J. Stickland</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Wane
    J. Stickland</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Director of the general partner, Precision
    Diversified Oilfield Services Corp.</B>&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Douglas
    J. Strong</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Douglas
    J. Strong</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President, Completion and Production Services, and Director
    of the general partner, Precision Diversified Oilfield Services
    Corp.</B>&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Joanne
    L. Alexander</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Joanne
    L. Alexander</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President, General Counsel, Corporate Secretary and
    Director of the general partner, Precision Diversified Oilfield
    Services Corp.</B>&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-26
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PRECISION DRILLING COMPANY LP</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="8%"></TD>
    <TD width="43%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Name:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Robert J. McNally</B>
</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="9%"></TD>
    <TD width="42%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and</B>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Chief Financial Officer</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Director of the general partner, Precision
    Drilling Holdings Company</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President, Chief Financial Officer and
    Director of the general partner, Precision Drilling <BR>
    Holdings Company</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    J. Haddad</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Kenneth
    J. Haddad</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Director of the general partner, Precision
    Drilling Holdings Company</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PRECISION DRILLING HOLDINGS COMPANY</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Name:&#160;&#160;&#160;&#160;&#160;Robert J. McNally</B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="9%"></TD>
    <TD width="42%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and</B>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Chief Financial Officer</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President, Chief <BR>
    Financial Officer and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    J. Haddad</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Kenneth
    J. Haddad</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PRECISION DRILLING, INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Name:&#160;&#160;&#160;&#160;&#160;Robert J. McNally</B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="9%"></TD>
    <TD width="42%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and</B>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Chief Financial Officer</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President, Chief <BR>
    Financial Officer and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    J. Haddad</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Kenneth
    J. Haddad</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-29
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PRECISION DRILLING LLC</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Name:&#160;&#160;&#160;&#160;&#160;Robert J. McNally</B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="9%"></TD>
    <TD width="42%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and</B>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Chief Financial Officer</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Manager</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President, Chief <BR>
    Financial Officer and Manager</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    J. Haddad</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Kenneth
    J. Haddad</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Manager</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PRECISION DRILLING OILFIELD SERVICES CORPORATION</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Name:&#160;&#160;&#160;&#160;&#160;Robert J. McNally</B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="9%"></TD>
    <TD width="42%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and</B>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 58%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Chief Financial Officer</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President, Chief <BR>
    Financial Officer and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    J. Haddad</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Kenneth
    J. Haddad</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-31
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PRECISION LIMITED PARTNERSHIP</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Name:&#160;&#160;&#160;&#160;&#160;Robert J. McNally</B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="7%"></TD>
    <TD width="44%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and<BR>
    Chief Financial Officer</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Director of the general partner, Precision
    Diversified Oilfield Services Corp.</B>&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President and Chief Financial Officer of the
    general partner, Precision Diversified Oilfield Services
    Corp.</B>&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-32
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Douglas
    J. Strong</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Douglas
    J. Strong</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President, Completion and Production Services, and Director
    of the general partner, Precision Diversified Oilfield Services
    Corp.</B>&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Wane
    J. Stickland</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Wane
    J. Stickland</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Director of the general partner, Precision
    Diversified Oilfield Services Corp.</B>&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Joanne
    L. Alexander</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Joanne
    L. Alexander</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President, General Counsel, Corporate Secretary and
    Director of the general partner, Precision Diversified Oilfield
    Services Corp.</B>&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-33
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Calgary, Province of Alberta, Country
    of Canada, on this
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>&#160;day

    of May, 2011.
</DIV>

<DIV style="margin-top: 20pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PRECISION OILFIELD PERSONNEL<BR>
    SERVICES LTD.</B>
</DIV>

<DIV style="margin-top: 40pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Name:&#160;&#160;&#160;&#160;&#160;Robert J. McNally</B>
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="7%"></TD>
    <TD width="44%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and<BR>
    Chief Financial Officer</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES
    AND POWERS OF ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each person whose signature appears below authorizes Kevin A.
    Neveu, Robert J. McNally and Joanne L. Alexander, or any of
    them, as his attorney in fact and agent, with full power of
    substitution and resubstitution, to execute, in his name and on
    his behalf, in any and all capacities, a Registration Statement
    on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    and any amendments, including post-effective amendments thereto
    (and any additional registration statement related thereto
    permitted by Rule&#160;462(b) promulgated under the Securities
    Act of 1933 (and all further amendments including post-effective
    amendments thereto)), relating to an offer to exchange
    6.625%&#160;Senior Notes due 2020 (the &#147;Notes&#148;) of
    Precision Drilling Corporation and any amendments including
    post-effective amendments thereto related to the Notes and any
    other notes described therein, as contemplated under the
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors thereto and
    the initial purchasers of the Notes, and to file the same, with
    all the exhibits thereto, and all other documents in connection
    therewith, with the Securities and Exchange Commission,
    necessary or advisable to enable the registrant to comply with
    the Securities Act of 1933, and any rules, regulations and
    requirements of the Securities and Exchange Commission, in
    respect thereof, in connection with the registration of the
    Notes pursuant to such Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;F-4</FONT>
    as such attorney may deem appropriate, and with full power and
    authority to perform and do any and all acts and things,
    whatsoever which any such attorney or substitute may deem
    necessary or advisable to be performed or done in connection
    with any or all of the above-described matters, as fully as each
    of the undersigned could do if personally present and acting,
    hereby ratifying and approving all acts of any such attorney or
    substitute.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 8pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Gene
    C. Stahl</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Gene
    C. Stahl</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    J. McNally</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    J. McNally</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Executive Vice President and Chief Financial Officer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Joanne
    L. Alexander</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Joanne
    L. Alexander</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President, General Counsel, Corporate Secretary and
    Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Wane
    J. Stickland</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Wane
    J. Stickland</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Vice President and Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Douglas
    J. Strong</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Douglas
    J. Strong</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>President, Completion and Production Services, and
    Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    May 4, 2011
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-34
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">AUTHORIZED
    REPRESENTATIVE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of Section&#160;6(a) of the
    Securities Act of 1933, Precision Drilling Oilfield Services
    Corporation as the Authorized Representative has duly caused
    this registration statement to be signed on its behalf by the
    undersigned, solely in its capacity as the duly authorized
    representative of Precision Drilling Corporation, Precision
    Diversified Oilfield Services Corp., Precision Drilling Canada
    Limited Partnership, Grey Wolf International Drilling
    Corporation, Precision Limited Partnership and Precision
    Oilfield Personnel Services Ltd. in the United States, in the
    City of Houston, State of Texas, on May 4, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PRECISION DRILLING OILFIELD <BR>
    SERVICES CORPORATION</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>By:&#160;</B>
</TD>
    <TD valign="bottom" align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    J. McNally<B></B></DIV><B><BR>
    </B><DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Name:&#160;&#160;&#160;&#160;&#160;Robert J. McNally</B>
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="7%"></TD>
    <TD width="44%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;&#160;&#160;&#160;&#160;</B>
</TD>
    <TD align="left">
    <B>Executive Vice President and<BR>
    Chief Financial Officer</B>
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    II-35
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Arrangement Agreement, dated March&#160;30, 2010, among
    Precision Drilling Trust, Precision Drilling Limited
    Partnership, 1194312 Alberta Ltd., Precision Drilling
    Corporation, 1521502 Alberta Ltd. and 1521500 Alberta Ltd.
    (incorporated by reference to Exhibit&#160;1 to Precision
    Drilling Corporation&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    filed on April&#160;15, 2010 (file number
    <FONT style="white-space: nowrap">001-14534))</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Amalgamation of Precision Drilling Corporation*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Precision Drilling Corporation*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of DI Energy, Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of DI Energy, Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of DI/Perfensa Inc., as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of DI/Perfensa Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Grey Wolf International, Inc., as
    amended.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Grey Wolf International, Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Grey Wolf Supply Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Grey Wolf Supply Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Murco Drilling Corporation, as
    amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Murco Drilling Corporation*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .13
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Precision Completion&#160;&#038;
    Production Services Ltd.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .14
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Precision Completion&#160;&#038; Production Services
    Ltd.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .15
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Precision Directional Services, Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .16
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Precision Directional Services, Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Precision Diversified Oilfield
    Services Corp., as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .18
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Precision Diversified Oilfield Services Corp.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .19
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of Precision Drilling Canada
    Limited Partnership*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .20
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Limited Partnership Agreement of Precision Drilling Canada
    Limited Partnership*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .21
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of Precision Drilling
    Company, LP, as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .22
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Agreement of Limited Partnership of Precision Drilling Company,
    LP, as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .23
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Precision Drilling Holdings
    Company, as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .24
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Precision Drilling Holdings Company*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .25
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Certificate of Incorporation of Precision
    Drilling, Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .26
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Precision Drilling, Inc.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .27
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Grey Wolf International Drilling
    Corporation, as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .28
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Grey Wolf International Drilling Corporation*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .29
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Precision Drilling LLC, as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .30
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Regulations of Precision Drilling LLC, as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .31
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Precision Drilling Oilfield Services
    Corporation, as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .32
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Precision Drilling Oilfield Services Corporation*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .33
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of Precision Limited
    Partnership, as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .34
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Limited Partnership Agreement of Precision Limited Partnership,
    as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .35
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Precision Oilfield Personnel
    Services Ltd., as amended*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .36
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws of Precision Oilfield Personnel Services Ltd.*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture, dated as of November&#160;17, 2010, among Precision
    Drilling Corporation, the guarantors named therein, The Bank of
    New York Mellon, as U.S. trustee, and Valiant
    Trust&#160;Company, as Canadian trustee (incorporated by
    reference to Exhibit&#160;99.1 to Precision Drilling
    Corporation&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;6-K,</FONT>
    filed on November&#160;23, 2010 (file number
    <FONT style="white-space: nowrap">001-14534))</FONT>
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#O69608tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registration Rights Agreement, dated November&#160;17, 2010,
    among Precision Drilling Corporation, the guarantors named
    therein and the Initial Purchasers named therein. (incorporated
    by reference to Exhibit&#160;99.2 to Precision Drilling
    Corporation&#146;s Current Report on
    <FONT style="white-space: nowrap">Form&#160;6-K,</FONT>
    filed on November&#160;23, 2010 (file number
    <FONT style="white-space: nowrap">001-14534))</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture, dated as of March&#160;15, 2011, between Precision
    Drilling Corporation and Valiant Trust&#160;Company, as trustee
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Exchange Notes (included in Exhibit&#160;4.1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Simpson Thacher&#160;&#038; Bartlett LLP*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Bennett Jones LLP*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Fulbright&#160;&#038; Jaworski*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Jones Vargas*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Slattery Marino&#160;&#038; Roberts*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Credit Agreement, dated as of November&#160;17, 2010, among
    Precision Drilling Corporation, the financial institutions party
    thereto, Royal Bank of Canada, as administration agent, RBC
    Capital Markets, as co-lead arranger and joint bookrunner,
    Credit Suisse Securities (USA) LLC, as co-lead arranger and
    joint bookrunner, The Toronto-Dominion Bank, as co-documentation
    agent, HSBC Bank Canada, as co-documentation agent, and Wells
    Fargo Bank, N.A., as co-documentation agent*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Statement of Computation of Ratio of Earnings to Fixed Charges*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Subsidiaries of Precision Drilling Corporation*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Simpson Thacher&#160;&#038; Bartlett LLP (included as
    part of its opinion filed as Exhibit&#160;5.1 hereto)*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Bennett Jones LLP (included as part of its opinion
    filed as Exhibit&#160;5.2 hereto)*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Fulbright&#160;&#038; Jaworski (included as part of
    its opinion filed as Exhibit&#160;5.3 hereto)*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Jones Vargas (included as part of its opinion filed
    as Exhibit&#160;5.4 hereto)*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Slattery Marino&#160;&#038; Roberts (included as part
    of its opinion filed as Exhibit&#160;5.5 hereto)*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of KPMG LLP in respect of Precision Drilling Corporation*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Power of Attorney (included in signature pages of this
    registration statement)*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    25
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="white-space: nowrap">Form&#160;T-1</FONT>
    Statement of Eligibility under the Trust&#160;Indenture Act of
    1939 of The Bank of New York Mellon as U.S. trustee under the
    Indenture, dated as of November&#160;17, 2010, among Precision
    Drilling Corporation, the guarantors named therein, The Bank of
    New York Mellon, as U.S. trustee, and Valiant
    Trust&#160;Company, as Canadian trustee*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter of Transmittal*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Brokers, Dealers, Commercial Banks,
    Trust&#160;Companies and Other Nominees*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Clients*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Notice of Guaranteed Delivery*
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>o69608exv3w1.htm
<DESCRIPTION>EX-3.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORPORATE ACCESS NUMBER: 2015389220</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="o69608o6960801.gif" alt="(ALBERTA LOGO)">
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BUSINESS CORPORATIONS ACT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMALGAMATION</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PRECISION DRILLING CORPORATION</B><BR>
IS THE RESULT OF AN AMALGAMATION FILED ON 2010/06/01.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960802.gif" alt="(REGISTRAR LOGO)">
</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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">BUSINESS CORPORATIONS ACT<BR>
(SECTION 193)
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="o69608o6960803.gif" alt="(STAMP)"></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="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Alberta</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>ARTICLES OF ARRANGEMENT</B></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="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1. NAME OF ALBERTA CORPORATION:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap valign="top" align="left">2. ALBERTA CORPORATE ACCESS NUMBER:<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PRECISION DRILLING CORPORATION</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>2012906851</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>1194312 ALBERTA LTD.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>2011943129</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>1521502 ALBERTA LTD.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>2015215029</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>1521500 ALBERTA LTD.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>2015215003</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PDC ACQUISITION LTD.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>2015388040</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In accordance with the order of the Court of Queen&#146;s Bench of Alberta dated May&nbsp;12, 2010 approving
the arrangement pursuant to Section&nbsp;193 of the <I>Business Corporations Act </I>(Alberta), (a copy of
which is attached as Schedule &#147;A&#148;), the Plan of Arrangement, (a copy of which is attached as a
Schedule to the court order), involving Precision Drilling Trust and its securityholders, Precision
Drilling Limited Partnership and its securityholders, 1194312 Alberta Ltd., Precision Drilling
Corporation, 1521502 Alberta Ltd. and 1521500 Alberta Ltd. is hereby effected. Schedule &#147;A&#148; is
incorporated into and forms a part hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The attached Plan of Arrangement effects the dissolution of 1521502 Alberta Ltd. effective as of
the Initial Effective Time (as defined in the Plan of Arrangement) and the Articles of Dissolution
shall be as set out in the attached Schedule &#147;B&#148;. Schedule &#147;B&#148; is incorporated into and forms a
part hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The attached Plan of Arrangement effects the amalgamation of 1194312 Alberta Ltd. and 1521500
Alberta Ltd. effective as of the Second Effective Time (as defined in the Plan of Arrangement) to
form PDC Acquisition Ltd. and the Articles of Amalgamation shall be as set out in the attached
Schedule &#147;C&#148;. Schedule &#147;C&#148; is incorporated into and forms a part hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The attached Plan of Arrangement effects the amalgamation of Precision Drilling Corporation and PDC
Acquisition Ltd. effective as of the Second Effective Time (as defined in the Plan of Arrangement)
to form Precision Drilling Corporation and the Articles of Amalgamation shall be as set out in the
attached Schedule &#147;D&#148;. Schedule &#147;D&#148; is incorporated into and forms a part hereof.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">4. DATE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">SIGNATURE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">TITLE</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;June&nbsp;1, 2010
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top"><IMG src="o69608o6960804.gif" alt="(SIGNATURE)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Secretary </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="left" style="font-size: 10pt; margin-top: 6pt"><B>Schedule &#147;A&#148;</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="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="middle" rowspan="5"><IMG src="o69608o6960861a.gif" alt="(GRAPHIC)"></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>&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>&nbsp;</TD>
    <TD align="left" valign="top">Action No.&nbsp;1001-05026</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&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>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">IN THE COURT OF QUEEN&#146;S BENCH OF ALBERTA<BR>
JUDICIAL DISTRICT OF CALGARY
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">IN THE MATTER OF SECTION 193 OF THE <I>BUSINESS CORPORATIONS ACT </I>(ALBERTA), R.S.A. 2000, C. B-9, AS
AMENDED;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">AND IN THE MATTER OF A PROPOSED ARRANGEMENT INVOLVING PRECISION DRILLING TRUST, PRECISION DRILLING
LIMITED PARTNERSHIP, 1194312 ALBERTA LTD., PRECISION DRILLING CORPORATION, 1521502 ALBERTA LTD.,
1521500 ALBERTA LTD., UNITHOLDERS OF PRECISION DRILLING TRUST AND EXCHANGEABLE UNITHOLDERS OF
PRECISION DRILLING LIMITED PARTNERSHIP
</DIV>
<DIV align="center">
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BEFORE THE HONOURABLE
MADAM JUSTICE K.M. HORNER
IN CHAMBERS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)<br>
)<br>
)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">At the Calgary Courts Centre,
in the City of Calgary, in
the Province of Alberta,
on Wednesday, the
12<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of May,
2010.</TD>
</TR>
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</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>FINAL ORDER</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UPON the Petition of Precision Drilling Trust (&#147;Precision Trust&#148;), Precision Drilling Limited
Partnership (&#147;PDLP&#148;), 1194312 Alberta Ltd. (&#147;GPCo&#148;), Precision Drilling Corporation (&#147;PDC&#148;),
1521502 Alberta Ltd. (&#147;SubCo&#148;) and 1521500 Alberta Ltd. (&#147;AcquisitionCo&#148;) pursuant to Section&nbsp;193
of <I>the Business Corporations Act, </I>R.S.A. 2000, c. B-9, as amended (&#147;ABCA&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND UPON reading the said Petition filed April&nbsp;1, 2010 and the Affidavits of Kevin A. Neveu,
filed April&nbsp;1, 2010 and May&nbsp;12, 2010, and the Exhibits thereto;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND UPON hearing counsel for the Petitioners;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND UPON being advised that notice of this application has been given to the Executive
Director of the Alberta Securities Commission (&#147;Executive Director&#148;) as required by Subsection
193(8) of the ABCA and that the Executive Director does not intend to appear to make submissions
with respect to this application;
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND UPON NOTING THAT for the purposes of this Order, the capitalized terms not defined in the
pleadings filed in this Action shall have the meaning ascribed to them in the Information Circular,
which is Exhibit &#147;A&#148; to the Affidavit of Kevin A. Neveu sworn May&nbsp;11, 2010;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND UPON IT APPEARING THAT an annual and special meeting (the &#147;Meeting&#148;) of the holders
(&#147;Trust Unitholders&#148;) of trust units (&#147;Trust Units&#148;) of Precision Trust and holders (the
&#147;Exchangeable LP Unitholders&#148; and, together with Trust Unitholders, the &#147;Unitholders&#148;) of class B
limited partnership units (the &#147;Exchangeable LP Units&#148;) of PDLP was called and conducted in
accordance with the Interim Order of this Honourable Court filed April&nbsp;1, 2010, that the required
quorum was present at the Meeting, and that the Unitholders approved the Arrangement in the manner
and by the requisite majority provided for in the said Interim Order;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND UPON IT APPEARING THAT it is impracticable to effect the transactions contemplated by the
Arrangement under any other provision of the ABCA;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND UPON being advised that the approval of the Arrangement by this Court will constitute the
basis for a claim to an exemption pursuant to Subsection 3(a)(10) under the United States
<I>Securities Act of 1933, </I>as amended, from the registration requirements of such Act with respect to
the securities to be issued under the Arrangement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND UPON the Court finding that the statutory requirements to approve the Arrangement have
been fulfilled, the Arrangement has been put forth in good faith, the terms and conditions of the
Arrangement, including the terms and conditions of the issuance and exchange of securities set
forth therein, are procedurally and substantively fair and reasonable, and being satisfied that the
Arrangement ought to be approved;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT IS HEREBY ORDERED, DECLARED AND DIRECTED THAT:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. The Arrangement proposed by the Petitioners, in the form attached as Schedule &#147;A&#148; to this Order,
is hereby approved by this Court pursuant to the provisions of Section&nbsp;193 of the ABCA and will,
upon the filing of the Articles of Arrangement, be binding on the Petitioners, the Unitholders, and
all other persons.
</DIV>

</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. The Articles of Arrangement in respect of the Arrangement will be filed pursuant to the
provisions of Section&nbsp;193 of the ABCA on such date as AcquisitionCo determines, but in any event no
later than June&nbsp;30, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. Service
of notice of this application, the notice in respect of the Meeting and the Interim
Order is hereby deemed good and sufficient.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. Service of this Order shall be made on all such persons who appeared on this application, either
by counsel or in person.
</DIV>


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</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

<TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/
Karen Horner
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="center">J.C.Q.B.A.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ENTERED this 12&nbsp;day of May, 2010</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">K.
MCAUSLAND &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<IMG src="o69608o6960865.gif" alt="(SEAL)"></DIV></TD>
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</TR>
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    <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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Clerk of the Court
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>

</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE ONE</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>To that Arrangement Agreement made<BR>
the 30th day of March, 2010 between<BR>
Precision Drilling Trust, Precision Drilling Limited Partnership, 1194312 Alberta Ltd.,<BR>
Precision Drilling Corporation, 1521502 Alberta Ltd. and 1521500 Alberta Ltd.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PLAN OF ARRANGEMENT MADE PURSUANT TO SECTION 193<BR>
OF THE<BR>
BUSINESS CORPORATIONS ACT (ALBERTA)</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 1</B><BR>
<U><B>INTERPRETATION</B></U>
</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">1.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In this Arrangement, the following words shall have the following meanings:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;ABCA&#148; </B>means <I>Business Corporations Act, </I>R.S.A. 2000, c. B-9, as amended, including the
regulations 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;AcquisitionCo&#148; </B>means 1521500 Alberta Ltd., a corporation incorporated under the ABCA;</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><B>&#147;AcquisitionCo Shares&#148; </B>means the common shares in the capital of AcquisitionCo;</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><B>&#147;AmalCo&#148; </B>means the corporation resulting from the First Amalgamation;</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><B>&#147;AmalCo Shares&#148; </B>means the common shares in the capital of AmalCo outstanding following
completion of the First Amalgamation;</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><B>&#147;Arrangement&#148;, &#147;herein&#148;, &#147;hereof&#148;, &#147;hereto&#148;, &#147;hereunder&#148; </B>and similar expressions mean and
refer to the arrangement pursuant to Section&nbsp;193 of the ABCA set forth in this Plan of
Arrangement as supplemented, modified or amended, and not to any particular article, section
or other portion 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Arrangement Agreement&#148; </B>means the agreement made as of March&nbsp;30, 2010 between the Trust, the
Partnership, GPCo, Precision, SubCo and AcquisitionCo with respect to the Arrangement and all
amendments 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">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Articles of Arrangement&#148; </B>means the articles of arrangement in respect of the Arrangement
required by the ABCA to be filed with the Registrar after the Final Order has been granted;</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><B>&#147;Business Day&#148; </B>means a day, which is not a Saturday, Sunday or statutory holiday, when banks
in the place at which any action is required to be taken hereunder are generally open for the
transaction of commercial banking business;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Certificates&#148; </B>means the certificates or proofs of filing to be issued by the Registrar
pursuant to subsection 193(11) or subsection 193(12) of the ABCA giving effect to the Arrangement;</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><B>&#147;Class A Units&#148; </B>means the Class&nbsp;A limited partnership units in the Partnership;</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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Court&#148; </B>means the Court of Queen&#146;s Bench of Alberta;</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><B>&#147;Declaration of Trust&#148; </B>means the Declaration of Trust dated September&nbsp;22, 2005 between Robert
J.S. Gibson, H. Garth Wiggins and Patrick M. Murray, the initial Trustees, and Brian E.
Roberts, establishing and governing the activities and affairs 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">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Deferred Trust Unit&#148; </B>means a deferred trust unit, redeemable for Trust Units issued from
treasury, granted under the terms of the Deferred Trust Unit Plan and outstanding immediately
prior to the Initial Effective 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Deferred Trust Unit Plan&#148; </B>means the Restated Deferred Trust Unit Plan of the Trust for
directors of Precision;</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><B>&#147;Depositary&#148; </B>means Computershare Investor 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Dissent Obligations&#148; </B>means any obligations or amounts that may be required to be paid to
Dissenting Unitholders pursuant to Article&nbsp;5 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Dissenting Unitholders&#148; </B>means registered holders of Units who validly exercise the rights of
dissent provided to them under the Interim Order and whose rights of dissent remain valid on
the Initial Effective 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">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Effective Dates&#148; </B>means the Initial Effective Date and the Second Effective 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">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Encumbrance&#148; </B>means any encumbrance, lien, charge, security interest, option, privilege or
other restriction or right of any kind or nature, and any right or privilege capable of
becoming any of the foregoing;</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">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Exchangeable LP Unitholders&#148; </B>means the holders of Exchangeable LP Units at any time and from
time to 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Exchangeable LP Units&#148; </B>means the Class&nbsp;B limited partnership units in the Partnership;</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">(w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Final Order&#148; </B>means the final order of the Court approving the Arrangement pursuant to
paragraph 193(9)(a) of the ABCA as such order may be affirmed, amended or modified by any
court of competent jurisdiction;</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">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;First Amalgamation&#148; </B>means the amalgamation of GPCo and AcquisitionCo pursuant to the
provisions of the Arrangement;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;GPCo&#148; </B>means 1194312 Alberta Ltd., a corporation incorporated under the ABCA;</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">(z)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;GPCo Shares&#148; </B>means the common shares in the capital of GPCo;</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">(aa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Information Circular&#148; </B>means the information circular to be prepared by Precision on behalf
of the Trust and the Partnership and forwarded to Unitholders as part of the proxy
solicitation materials in respect of the Meeting;</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">(bb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Initial Effective Date&#148; </B>means the date shown on the initial Certificate issued by the
Registrar;</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">(cc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Initial Effective Time&#148; </B>means 12:01&nbsp;a.m. on the Initial Effective 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">(dd)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Interim Order&#148; </B>means the interim order of the Court pursuant to subsection 193(4) of the
ABCA containing declarations and directions with respect to this Arrangement, as such order
may be affirmed, amended or modified by any court of competent jurisdiction;</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">(ee)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Letter of Transmittal&#148; </B>means the Letter of Transmittal for Exchangeable LP Units and/or the
Letter of Transmittal for Trust Units, as the case may be and as the context requires;</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">(ff)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Letter of Transmittal for Exchangeable LP Units&#148; </B>means the letter of transmittal to be
forwarded by the Partnership to the Exchangeable LP Unitholders;</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">(gg)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Letter of Transmittal for Trust Units&#148; </B>means the letter of transmittal to be forwarded by
the Trust to the Trust Unitholders;</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">(hh)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;LP Agreement&#148; </B>means the Limited Partnership Agreement dated September&nbsp;28, 2005 among GPCo,
the Trust and each Person who, from time to time, is accepted and becomes a limited partner of
the Partnership, establishing and governing the activities and affairs of the Partnership;</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Meeting&#148; </B>means the annual and special meeting of Unitholders to be held to consider, among
other things, the Arrangement, and any adjournments 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(jj)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;New Precision&#148; </B>means the corporation resulting from the Second Amalgamation;</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">(kk)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;New Precision Common Shares&#148; </B>means the common shares in the capital of New Precision
outstanding following completion of the Second Amalgamation;</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">(ll)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Option Unitholder&#148; </B>means a Trust Unitholder who has acquired a Trust Unit: (i)&nbsp;pursuant to
the exercise of a Trust Unit Option; or (ii)&nbsp;in exchange for a share acquired pursuant to the
exercise of an option in circumstances where subsection 7(1.5) of the Tax Act applied to the
exchange, and where such Trust</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 --> - 4 - <!-- /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>Unitholder has made an election pursuant to subsections 7(8) to 7(10) of the Tax Act which election
continues to be valid and effective;</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">(mm)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Partnership&#148; </B>means Precision Drilling Limited Partnership, a limited partnership established
under the laws of Manitoba;</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">(nn)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Partnership Assets&#148; </B>means all of the property, assets and undertaking of the Partnership of
any nature or kind whatsoever, whether or not reflected on the books of the Partnership
including, for greater certainty, the Precision Shares and the SubCo Note;</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">(oo)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Partnership Assumed Liabilities&#148; </B>means all of the debts, liabilities, commitments and
obligations of any nature or kind whatsoever of the Partnership, whether or not reflected on
the books of the Partnership including, for greater certainty, the Dissent Obligations
relating to the Exchangeable LP 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">(pp)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Partnership Receivable&#148; </B>means the receivable of the Trust and liability of the Partnership
in respect of all debt owing by the Partnership to 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">(qq)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Person&#148; </B>means an individual, partnership, association, body corporate, trust, unincorporated
organization, government, regulatory authority or other entity;</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">(rr)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Precision&#148; </B>means Precision Drilling Corporation, a corporation amalgamated under the ABCA;</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">(ss)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Precision Debt&#148; </B>means the receivable of the Partnership and the liability of Precision in
respect of all debt owing by Precision to the Partnership;</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">(tt)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Precision Receivable&#148; </B>means the receivable of the Trust and liability of Precision in
respect of all debt owing by Precision to 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">(uu)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Precision Shares&#148; </B>means the common shares in the capital of Precision;</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">(vv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Plan of Arrangement&#148; </B>means this plan of arrangement, as amended or supplemented from time to
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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ww)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Record Date&#148; </B>means 4:30 p.m. (Calgary time) on April&nbsp;6, 2010;</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">(xx)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Registrar&#148; </B>means the Registrar of Corporations duly appointed under the ABCA;</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">(yy)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Second Amalgamation&#148; </B>means the amalgamation of Precision and AmalCo pursuant to the
provisions of the Arrangement;</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">(zz)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Second Effective Date&#148; </B>means the date shown on the second Certificate issued by the
Registrar, being no earlier than the Business Day next following the Initial Effective Date;</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 --> - 5 - <!-- /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">(aaa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Second Effective Time&#148; </B>means 12:01&nbsp;a.m. on the Second Effective 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">(bbb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Securities Act&#148; </B>means the <I>Securities Act, </I>R.S.A. 2000, c. S-4, as amended;</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">(ccc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;SubCo&#148; </B>means 1521502 Alberta Ltd., a corporation incorporated under the ABCA;</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">(ddd)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;SubCo Assets&#148; </B>means all of the property, assets and undertaking of SubCo of any nature or
kind whatsoever, whether or not reflected on the books of SubCo including, for greater
certainty, the Precision Debt on the Initial Effective 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">(eee)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;SubCo Assumed Liabilities&#148; </B>means all of the debts, liabilities, commitments and obligations
of any nature or kind whatsoever of SubCo, whether or not reflected on the books of SubCo
including, for greater certainty, the indebtedness of SubCo evidenced by the SubCo Note on the
Initial Effective 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">(fff)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;SubCo Note&#148;</B> mean the demand non-interest bearing promissory note to be issued by SubCo to
the Partnership evidencing the indebtedness of SubCo to the Partnership in the principal
amount initially equal to the fair market value of the Precision Debt;</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">(ggg)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Subsidiary&#148; </B>has the meaning ascribed to it in the Securities 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(hhh)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Tax Act&#148; </B>means the <I>Income Tax Act, </I>R.S.C. 1985, c.l, (5<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Supp.), and the <I>Income
Tax Regulations </I>applicable with respect thereto, as amended from time to 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Trust&#148; </B>means Precision Drilling Trust, an open-ended trust established pursuant to the laws
of Alberta by the Declaration of 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">(jjj)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Trust Assets&#148; </B>means all of the property, assets and undertaking of the Trust of any nature
or kind whatsoever, including the shares, units, notes or other interests in the capital of or
granted by any Subsidiary of the Trust, whether or not reflected on the books of the Trust
including, for greater certainty, the Precision Receivable, the Partnership Receivable and all
of the Class&nbsp;A Units and GPCo Shares held 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">(kkk)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Trust Assumed Liabilities&#148; </B>means all of the debts, liabilities, commitments and obligations
of any nature or kind whatsoever of the Trust, whether or not reflected on the books of the
Trust including, for greater certainty, the Dissent Obligations relating to 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">(lll)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Trustees&#148; </B>means the duly appointed trustees 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">(mmm)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Trust Unitholders&#148; </B>means the holders of Trust Units at any time and from time to time;</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 --> - 6 - <!-- /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">(nnn)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Trust Unit Option&#148; </B>means an option, exerciseable for Trust Units issued from treasury,
granted under the terms of the Trust Unit Option Plan and outstanding immediately prior to the
Initial Effective 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ooo)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Trust Unit Option Plan&#148; </B>means the Employee Trust Unit Option Plan of the Trust dated May&nbsp;6,
2009;</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">(ppp)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Trust Units&#148; </B>means the trust units in 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">(qqq)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Unitholders&#148; </B>means, collectively, the registered holders of Trust Units and Exchangeable LP
Units at any time and from time to 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(rrr)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Units&#148; </B>means, collectively, the Trust Units and the Exchangeable LP 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">(sss)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Warrant&#148; </B>means a warrant, exerciseable for Trust Units, issued to Her Majesty the Queen in
Right of the Province of Alberta and governed by the terms of the Warrant Certificate; 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">(ttt)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Warrant Certificate&#148; </B>means the certificate governing and setting out the terms and
conditions of the Warrants.</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="3%" nowrap align="left">1.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The division of this Plan of Arrangement into articles and sections and the insertion of
headings are for convenience of reference only and shall not affect the construction or
interpretation of this Arrangement.</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">1.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless reference is specifically made to some other document or instrument, all references
herein to articles, sections, subsections and paragraphs are to articles, sections,
subsections and paragraphs of this Plan of Arrangement.</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">1.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless the context otherwise requires, words importing the singular number shall include the
plural and <I>vice versa; </I>and words importing any gender shall include all genders.</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">1.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that the date on which any action is required to be taken hereunder by any of
the parties is not a Business Day in the place where the action is required to be taken, such
action shall be required to be taken on the next succeeding day which is a Business Day in
such place.</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">1.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>References in this Plan of Arrangement to any statute or sections thereof shall include such
statute as amended or substituted and any regulations or rules promulgated thereunder from
time to time in effect.</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">1.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless otherwise stated all references in this Plan of Arrangement to sums of money are
expressed in lawful money of Canada.</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 --> - 7 - <!-- /Folio -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 2</B><BR>
<U><B>PURPOSE AND EFFECT OF THE ARRANGEMENT</B></U>
</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">2.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following is only intended to be a general statement of the purpose of the
Arrangement and is qualified in its entirety by the specific provisions of the
Arrangement:</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>The purpose of the Arrangement is to effect a reorganization and restructuring of the Trust in a
manner that provides consistent and equitable treatment among Unitholders and maintains the
business and goodwill of the Trust and Precision in New Precision as a publicly listed going
concern. The reorganization will, among other things, result in: (i)&nbsp;all property of the Trust
being distributed to the Unitholders and the Unitholders (other than Dissenting Unitholders)
becoming holders of New Precision Common Shares; (ii)&nbsp;the Trust and the Partnership being wound-up
and terminated; and (iii)&nbsp;New Precision carrying on the business of Precision.</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="3%" nowrap align="left">2.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Arrangement shall be binding upon the Trust, the Partnership, GPCo, Precision, SubCo,
AcquisitionCo, the Unitholders, the holders of Deferred Trust Units, the holders of Trust Unit
Options and the holders of Warrants.</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">2.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Articles of Arrangement shall be filed with the Registrar with the purpose and intent that
none of the provisions of the Arrangement shall become effective unless all of the provisions
of the Arrangement shall have become effective. The Certificates shall be conclusive evidence
that the Arrangement has become effective and that each of the provisions of Article&nbsp;4 has
become effective on the applicable Effective Date at the time and in the sequence set out
therein.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 3</B><BR>
<U><B>TAX ELECTIONS</B></U>
</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">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Exchangeable LP Unitholder will be permitted to provide New Precision with the
prescribed election form pursuant to Section&nbsp;85 of the Tax Act (and any provincial equivalent)
by complying with the procedure and within the time periods set out in the Information
Circular and the Letter of Transmittal for Exchangeable LP Units. Subject to the foregoing,
New Precision shall sign and file an election form that has been validly submitted to it for
this purpose by a Unitholder within thirty (30)&nbsp;days following receipt by it thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 4</B><BR>
<U><B>ARRANGEMENT</B></U>
</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">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the Initial Effective Time, each of the events set out below shall occur and shall be
deemed to occur at the following times and in the following order without any further act or
formality:</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 --> - 8 - <!-- /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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Amendment of the Declaration of Trust</I></B></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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Declaration of Trust shall be amended to the extent necessary to facilitate the
Arrangement and the implementation of the steps and transactions contemplated
herein;</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Dissenting Unitholders</I></B></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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust Units held by Dissenting Unitholders shall be deemed to have been transferred to
the Trust (free and clear of any Encumbrances) and cancelled and such Dissenting Unitholders
shall cease to have any rights as Trust Unitholders other than the right to be paid by the
Trust for the fair value of their Trust Units in accordance with Article&nbsp;5 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Exchangeable LP Units held by Dissenting Unitholders shall be deemed to have been
transferred to the Partnership (free and clear of any Encumbrances) and cancelled and such
Dissenting Unitholders shall cease to have any rights as Exchangeable LP Unitholders other
than the right to be paid by the Partnership for the fair value of their Exchangeable LP Units
in accordance with Article&nbsp;5 hereof;</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Trust Asset Conveyance</I></B></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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust shall sell, assign, convey, transfer and deliver all of the Trust Assets to
AcquisitionCo and AcquisitionCo shall, in consideration therefor:</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>assume and become liable to pay, satisfy, discharge and observe, perform and fulfill
the Trust Assumed Liabilities; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue and deliver to the Trust that number of AcquisitionCo Shares equal to 100 less
than the number of issued and outstanding Trust Units;</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Amendments to Certain Convertible Securities</I></B></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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all issued and outstanding Trust Unit Options shall become options under an agreement with
AcquisitionCo to acquire an equivalent number of AcquisitionCo Shares, in accordance with
their terms and the Trust Unit Option Plan governing such Trust Unit Options and all
agreements representing such Trust Unit Options shall be amended to the extent necessary to
facilitate such amendments;</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>all issued and outstanding Deferred Trust Units shall become rights under an agreement with
AcquisitionCo to acquire, at the time specified in the Deferred Trust Unit Plan, an equivalent
number of AcquisitionCo Shares, in accordance with their terms and the Deferred Trust Unit
Plan and all agreements, elections and allocation notices in respect of such Deferred Trust
Units shall be amended to the extent necessary to facilitate such amendments;</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 --> - 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all issued and outstanding Warrants shall become rights under an agreement with AcquisitionCo
to acquire, at the time specified in the Warrant Certificate, an equivalent number of AcquisitionCo
Shares in accordance with their terms and the Warrant Certificate and all agreements and notices in
respect of such Warrants shall be amended to the extent necessary to facilitate such amendments;</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Redemption of Trust Units and Distribution of Trust Property</I></B></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">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each outstanding Trust Unit held by Option Unitholders (other than Trust Units held by
Dissenting Unitholders) shall, without any further action on behalf of such Option
Unitholders, be transferred to the Trust (free and clear of any Encumbrances) in exchange for
the distribution by the Trust of one (1)&nbsp;AcquisitionCo Share;</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>each outstanding Trust Unit held by Trust Unitholders (other than Trust Units held by Option
Unitholders or Dissenting Unitholders) shall, without any further action on behalf of such
Trust Unitholders, be transferred to the Trust (free and clear of any Encumbrances) in
exchange for the distribution by the Trust of one (1)&nbsp;AcquisitionCo Share;</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Termination of the Trust</I></B></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">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust shall be terminated and shall cease to exist;</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Transfer of Precision Debt</I></B></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">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Partnership shall sell, assign, convey, transfer and deliver all of its rights and
interest to and in the Precision Debt to SubCo and SubCo shall, in consideration therefor,
issue and deliver to the Partnership the SubCo Note;</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Dissolution of SubCo</I></B></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">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SubCo shall assign, convey, transfer and deliver all of the SubCo Assets to Precision and
Precision shall assume and become liable to pay, satisfy, discharge and observe, perform and
fulfill the SubCo Assumed Liabilities;</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>SubCo shall be and shall be deemed to be dissolved and shall cease to exist;</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Exchange of Exchangeable LP Units</I></B></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">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each outstanding Exchangeable LP Unit held by Exchangeable LP Unitholders (other than
Exchangeable LP Units held by Dissenting Unitholders) shall, without any further action on
behalf of such Exchangeable LP Unitholders, be transferred to AcquisitionCo (free and clear of
any Encumbrances) in exchange for one (1)&nbsp;AcquisitionCo Share for each Trust Unit into which
such Exchangeable LP Unit was exchangeable immediately prior to the Initial Effective Time;</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 --> - 10 - <!-- /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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Partial Settlement of Partnership Receivable</I></B></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">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Partnership shall assign that portion of the indebtedness represented by the SubCo Note
with a fair market value equal to the principal amount of the Partnership Receivable to
AcquisitionCo as full and final payment of the Partnership Receivable;</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Amendment of the LP Agreement</I></B></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">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the remaining partners of the Partnership, being AcquisitionCo and GPCo, shall amend the LP
Agreement to provide that, upon dissolution of the Partnership, GPCo shall be entitled to
0.01% of the Partnership Assets and shall assume 0.01% of the Partnership Assumed Liabilities
and GPCo shall contribute to the Partnership a promissory note with a principal amount equal
to the fair market value of 0.01% of the Partnership Assets less 0.01% of the Partnership
Assumed Liabilities as consideration for the amendment of the LP Agreement;</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Dissolution of the Partnership</I></B></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">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Partnership shall be and shall be deemed to be dissolved and shall cease to exist and
GPCo shall be appointed liquidator of the Partnership to hold all of the property, assets and
undertaking of the Partnership until such time as it is distributed to the former partners of
the Partnership;</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">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>GPCo, in its capacity as liquidator of the Partnership following the dissolution of the
Partnership, shall assign, convey, transfer and deliver an undivided interest in all of the
Partnership Assets to GPCo and AcquisitionCo, in proportion to their percentage interest in
the Partnership, and GPCo and AcquisitionCo shall assume and become liable to pay, satisfy,
discharge and observe, perform and fulfill the Partnership Assumed Liabilities, in proportion
to their percentage interest in the Partnership;</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>GPCo Reduction of Stated Capital</I></B></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">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the stated capital account maintained for the GPCo Shares shall be reduced to $1.00 in the
aggregate without any corresponding distribution of property to AcquisitionCo; and</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Precision Reduction of Stated Capital</I></B></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">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the stated capital account maintained for the Precision Shares shall be reduced to $1.00 in
the aggregate without any corresponding distribution of property to AcquisitionCo and GPCo.</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="3%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the Second Effective Time, each of the events set out below shall occur and shall be
deemed to occur in the following order without any further act or formality:</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->  <!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 11 -
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Amalgamation of GPCo and AcquisitionCo</I></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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>GPCo and AcquisitionCo shall be amalgamated to form AmalCo as follows:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each GPCo Share, all of which shall then be held by AcquisitionCo, shall be
and shall be deemed to be cancelled without any repayment of capital;</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no securities shall be issued by AmalCo in connection with the amalgamation
and, for greater certainty, the AcquisitionCo Shares issued by AcquisitionCo shall
survive and continue as the AmalCo Shares without 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the name of AmalCo shall be &#147;PDC Acquisition Ltd.&#148;;</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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the registered office of AmalCo shall be located at 4200, 150 &#150;
6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W., Calgary, Alberta T2P 3Y7;</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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Articles of Amalgamation of AmalCo shall be the same as the Articles of
Incorporation of AcquisitionCo;</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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the first directors of AmalCo shall be the Persons whose names and
municipality of residence appear below:</TD>
</TR>

</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 align="left" valign="top">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000"><DIV style="margin-left:130px; text-indent:-15px">Name</div></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Municipality of Residence</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">William T. Donovan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Milwaukee, Wisconsin</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">W.C. (Mickey) Dunn
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Edmonton, Alberta</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brian A. Felesky
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Calgary, Alberta</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert J.S. Gibson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Calgary, Alberta</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Allen R. Hagerman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Calgary, Alberta</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stephen J.J. Letwin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Houston, Texas</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Patrick M. Murray
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Dallas, Texas</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kevin A. Neveu
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Calgary, Alberta</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frederick W. Pheasey
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Edmonton, Alberta</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert L. Phillips
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vancouver, British Columbia</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trevor M. Turbidy
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Houston, Texas</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such directors shall hold office until the first annual meeting of AmalCo or until
their successors are duly elected or appointed;</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">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the first officers of AmalCo shall be the officers of AcquisitionCo;</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">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the by-laws of AmalCo until repealed, amended or altered
shall be the by-laws of
AcquisitionCo;</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">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the property of each of the amalgamating corporations (other than the GPCo
Shares) shall continue to be the property of AmalCo;</TD>
</TR>

</TABLE>
</DIV>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</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 -->- 12 -<!-- /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">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>AmalCo shall continue to be liable for the obligations of each of the
amalgamating corporations;</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">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any existing cause of action, claim or liability to prosecution of any of the
amalgamating corporations shall be unaffected;</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">(xii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any civil, criminal or administrative action or proceeding pending by or
against any of the amalgamating corporations may be continued to be prosecuted by or
against AmalCo;</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">(xiii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a conviction against, or ruling, order, judgment in favour of or against, any of
the amalgamating corporations may be enforced by or against AmalCo; 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">(xiv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the first auditors of AmalCo shall be KPMG LLP; and</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Amalgamation of Precision and AmalCo</I></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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Precision and AmalCo shall be amalgamated to form New Precision as follows:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Precision Share, all of which shall then be held by AmalCo, shall be
and shall be deemed to be cancelled without any repayment of capital;</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>no securities shall be issued by New Precision in connection with the
amalgamation and, for greater certainty, the AmalCo Shares issued by AmalCo shall
survive and continue as the New Precision Common Shares without amendment;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the name of New Precision shall be &#147;Precision Drilling Corporation&#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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the registered office of New Precision shall be located at 4200, 150 &#150;
6<SUP style="FONT-size: 85%; vertical-align: text-top">th </SUP>Avenue S.W., Calgary, Alberta T2P 3Y7;</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 Articles of Amalgamation of New Precision shall be the same as the
Articles of Amalgamation of AmalCo;</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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the first directors of New Precision shall be the Persons whose names and
municipality of residence appear below:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Municipality of Residence</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William T. Donovan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Milwaukee, Wisconsin</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">W.C. (Mickey) Dunn
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Edmonton, Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brian A. Felesky
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Calgary, Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert J.S. Gibson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Calgary, Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Allen R. Hagerman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Calgary, Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stephen J.J. Letwin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Houston, Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Patrick M. Murray
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Dallas, Texas</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 -->- 13 -<!-- /Folio -->
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="53%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Municipality of Residence</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kevin A. Neveu
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Calgary, Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Frederick W. Pheasey
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Edmonton, Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert L. Phillips
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vancouver, British Columbia</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trevor M. Turbidy
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Houston, Texas</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such directors shall hold office until the first annual meeting of New
Precision or until their successors are duly elected or appointed;</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">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the first officers of New Precision shall be the officers of Precision;</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">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the by-laws of New Precision until repealed, amended or altered shall be the
by-laws of AmalCo;</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">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the property of each of the amalgamating corporations (other
than the Precision Shares) shall continue to be the property of New Precision;</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>New Precision shall continue to be liable for the obligations
of each of the amalgamating corporations;</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">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any existing cause of action, claim or liability to
prosecution of any of the amalgamating corporations shall be unaffected;</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">(xii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any civil, criminal or administrative action or proceeding
pending by or against any of the amalgamating corporations may be continued to
be prosecuted by or against New Precision;</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">(xiii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a conviction against, or ruling, order, judgment in favour of or against,
any of the amalgamating corporations may be enforced by or against New
Precision; 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">(xiv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the first auditors of New Precision shall be KPMG LLP.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 5</B><BR>
<U><B>DISSENTING UNITHOLDERS</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Unitholder shall have the right to dissent with respect to the Arrangement in
accordance with the Interim Order. No Unitholder who has voted at the Meeting in favour of
the special resolution of Unitholders approving the Arrangement shall be entitled to dissent
with respect to the Arrangement. A Unitholder may not exercise the right to dissent in
respect of only a portion of such Unitholder&#146;s Units, but may dissent only with respect to
all of the Units held by the Unitholder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dissenting Unitholders who:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are ultimately entitled to be paid fair value for the Trust Units and/or
Exchangeable LP Units in respect of which they dissent in accordance with the
provisions of the Interim Order, whether by order of a Court (as defined in the ABCA)
or by acceptance of an offer made pursuant to such Interim Order, shall</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</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 -->- 14 -<!-- /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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>be deemed to have transferred such Units to the Trust or the Partnership, as
the case may be, on the Initial Effective Date; 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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are ultimately not entitled to be paid fair value for the Units in respect of
which they dissent, shall not be, or be reinstated as, Unitholders but for purposes of
receipt of consideration shall be treated as if they had participated in the
Arrangement on the same basis as a non-dissenting holder of Trust Units or
Exchangeable LP Units, and accordingly shall be entitled to receive New Precision
Common Shares on the basis set forth in paragraphs 4.1(e), (f)&nbsp;and (n)&nbsp;of this Plan of
Arrangement, as applicable, and shall be deemed to have transferred such Units in
exchange for AcquisitionCo Shares as of the Initial Effective Date on the same basis
as a non-dissenting holder of Units.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fair value for the Units shall be determined as of the close of business on the Business
Day before the day on which the Arrangement is approved by Unitholders at the Meeting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 6</B><BR>
<U><B>OUTSTANDING CERTIFICATES</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Article&nbsp;5, after the Second Effective Date, certificates formerly representing
Units shall represent only the right to receive the certificates representing New Precision
Common Shares which the former holder of such Units is, subject to Section&nbsp;6.5, entitled to
receive pursuant to Article&nbsp;4 of this Plan of Arrangement, subject to compliance with the
requirements set forth in this Article&nbsp;6.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All dividends paid with respect to any New Precision Common Shares allotted and issued
pursuant to this Plan of Arrangement but for which a certificate has not been issued shall be
paid or delivered to the Depositary to be held by the Depositary in trust for the registered
holder thereof. All monies received by the Depositary shall be invested by it in non-interest
bearing trust accounts upon such terms as the Depositary may reasonably deem appropriate. The
Depositary shall pay and deliver to any such registered holder such dividends and any
interest thereon to which such holder is entitled, net of applicable withholding and other
taxes, upon delivery of the certificate representing the New Precision Common Shares issued
to such holder in accordance with Section&nbsp;6.3.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the time of mailing the Information Circular:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trust shall forward to each Trust Unitholder at the address of such holder
as it appears on the register of Trust Units on the Record Date, a Letter of
Transmittal for Trust Units; 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 Partnership shall forward to each Exchangeable LP Unitholder at the
address of such holder as it appears on the register of Exchangeable LP Units on the
Record Date, a Letter of Transmittal for Exchangeable LP Units,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and instructions for obtaining delivery of the New Precision Common Shares to such holder
pursuant to this Plan of Arrangement. A Unitholder may take delivery of such</TD>
</TR>

</TABLE>
</DIV>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">






</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 -->- 15 -<!-- /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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New Precision Common Shares by delivering the certificates representing such holder&#146;s Units
to the Depositary at any of the offices indicated in the appropriate Letter of Transmittal,
accompanied by a duly completed Letter of Transmittal and such other documents as the
Depositary may reasonably require. The certificates representing the New Precision Common
Shares issued to such holder shall be registered in such names and, delivered to such
addresses as such holder may direct in such Letters of Transmittal, or if requested by the
former Unitholder in the Letter of Transmittal, made available at the Depositary for pick-up
by the former Unitholder, as soon as practicable after receipt by the Depositary of the
required documents.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unitholders shall not be entitled to any interest, distribution, premium or other payment on
or with respect to the former Units other than the certificates representing the New
Precision Common Shares which they are entitled to receive pursuant to the Arrangement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any certificate formerly representing Units that is not deposited with all other documents
as provided in Section&nbsp;6.3 on the day before the fifth anniversary of the Initial Effective
Date shall cease to represent a right or claim of any kind or nature and the right of the
holder of such Units to receive certificates representing New Precision Common Shares and/or
any cash payments, as the case may be, shall be deemed to be surrendered to New Precision
together with all dividends thereon held for such holder.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any certificate which immediately prior to the Initial Effective Date represented an
interest in outstanding Trust Units that were transferred pursuant to paragraphs 4.1(e) and
(f)&nbsp;hereof has been lost, stolen or destroyed, upon the making of an affidavit of that fact
by the Person claiming such certificate to have been lost, stolen or destroyed, the
registered holder thereof in the register of Trust Units shall, as a condition precedent to
the receipt of any New Precision Common Shares to be issued to such Person, provide to New
Precision and the Trust a bond, in form and substance satisfactory to New Precision and the
Trust, or otherwise indemnify New Precision and the Trust to their satisfaction, in their
sole and absolute discretion, against any claim that may be made against any of them with
respect to the certificate alleged to have been lost, stolen or destroyed.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any certificate which immediately prior to the Initial Effective Date represented an
interest in outstanding Exchangeable LP Units that were transferred pursuant to paragraph
4.1(n) hereof has been lost, stolen or destroyed, upon the making of an affidavit of that
fact by the Person claiming such certificate to have been lost, stolen or destroyed, the
registered holder thereof in the register of Exchangeable LP Units shall, as a condition
precedent to the receipt of any New Precision Common Shares to be issued to such Person,
provide to New Precision and the Partnership a bond, in form and substance satisfactory to
New Precision and the Partnership, or otherwise indemnify New Precision and the Partnership
to their satisfaction, in their sole and absolute discretion, against any claim that may be
made against any of them with respect to the certificate alleged to have been lost, stolen or
destroyed.</TD>
</TR>

</TABLE>
</DIV>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</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 -->- 16 -<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 7</B><BR>
<U><B>PROCESS AND FRACTIONAL NEW PRECISION COMMON SHARES</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to each Trust Unit to which paragraphs 4.1(e) and (f)&nbsp;applies, the Trust
Unitholder thereof shall cease to be a holder of such Trust Unit and such Trust Unitholder&#146;s
name shall be removed from the register of Trust Units with respect to such Trust Units as of
the Initial Effective Date.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to each Exchangeable LP Unit to which paragraph 4.1(n)&nbsp;applies:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Unitholder thereof shall cease to be a holder of such Exchangeable LP
Unit and such Exchangeable LP Unitholder&#146;s name shall be removed from the register of
Exchangeable LP Units with respect to such Exchangeable LP Units as of the Initial
Effective Date; 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>AcquisitionCo shall be, and be deemed to be, the transferee of such
Exchangeable LP Units (free and clear of any Encumbrances) and shall be entered in
the register of Exchangeable LP Units as the holder thereof as of the Initial
Effective Date.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to each AcquisitionCo Share to which paragraphs 4.1(e), (f)&nbsp;and (n)&nbsp;apply, the
former holders of Units shall be entered in the register of AcquisitionCo Shares as the
holders thereof as of the Initial Effective Date.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to each AmalCo Share to which paragraph 4.2(a) applies, holders of
AcquisitionCo Shares shall be entered in the register of AmalCo Shares as the holders thereof
as of the Second Effective Date.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to each New Precision Common Share to which paragraph 4.2(b) applies, holders
of AmalCo Shares shall be entered in the register of New Precision Common Shares as the
holders thereof as of the Second Effective Date.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No fractional New Precision Common Shares shall remain outstanding following the completion
of the events set forth in paragraphs 4.1(e), (f)&nbsp;and (n)&nbsp;and 4.2(a) and (b).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 8</B><BR>
<U><B>AMENDMENTS</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trust, the Partnership, GPCo, Precision, SubCo and AcquisitionCo reserve the right to
amend, modify and/or supplement this Plan of Arrangement from time to time at any time prior
to the Initial Effective Date provided that any such amendment, modification or supplement
must be contained in a written document that is: (a)&nbsp;filed with the Court and, if made
following the Meeting, approved by the Court; and (b)&nbsp;communicated to Unitholders in the
manner required by the Court (if so required).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amendment, modification or supplement to this Plan of Arrangement may be proposed by the
Trust, the Partnership, GPCo, Precision, SubCo and AcquisitionCo at any time prior to or at
the Meeting with or without any other prior notice or communication, and if so proposed and
accepted by the Persons voting at the Meeting</TD>
</TR>

</TABLE>
</DIV>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</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 -->- 17 -<!-- /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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(other than as may be required under the Interim Order), shall become part of this Plan of
Arrangement for all purposes.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amendment, modification or supplement to this Plan of Arrangement which is approved by
the Court following the Meeting shall be effective only: (a)&nbsp;if it is consented to by the
Trust, the Partnership, GPCo, Precision, SubCo and AcquisitionCo; and (b)&nbsp;if required by the
Court or applicable law, it is consented to by the Unitholders.</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">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ACTION NO: 1001-05026
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">IN THE COURT OF QUEEN&#146;S BENCH OF<BR>
ALBERTA<BR>
JUDICIAL DISTRICT OF CALGARY
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN THE MATTER OF SECTION 193 OF THE <I>BUSINESS CORPORATIONS ACT </I>(ALBERTA), R.S.A. 2000, C. B-9,
AS AMENDED;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AND IN THE MATTER OF A PROPOSED ARRANGEMENT INVOLVING PRECISION DRILLING TRUST, PRECISION
DRILLING LIMITED PARTNERSHIP, 1194312 ALBERTA LTD., PRECISION DRILLING CORPORATION, 1521502
ALBERTA LTD., 1521500 ALBERTA LTD., UNITHOLDERS OF PRECISION DRILLING TRUST AND EXCHANGEABLE
UNITHOLDERS OF PRECISION DRILLING LIMITED PARTNERSHIP
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FINAL ORDER</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">BENNETT JONES LLP<BR>
Barristers and Solicitors<BR>
4500 Bankers Hall East<BR>
855-2<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> Street SW<BR>
Calgary, Alberta T2P 4K7
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">A.L. Friend, Q.C.<BR>
Telephone No.: (403) 298-3182<BR>
Fax No.: (403) 265-7219<BR>
File No.: 61864-1
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="o69608o6960805.gif" alt="(STAMP)">
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</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 style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Schedule &#147;B&#148;
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Articles Of Dissolution</B><BR>
Business Corporations Act
</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="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name of Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="right" valign="top">2. Corporate Access Number
</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><b>1521502 ALBERTA LTD.</b>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top" colspan="3">2015215029&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation has: (check (./) the appropriate box)</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-family: Wingdings">&#111;</FONT> not issued any shares, has no property and no liabilities</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><FONT style="font-family: Wingdings">&#254;</FONT> no property and no liabilities</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><FONT style="font-family: Wingdings">&#111;</FONT> liabilities</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><FONT style="font-family: Wingdings">&#111;</FONT> not sent a statement of revocation of intent to dissolve</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Corporation is being dissolved under Section&nbsp;212 of the Business
Corporations Act, the
following question must be answered:</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Has this Corporation complied with Section&nbsp;212(7) of the Act? <FONT style="font-family: Wingdings">&#111;</FONT> Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="font-family: Wingdings">&#111;</FONT> No</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Documents and records of the Corporation shall be kept for six years from the date of
dissolution by:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Name (First, Initial, Last)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bennett Jones LLP, Attention: Jessica D. Ferguson
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Business Address
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>City/ Town</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Province</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Postal Code</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">4500, 855 &#150; 2<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> Street S.W., Calgary, Alberta T2P 4K7
</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="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DATE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SIGNATURE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TITLE</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">May&nbsp;31, 2010</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</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 style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Schedule &#147;C&#148;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">BUSINESS CORPORATIONS ACT
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Alberta</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Articles of Amalgamation</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Name of Amalgamated 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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>PDC ACQUISITION LTD.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The classes of shares, and any maximum number of shares that the corporation is authorized
to issue:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached Schedule of Share Capital is incorporated into and forms part of this form.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restrictions on share transfers (if any):</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Number, or minimum and maximum number of directors:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not less than 1 director and not more than 15 directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the corporation is restricted FROM carrying on a certain business or restricted TO
carrying on a certain business, specify the <font style="white-space: nowrap">restriction(s):</font></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other provisions (if any):</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached Schedule of Other Provisions is incorporated into and forms part of this
form.</TD>
</TR>

</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="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name of Amalgamating Corporations
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Corporate Access Number
</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">1194312 Alberta Ltd.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2011943129</TD>
    <TD nowrap 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">1521500 Alberta Ltd.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2015215003</TD>
    <TD nowrap 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="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DATE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SIGNATURE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TITLE</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">June&nbsp;1, 2010</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>SCHEDULE OF SHARE CAPITAL</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation is authorized to issue:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>One class of shares, to be designated as &#147;Common Shares&#148;, in an unlimited number; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>One class of shares, to be designated as &#147;Preferred Shares&#148;, issuable in series, to be
limited in number to an amount equal to not more than one half of the issued and outstanding
Common Shares at the time of issuance of such Preferred Shares;</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 colspan="3">such shares having attached thereto the following rights, privileges, restrictions and conditions:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><b>A.</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><b>Common Shares</b></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Common Shares shall have attached thereto the following rights, privileges,
restrictions and conditions:
</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>the right to one vote at all meetings of shareholders of the Corporation,
except meetings at which only holders of a specified class of shares are entitled to
vote;</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>subject to the prior rights and privileges attaching to any other class of shares of the Corporation, the right to receive any dividend declared by the
Corporation; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the prior rights and privileges attaching to any other class of shares of the Corporation, the right to receive the remaining property and assets of
the Corporation upon dissolution.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><b>B.</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><b>Preferred Shares</b></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Preferred Shares shall have attached thereto the following rights, privileges,
restrictions and conditions:
</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>the Preferred Shares may at any time and from time to time be issued in one or
more series, each series to consist of such number of shares as may, before the issue
thereof, be determined by resolution of the directors of the Corporation; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the provisions of the Business Corporations Act (Alberta), the
directors of the Corporation may by resolution fix from time to time before the issue
thereof the designation, rights, privileges, restrictions and conditions attaching to
each series of the Preferred Shares.</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 -->&nbsp;<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><b>SCHEDULE OF OTHER PROVISIONS</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="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The directors may, between annual meetings of shareholders, appoint one or more additional
directors of the Corporation to serve until the next annual meeting of shareholders, but the
number of additional directors shall not at any time exceed 1/3 of the number of directors
who held office at the expiration of the last meeting of the shareholders of the Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Meetings of the shareholders may be held at any place within Canada, the United States of
America or in any other place selected by the directors of the Corporation in accordance with
applicable corporate legislation.</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 -->&nbsp;<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Schedule &#147;D&#148;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">BUSINESS CORPORATIONS ACT
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>Alberta</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>Articles of Amalgamation</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Name of Amalgamated Corporation</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><b>PRECISION DRILLING CORPORATION</b></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The classes of shares, and any maximum number of shares that the corporation is authorized
to issue:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached Schedule of Share Capital is incorporated into and forms part of this form.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restrictions on share transfers (if any):</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Number, or minimum and maximum number of
directors:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not less than 1 director and not more than 15
directors.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the corporation is restricted FROM carrying on a certain business or restricted TO
carrying on a certain business, specify the <font style="white-space: nowrap">restriction(s):</font></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other provisions (if any):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The attached Schedule of Other Provisions is incorporated into and forms part of this
form.</TD>
</TR>

</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="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name of Amalgamating Corporations
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">Corporate Access Number
</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">Precision Drilling Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2012906851</TD>
    <TD nowrap 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">PDC Acquisition Ltd.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">20</TD>
    <TD nowrap 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="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DATE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SIGNATURE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TITLE</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">June&nbsp;1, 2010</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>Articles of Amalgamation<BR>
For<BR>
PRECISION DRILLING CORPORATION</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="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Share Structure:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  colspan="3" align="left" valign="top">THE ATTACHED SCHEDULE OF SHARE CAPITAL IS
INCORPORATED INTO AND FORMS PART OF THIS FORM.
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Share Transfers Restrictions:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">NONE
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Number of Directors:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Min Number of
Directors:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>

    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Max Number of
Directors:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">15</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>

    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business Restricted To:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">NONE
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business Restricted From:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">NONE
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Other Provisions:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  colspan="3" align="left" valign="top">THE ATTACHED SCHEDULE OF OTHER PROVISIONS
IS INCORPORATED INTO AND FORMS PART OF
THIS FORM.
</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="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Registration Authorized By:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JESSICA D. FERGUSON</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">SOLICITOR</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>SCHEDULE OF SHARE CAPITAL</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation is authorized to issue:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>One class of shares, to be designated as &#147;Common Shares&#148;, in an unlimited number; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>One class of shares, to be designated as &#147;Preferred Shares&#148;, issuable in series, to be
limited in number to an amount equal to not more than one half of the issued and outstanding
Common Shares at the time of issuance of such Preferred Shares;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such shares having attached thereto the following rights, privileges, restrictions and conditions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><b>A.</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><b>Common Shares</b></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Common Shares shall have attached thereto the following rights, privileges,
restrictions and conditions:
</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>the right to one vote at all meetings of shareholders of the Corporation,
except meetings at which only holders of a specified class of shares are entitled to
vote;</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>subject to the prior rights and privileges attaching to any other class of
 shares of the Corporation, the right to receive any dividend declared by the
Corporation; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the prior rights and privileges attaching to any other class of
 shares of the Corporation, the right to receive the remaining property and assets of
the Corporation upon dissolution.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>B.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Preferred Shares</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Preferred Shares shall have attached thereto the following rights, privileges,
restrictions and conditions:
</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>the Preferred Shares may at any time and from time to time be issued in one or
more series, each series to consist of such number of shares as may, before the issue
thereof, be determined by resolution of the directors of the Corporation; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the provisions of the Business Corporations Act (Alberta), the
directors of the Corporation may by resolution fix from time to time before the issue
thereof the designation, rights, privileges, restrictions and conditions attaching to
each series of the Preferred Shares.</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 -->&nbsp;<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE OF OTHER PROVISIONS
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The directors may, between annual meetings of shareholders, appoint one or more additional
directors of the Corporation to serve until the next annual meeting of shareholders, but the
number of additional directors shall not at any time exceed 1/3 of the number of directors
who held office at the expiration of the last meeting of the shareholders of the Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Meetings of the shareholders may be held at any place within Canada, the United States of
America or in any other place selected by the directors of the Corporation in accordance with
applicable corporate legislation.</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 -->&nbsp;<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Amalgamate Alberta Corporation - Registration Statement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Alberta Registration Date: 2010/06/01</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Corporate Access Number: 2015389220</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="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Service Request Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">14780154</TD>    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Alberta Corporation Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Named Alberta Corporation
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">PRECISION DRILLING CORPORATION
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Equivalent Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Nuans Number:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Nuans Number:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>REGISTERED <BR>
ADDRESS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">4200, 150 - 6TH AVENUE S.W.
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Description:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">CALGARY
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">ALBERTA
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
   <TD align="left" valign="top">T2P 3Y7</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>

    <TD nowrap 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RECORDS ADDRESS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Description:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>ADDRESS FOR <BR>
SERVICE BY MAIL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Post Office Box:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Internet Mail ID:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Share Structure:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">THE ATTACHED SCHEDULE OF SHARE CAPITAL IS
INCORPORATED INTO AND FORMS PART OF THIS FORM.
</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Share Transfers</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- 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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Restrictions:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">NONE
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Number of Directors:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Min Number Of
Directors:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Max Number Of
Directors:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">15</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business Restricted To:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">NONE
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business Restricted From:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">NONE
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Other Provisions:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">THE ATTACHED SCHEDULE OF OTHER PROVISIONS IS
INCORPORATED INTO AND FORMS PART OF THIS FORM.
</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Professional Endorsement <BR>
Provided:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Future Dating Required:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Registration Date:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2010/06/01</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Director</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">DONOVAN
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">WILLIAM
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T.</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">4200, 150 - 6TH AVENUE S.W.
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">CALGARY
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">ALBERTA
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Resident Canadian:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">DUNN
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">W.C. (MICKEY)
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">4200, 150 - 6TH AVENUE S.W.
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">CALGARY
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">ALBERTA
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">FELESKY
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">BRIAN
</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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 - 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></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"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LETWIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">STEPHEN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.J.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 - 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></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"><B>Resident Canadian:</B></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"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MURRAY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PATRICK</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">M.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 - 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></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"><B>Resident Canadian:</B></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"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HAGERMAN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALLEN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">R.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 - 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></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"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NEVEU</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KEVIN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 - 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></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"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PHEASEY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FREDERICK</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 - 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></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"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PHILLIPS</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ROBERT</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">L.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 - 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></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"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GIBSON</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ROBERT</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.S.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 - 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></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"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TURBIDY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TREVOR</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">M.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 - 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></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"><B>Resident Canadian:</B></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"><B>Named On Stat Dec:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Amalgamating Corporation</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="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Corporate Access Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Legal Entity Name</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2012906851
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRECISION DRILLING CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2015388040
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PDC ACQUISITION LTD.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Attachment</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Attachment Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Microfilm Bar Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date Recorded</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Articles/Plan of Arrangement/Court Order</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10000301000210557</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2010/06/01</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Rules or Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2010/06/01</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share Structure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2010/06/01</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="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Registration Authorized By:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JESSICA D. FERGUSON<br> SOLICITOR</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-3.2
<SEQUENCE>3
<FILENAME>o69608exv3w2.htm
<DESCRIPTION>EX-3.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.2</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PRECISION DRILLING CORPORATION</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BY-LAW NO. 1</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This By-law was originally adopted on March&nbsp;4, 2010 by 1521500 Alberta Ltd. Pursuant to a Plan
of Arrangement involving Precision Drilling Trust, Precision Drilling Limited Partnership, 1194312
Alberta Ltd., Precision Drilling Corporation, 1521502 Alberta Ltd. and 1521500 Alberta Ltd., this
By-law became the By-Law of Precision Drilling Corporation effective June&nbsp;1, 2010 and was deemed to
have been confirmed by the shareholders of Precision Drilling Corporation pursuant to the said Plan
of Arrangement.</B>
</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">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>INDEX</U>
</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="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DEFINITIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REGISTERED OFFICE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SEAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DIRECTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Number</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Powers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Duties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Qualification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Term of Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Election</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consent to Election</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Removal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vacation of Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Validity of Acts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MEETINGS OF DIRECTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Place of Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Waiver of Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Omission of Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Telephone Participation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjournment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Quorum and Voting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Resolution in Lieu of Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">COMMITTEES OF DIRECTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">General</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Audit Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REMUNERATION OF DIRECTORS, OFFICERS AND EMPLOYEES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SUBMISSION OF CONTRACTS OR TRANSACTIONS TO SHAREHOLDERS FOR
APPROVAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CONFLICT OF INTEREST</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FOR THE PROTECTION OF DIRECTORS AND OFFICERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&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 -->- ii -<!-- /Folio -->
<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="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">INDEMNITIES TO DIRECTORS AND OTHERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OFFICERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Appointment of Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Removal of Officers and Vacation of Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chairman of the Board</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vice-President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Treasurer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Assistant Secretary and Assistant Treasurer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Managing Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Duties of Officers may be Delegated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px">SHAREHOLDERS&#146; MEETINGS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Annual Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Special Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Meeting on Requisition of Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Waiver of Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Omission of Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Record Dates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Chairman of the Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Votes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Right to Vote</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proxies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Telephone Participation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjournment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Quorum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Resolution in Lieu of Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SHARES AND TRANSFERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Issuance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Security Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dealings with Registered Holder</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Surrender of Security Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Defaced, Destroyed, Stolen or Lost Security Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Enforcement of Lien for Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DIVIDENDS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VOTING SECURITIES IN OTHER BODIES CORPORATE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NOTICES, ETC.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Service</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&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 -->- iii -<!-- /Folio -->
<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="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Failure to Locate Shareholder</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Shares Registered in More than one Name</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Persons Becoming Entitled by Operation of Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deceased Shareholder</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Signatures upon Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Computation of Time</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proof of Service</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CUSTODY OF SECURITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXECUTION OF CONTRACTS, ETC.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FISCAL PERIOD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&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 --><!-- /Folio -->

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PRECISION DRILLING CORPORATION</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>BY-LAW NO. 1</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A by-law relating generally to the conduct of the business and affairs of PRECISION DRILLING
CORPORATION (hereinafter called the &#147;Corporation&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT IS HEREBY ENACTED as a by-law of the Corporation as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>DEFINITIONS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. In this by-law and all other by-laws of the Corporation, unless the context
otherwise specifies or requires:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Act&#148; means the <I>Business Corporations Act </I>(Alberta) and the regulations made thereunder,
as from time to time amended, and in the case of such amendment any reference in the by-laws shall
be read as referring to the amended provisions 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;board&#148; means the board of directors 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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;by-laws&#148; means the by-laws of the Corporation from time to time in force and effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all terms contained in the by-laws which are defined in the Act shall have the meanings
given to such terms in the 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="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>words importing the singular number only shall include the plural and vice versa; words
importing the masculine gender shall include the feminine and neuter genders; 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="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the headings used in the by-laws are inserted for reference purposes only and are not to
be considered or taken into account in construing the terms or provisions thereof or to be deemed
in any way to clarify, modify or explain the effect of any such terms or provisions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>REGISTERED OFFICE</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. The Corporation shall at all times have a registered office within Alberta.
Subject to subsection (4)&nbsp;of section 20 of the Act, the directors of the Corporation may at
any 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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change the address of the registered office within Alberta;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designate, or revoke or change a designation of, a records office within Alberta; 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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designate, or revoke or change a designation of, a post office box within Alberta as the
address for service by mail of the Corporation.</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 --> - 2 -<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SEAL</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. The corporate seal of the Corporation shall be such as the directors may by
resolution from time to time adopt.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>DIRECTORS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. <U>Number</U>. The number of directors shall be the number fixed by the
articles, or where the articles specify a variable number, the number shall be not less than the
minimum and not more than the maximum number so specified and shall be determined from time to time
within such limits by resolution of the shareholders or the board of directors. At least 25% of the
directors shall be resident Canadians.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5. <U>Vacancies</U>. Subject to section 111 of the Act, a quorum of directors
may fill a vacancy among the directors, except a vacancy resulting from an increase in the number
or minimum number of directors or from a failure to elect the number or minimum number of directors
required by the articles. If there is not a quorum of directors, or if there has been a failure to
elect the number or minimum number of directors required by the articles, the directors then in
office shall forthwith call a special meeting of shareholders to fill the vacancy and, if they fail
to call a meeting or if there are no directors then in office, the meeting may be called by any
shareholder. If the shareholders have adopted an amendment to the articles to increase the number
or minimum number of directors, and have not, at the meeting at which they adopted the amendment,
elected an additional number of directors authorized by the amendment, the directors then in office
shall forthwith call a special meeting of shareholders to fill the vacancy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A director appointed or elected to fill a vacancy holds office for the unexpired term of his
predecessor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. <U>Powers</U>. Subject to any unanimous shareholder agreement, the
directors shall manage the business and affairs of the Corporation and may exercise all such powers
and do all such acts and things as may be exercised or done by the Corporation and are not
expressly directed or required to be done in some other manner by the Act, the articles, the
by-laws, any special resolution of the Corporation, a unanimous shareholder agreement or by
statute.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7. <U>Duties</U>. Every director and officer of the Corporation in exercising
his powers and discharging his duties shall:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>act honestly and in good faith with a view to the best interests of the Corporation; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise the care, diligence and skill that a reasonably prudent person would exercise
in comparable circumstances.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8. <U>Qualification</U>. The following persons are disqualified from being a
director of the Corporation:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>anyone who is less than 18&nbsp;years of age;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>anyone who</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 --> - 3 -<!-- /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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is a dependent adult as defined in the <I>Dependent Adults Act </I>or is the subject of a
certificate of incapacity under that 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is a formal patient as defined in the Mental Health 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is the subject of an order under The Mentally Incapacitated Persons Act appointing a
committee of his person or estate or both, 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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has been found to be a person of unsound mind by a court elsewhere than in Alberta;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a person who is not an individual; 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="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a person who has the status of bankrupt.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the articles otherwise provide, a director of the Corporation is not required to hold shares
issued by the Corporation.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9. <U>Term of Office</U>. A director&#146;s term of office (subject to the
provisions, if any, of the Corporation&#146;s articles or any unanimous shareholder agreement, and
subject to his election for an expressly stated term) shall be from the date of the meeting at
which he is elected or appointed until the close of the first annual meeting of shareholders
following his election or appointment or until his successor is elected or appointed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10. <U>Election</U>. Subject to sections 106 and 107 of the Act, shareholders of
the Corporation shall, by ordinary resolution at the first meeting of shareholders and at each
succeeding annual meeting at which an election of directors is required, elect directors to hold
office for a term expiring not later than the close of the next annual meeting of shareholders
following the election. A director not elected for an expressly stated term ceases to hold office
at the close of the first annual meeting of shareholders following his election but, if qualified,
is eligible for re-election. Notwithstanding the foregoing, if directors are not elected at a
meeting of shareholders, the incumbent directors continue in office until their successors are
elected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a meeting of shareholders fails to elect the number or the minimum number of directors required
by the articles by reason of the disqualification or death of any candidate, the directors elected
at that meeting may exercise all the powers of the directors if the number of directors so elected
constitutes a quorum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11. <U>Consent to Election</U>. A person who is elected or appointed a director
is not a director unless he was present at the meeting when he was elected or appointed and did not
refuse to act as a director or, if he was not present at the meeting when he was elected or
appointed, he consented to act as a director in writing before his election or appointment or
within 10&nbsp;days after it or he has acted as a director pursuant to the election or appointment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12. <U>Removal</U>. Subject to sections 107 and 109 of the Act, the shareholders
of the Corporation may by ordinary resolution at a special meeting remove any director from office
before the expiration of his term of office and may, by a majority of votes cast at the meeting,
elect any person in his stead for the remainder of his term.
</DIV>


</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13. <U>Vacation of Office</U>. A director of the Corporation ceases to hold
office when:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>he dies or resigns;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>he is removed from office; 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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>he becomes disqualified.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A resignation of a director becomes effective at the time a written resignation is sent to the
Corporation, or at the time specified in the resignation, whichever is later.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14. <U>Validity of Acts</U>. An act of a director or officer is valid
notwithstanding an irregularity in his election or appointment or a defect in his qualification. An
act of the directors or a committee of directors is valid notwithstanding non-compliance with
paragraphs 4, 21 or 23 hereof.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>MEETINGS OF DIRECTORS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15. <U>Place of Meeting</U>. Unless the articles otherwise provide, meetings of
directors and of any committee of directors may be held at any place. A meeting of directors may be
convened by the Chairman of the Board (if any), the President or any director at any time and the
Secretary shall upon direction of any of the foregoing convene a meeting of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16. <U>Notice</U>. Notice of the time and place for the holding of any meeting
of directors or of any committee of directors shall be sent to each director or each director who
is a member of such committee, as the case may be, not less than forty-eight (48)&nbsp;hours before the
time of the meeting; provided that a meeting of directors or of any committee of directors may be
held at any time without notice if all the directors or members of such committee are present
(except where a director attends the meeting for the express purpose of objecting to the
transaction of any business on the grounds that the meeting is not lawfully called) or if all the
absent directors waive notice of the meeting. The notice of a meeting of directors shall specify
any matter referred to in subsection (3)&nbsp;of section 115 of the Act that is to be dealt with at the
meeting, but need not specify the purpose or the business to be transacted at the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the first meeting of directors to be held following the election of directors at an annual or
special meeting of the shareholders or for a meeting of directors at which a director is appointed
to fill a vacancy in the board, no notice of such meeting need be given to the newly elected or
appointed director or directors in order for the meeting to be duly constituted, provided a quorum
of the directors is present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17. <U>Waiver of Notice</U>. Notice of any meeting of directors or of any
committee of directors or the time for the giving of any such notice or any irregularity in any
meeting or in the notice thereof may be waived by any director in writing or by telecopy, telegram,
cable or telex addressed to the Corporation or in any other manner, and any such waiver may be
validly given either before or after the meeting to which such waiver
relates. Attendance of a director at any meeting of directors or of any committee of directors is a
waiver of notice of such meeting, except when a director attends a meeting for the express purpose
of objecting to the transaction of any business on the grounds that the meeting is not lawfully
called.
</DIV>


</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18. <U>Omission of Notice</U>. The accidental omission to give notice of any
meeting of directors or of any committee of directors to or the non-receipt of any notice by any
person shall not invalidate any resolution passed or any proceeding taken at such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19. <U>Electronic Participation</U>. A director may participate in a meeting of
directors or of any committee of directors by means of telephone or other communication facilities
that permit all persons participating in the meeting to communicate with each other, and a director
participating in a meeting by those means is deemed for the purposes of the Act and this by-law to
be present at that meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">20. <U>Adjournment</U>. Any meeting of directors or of any committee of
directors may be adjourned from time to time by the chairman of the meeting, with the consent of
the meeting, to a fixed time and place. Notice of an adjourned meeting of directors or committee of
directors is not required to be given if the time and place of the adjourned meeting is announced
at the original meeting. Any adjourned meeting shall be duly constituted if held in accordance with
the terms of the adjournment and a quorum is present thereat. The directors who formed a quorum at
the original meeting are not required to form the quorum at the adjourned meeting. If there is no
quorum present at the adjourned meeting, the original meeting shall be deemed to have terminated
forthwith after its adjournment. Any business may be brought before or dealt with at the adjourned
meeting which might have been brought before or dealt with at the original meeting in accordance
with the notice calling the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">21. <U>Quorum and Voting</U>. Subject to the articles, a majority of the number
of directors constitutes a quorum at any meeting of directors and, notwithstanding any vacancy
among the directors, a quorum of directors may exercise all the powers of the directors. Subject to
subsections (3)&nbsp;and (4)&nbsp;of section 114 of the Act, directors shall not transact business at a
meeting of directors unless a quorum is present and at least 25% of the directors present are
resident Canadians. Questions arising at any meeting of directors shall be decided by a majority of
votes. In the case of an equality of votes, the chairman of the meeting in addition to his original
vote shall have a second or casting vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">22. <U>Resolution in Lieu of Meeting</U>. Subject to the articles or a unanimous
shareholder agreement, a resolution in writing, signed by all the directors entitled to vote on
that resolution at a meeting of directors or committee of directors, is as valid as if it had been
passed at a meeting of directors or committee of directors. A resolution in writing dealing with
all matters required by the Act or this by-law to be dealt with at a meeting of directors, and
signed by all the directors entitled to vote at that meeting, satisfies all the requirements of the
Act and this by-law relating to meetings of directors.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>COMMITTEES OF DIRECTORS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">23. <U>General</U>. The directors may from time to time appoint from their
number a managing director, who must be a resident Canadian, or a committee of directors, at least
25% of whom shall be resident Canadians, and may delegate to the managing director or such
committee any of the powers of the directors, except that no managing director or committee shall
have the authority to:
</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">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>submit to the shareholders any question or matter requiring the approval of the
shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fill a vacancy among the directors or in the office of auditor;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue securities except in the manner and on the terms authorized by the directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>declare dividends;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purchase, redeem or otherwise acquire shares issued by the Corporation, except in the
manner and on the terms authorized by the directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pay a commission referred to in section 42 of the 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="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approve a management proxy circular;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approve any annual financial statements to be placed before the shareholders of the
Corporation; 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="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adopt, amend or repeal by-laws of the Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing and subject to the articles or any unanimous shareholder
agreement, the directors may, by resolution, delegate to a director, managing director or committee
of directors the power 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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>borrow money on the credit 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue, reissue, sell or pledge debt obligations 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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to section 45 of the Act, give a guarantee on behalf of the Corporation to
secure performance of an obligation of any person; 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="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>mortgage, hypothecate, pledge or otherwise create a security interest in all or any
property of the Corporation, owned or subsequently acquired, to secure any obligation of the
Corporation.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">24. <U>Audit Committee</U>. Subject to subsection (3)&nbsp;of section 171 of the Act,
if any of the issued shares of the Corporation, or securities of the Corporation which may or might
be exchanged for or converted into shares of the Corporation, were part of a distribution to the
public and the Corporation has more than fifteen shareholders, the directors shall elect annually
from among their number an audit committee to be composed of not fewer than three directors, a
majority of whom are not officers or employees of the Corporation or any of its affiliates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each member of the audit committee shall serve during the pleasure of the board of directors
and, in any event, only so long as he shall be a director. The directors may fill vacancies in the
audit committee by election from among their number.
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audit committee shall have power to fix its quorum at not less than a majority of its
members and to determine its own rules of procedure subject to any regulations imposed by the board
of directors from time to time and to the following paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The auditor of the Corporation is entitled to receive notice of every meeting of the audit
committee and, at the expense of the Corporation, to attend and be heard thereat, and, if so
requested by a member of the audit committee, shall attend every meeting of the committee held
during the term of office of the auditor. The auditor of the Corporation or any member of the audit
committee may call a meeting of the committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audit committee shall review the financial statements of the Corporation prior to approval
thereof by the board and shall have such other powers and duties as may from time to time by
resolution be assigned to it by the board.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>REMUNERATION OF DIRECTORS, OFFICERS AND EMPLOYEES</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">25. Subject to the articles or any unanimous shareholder agreement, the
directors of the Corporation may fix the remuneration of the directors, officers and employees of
the Corporation. Any remuneration paid to a director of the Corporation shall be in addition to the
salary paid to such director in his capacity as an officer or employee of the Corporation. The
directors may also by resolution award special remuneration to any director in undertaking any
special services on the Corporation&#146;s behalf other than the routine work ordinarily required of a
director of the Corporation. The confirmation of any such resolution by the shareholders shall not
be required. The directors, officers and employees shall also be entitled to be paid their
travelling and other expenses properly incurred by them in connection with the affairs of the
Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate remuneration paid to the directors and the aggregate remuneration paid to the
five highest paid officers and employees, other than directors, shall be disclosed to the
shareholders at every annual meeting.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SUBMISSION OF CONTRACTS OR TRANSACTIONS TO SHAREHOLDERS FOR APPROVAL</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">26. The directors in their discretion may submit any contract, act or transaction
for approval, ratification or confirmation at any annual meeting of the shareholders or at any
special meeting of the shareholders called for the purpose of considering the same and any
contract, act or transaction that shall be approved, ratified or confirmed by resolution passed by
a majority of the votes cast at any such meeting (unless any different or additional requirement is
imposed by the Act or by the Corporation&#146;s articles or any other by-law) shall be as valid and as
binding upon the Corporation and upon all the shareholders as though it had been approved, ratified
and/or confirmed by every shareholder of the Corporation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>CONFLICT OF INTEREST</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">27. A director or officer of the Corporation who is a party to a material
contract or proposed material contract with the Corporation, or is a director or an officer of or
has a material
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">interest in any person who is a party to a material contract or proposed material contract with the
Corporation shall disclose the nature and extent of his interest at the time and in the manner
provided in the Act. Except as provided in the Act, no such director of the Corporation shall vote
on any resolution to approve such contract. If a material contract is made between the Corporation
and one or more of its directors or officers, or between the Corporation and another person of
which a director or officer of the Corporation is a director or officer or in which he has a
material interest, (i)&nbsp;the contract is neither void nor voidable by reason only of that
relationship, or by reason only that a director with an interest in the contract is present at or
is counted to determine the presence of a quorum at a meeting of directors or committee of
directors that authorized the contract, and (ii)&nbsp;a director or officer or former director or
officer of the Corporation to whom a profit accrues as a result of the making of the contract is
not liable to account to the Corporation for that profit by reason only of holding office as a
director or officer, if the director or officer disclosed his interest in accordance with the
provisions of the Act and the contract was approved by the directors or the shareholders and it was
reasonable and fair to the Corporation at the time it was approved. This paragraph is subject to
any unanimous shareholder agreement.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>FOR THE PROTECTION OF DIRECTORS AND OFFICERS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28. No director or officer for the time being of the Corporation shall be liable to
the Corporation for the acts, receipts, neglects or defaults of any other director or officer or
employee or for joining in any receipt or act for conformity or for any loss, damage or expense
happening to the Corporation through the insufficiency or deficiency of title to any property
acquired by the Corporation or for or on behalf of the Corporation or for the insufficiency or
deficiency of any security in or upon which any of the monies of or belonging to the Corporation
shall be placed out or invested or for any loss or damage arising from the bankruptcy, insolvency
or tortious act of any person, firm or corporation including any person, firm or corporation with
whom or which any monies, securities or effects shall be lodged or deposited or for any loss,
conversion, misapplication or misappropriation of or any damage resulting from any dealings with
any monies, securities or other assets belonging to the Corporation or for any other loss, damage
or misfortune whatever which may happen in the execution of the duties of his respective office of
trust or in relation thereto, unless the same shall happen by or through his failure to exercise
the powers and to discharge the duties of his office honestly, in good faith with a view to the
best interests of the Corporation, and in connection therewith to exercise the care, diligence and
skill that a reasonably prudent person would exercise in comparable circumstances, provided that
nothing herein contained shall relieve a director or officer from the duty to act in accordance
with the Act or relieve him from liability under the Act. The directors for the time being of the
Corporation shall not be under any duty or responsibility in respect of any contract, act or
transaction whether or not made, done or entered into in the name or on behalf of the Corporation,
except such as shall have been submitted to and authorized or approved by the directors. If any
director or officer of the Corporation shall be employed by or shall perform services for the
Corporation otherwise than as a director or officer or shall be a member of a firm or a
shareholder, director or officer of a body corporate which is employed by or performs
services for the Corporation, the fact of his being a shareholder, director or officer of the
Corporation or body corporate or member of the firm shall not disentitle such director or officer
or such firm or body corporate, as the case may be, from receiving proper remuneration for such
services.
</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 align="center" style="font-size: 10pt; margin-top: 18pt"><U>INDEMNITIES TO DIRECTORS AND OTHERS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">29. (1)&nbsp;Subject to section 124 of the Act, except in respect of an action by or on behalf of the
Corporation or body corporate to procure a judgment in its favour, the Corporation shall indemnify
a director or officer of the Corporation, a former director or officer of the Corporation or a
person who acts or acted at the Corporation&#146;s request as a director or officer of a body corporate
of which the Corporation is or was a shareholder or creditor, and his heirs and legal
representatives, against all costs, charges and expenses, including an amount paid to settle an
action or satisfy a judgment, reasonably incurred by him in respect of any civil, criminal or
administrative action or proceeding to which he is made a party by reason of being or having been a
director or officer of the Corporation or body corporate, if:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>he acted honestly and in good faith with a view to the best interests of the
Corporation; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a criminal or administrative action or proceeding that is enforced by a
monetary penalty, he had reasonable grounds for believing that his conduct was lawful.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;The Corporation shall, subject to the approval of a Court (as defined in the Act),
indemnify a person referred to in subparagraph 29(1) hereof in respect of an action by or on behalf
of the Corporation or a body corporate to procure a judgment in its favour, to which he is made a
party by reason of being or having been a director or an officer of the Corporation or body
corporate, against all costs, charges and expenses reasonably incurred by him in connection with
such action if he fulfills the conditions set out in subparagraph 29(1)(a) and (b)&nbsp;hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;Notwithstanding anything in this paragraph 29, a person referred to in subparagraph
29(1) shall be entitled to indemnity from the Corporation in respect of all costs, charges and
expenses reasonably incurred by him in connection with the defence of any civil, criminal or
administrative action or proceeding to which he is made a party by reason of being or having been a
director or officer of the Corporation or body corporate, if the person seeking indemnity:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was substantially successful on the merits of his defence of the action or proceeding;
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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fulfills the conditions set out in subparagraph 29(1)(a) and (b)&nbsp;hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>OFFICERS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">30. <U>Appointment of Officers</U>. Subject to the articles or any unanimous
shareholder agreement, the directors annually or as often as may be required may appoint from among
themselves a Chairman of the Board and shall appoint a President and a Secretary and if deemed
advisable may appoint one or more Vice-Presidents, a Treasurer and one or more Assistant
Secretaries and/or one or more Assistant Treasurers. None of
such officers except the Chairman of the Board need be a director of the Corporation although a
director may be appointed to any office of the Corporation. Two or more offices of the Corporation
may be held by the same person. In case and whenever the same person holds the offices of
Secretary and Treasurer he
</DIV>


</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">may but need not be known as the Secretary-Treasurer. The directors may from time to time appoint
such other officers, employees and agents as they shall deem necessary who shall have such
authority and shall perform such functions and duties as may from time to time be prescribed by
resolution of the directors. The directors may from time to time and subject to the provisions of
the Act, vary, add to or limit the duties and powers of any officer, employee or agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">31. <U>Removal of Officers and Vacation of Office</U>. Subject to the articles or
any unanimous shareholder agreement, all officers, employees and agents, in the absence of
agreement to the contrary, shall be subject to removal by resolution of the directors at any time,
with or without cause.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An officer of the Corporation ceases to hold office when he dies, resigns or is removed from
office. A resignation of an officer becomes effective at the time a written resignation is sent to
the Corporation, or at the time specified in the resignation, whichever is later.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">32. <U>Vacancies</U>. If the office of President, Vice-President, Secretary,
Assistant Secretary, Treasurer, Assistant Treasurer, or any other office created by the directors
pursuant to paragraph 30 hereof shall be or become vacant by reason of death, resignation or in any
other manner whatsoever, the directors shall, in the case of the President and Secretary, and may,
in the case of any other officers, appoint an individual to fill such vacancy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">33. <U>Chairman of the Board</U>. The Chairman of the Board (if any) shall, if
present, preside as chairman at all meetings of the board and of shareholders. He shall sign such
contracts, documents or instruments in writing as require his signature and shall have such other
powers and shall perform such other duties as may from time to time be assigned to him by
resolution of the directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">34. <U>President</U>. The President shall be the chief executive officer of the
Corporation (except as may otherwise be specified by the board of directors) and shall, subject to
the direction of the board of directors, exercise general supervision and control over the business
and affairs of the Corporation. In the absence of the Chairman of the Board (if any), and if the
President is also a director of the Corporation, the President shall, when present, preside as
chairman at all meetings of directors and shareholders. He shall sign such contracts, documents or
instruments in writing as require his signature and shall have such other powers and shall perform
such other duties as may from time to time be assigned to him by resolution of the directors or as
are incident to his office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">35. <U>Vice-President</U>. The Vice-President or, if more than one, the
Vice-Presidents in order of seniority, shall be vested with all the powers and shall perform all
the duties of the President in the absence or inability or refusal to act of the President,
provided, however, that a Vice-President who is not a director shall not preside as chairman at any
meeting of directors or shareholders. The Vice-President or, if more than one, the Vice-Presidents
shall sign such contracts, documents or instruments in writing as require his or their signatures
and shall have such other powers and shall perform such other duties as may from time to time be
assigned to him or them by resolution of the directors.
</DIV>


</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 11 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">36. <U>Secretary</U>. The Secretary shall give or cause to be given notices for
all meetings of directors, any committee of directors and shareholders when directed to do so and
shall, subject to the provisions of the Act, maintain the records referred to in subsections (1),
(3)&nbsp;and (5)&nbsp;of section 21 of the Act. He shall sign such contracts, documents or instruments in
writing as require his signature and shall have such other powers and shall perform such other
duties as may from time to time be assigned to him by resolution of the directors or as are
incident to his office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">37. <U>Treasurer</U>. Subject to the provisions of any resolution of the
directors, the Treasurer shall have the care and custody of all the funds and securities of the
Corporation and shall deposit the same in the name of the Corporation in such bank or banks or with
such other depositary or depositaries as the directors may by resolution direct. He shall prepare
and maintain adequate accounting records. He shall sign such contracts, documents or instruments in
writing as require his signature and shall have such other powers and shall perform such other
duties as may from time to time be assigned to him by resolution of the directors or as are
incident to his office. He may be required to give such bond for the faithful performance of his
duties as the directors in their uncontrolled discretion may require and no director shall be
liable for failure to require any such bond or for the insufficiency of any such bond or for any
loss by reason of the failure of the Corporation to receive any indemnity thereby provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">38. <U>Assistant Secretary and Assistant Treasurer</U>. The Assistant Secretary
or, if more than one, the Assistant Secretaries in order of seniority, and the Assistant Treasurer
or, if more than one, the Assistant Treasurers in order of seniority, shall be vested with all the
powers and shall perform all the duties of the Secretary and Treasurer, respectively, in the
absence or inability or refusal to act of the Secretary or Treasurer as the case may be. The
Assistant Secretary or, if more than one, the Assistant Secretaries and the Assistant Treasurer or,
if more than one, the Assistant Treasurers shall sign such contracts, documents or instruments in
writing as require his or their signatures respectively and shall have such other powers and shall
perform such other duties as may from time to time be assigned to him or them by resolution of the
directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">39. <U>Managing Director</U>. The directors may from time to time appoint from
their number a Managing Director who must be a resident Canadian and may delegate to the Managing
Director any of the powers of the directors subject to the limits on authority provided by
subsection (3)&nbsp;of section 115 of the Act. The Managing Director shall conform to all lawful orders
given to him by the directors and shall at all reasonable times give to the directors or any of
them all information they may require regarding the affairs of the Corporation. Any agent or
employee appointed by the Managing Director shall be subject to discharge by the directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">40. <U>Duties of Officers may be Delegated</U>. In case of the absence or
inability or refusal to act of any officer of the Corporation or for any other reason that the
directors may deem sufficient, the directors may delegate all or any of the powers of such officer
to any other officer or to any director for the time being.
</DIV>


</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 12 -<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SHAREHOLDERS&#146; MEETINGS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">41. <U>Annual Meeting</U>. Subject to sections 131 and 132 of the Act, the
annual meeting of shareholders shall be held at the registered office of the Corporation or at a
place elsewhere within Alberta determined by the directors on such day in each year and at such
time as the directors may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">42. <U>Special Meetings</U>. The directors of the Corporation may at any time
call a special meeting of shareholders to be held on such day and at such time and, subject to
section 131 of the Act, at such place within Alberta as the directors may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">43. <U>Meeting on Requisition of Shareholders</U>. The holders of not less than
five percent (5%) of the issued shares of the Corporation that carry the right to vote at a meeting
sought to be held may requisition the directors to call a meeting of shareholders for the purposes
stated in the requisition. The requisition shall state the business to be transacted at the meeting
and shall be sent to each director and to the registered office of the Corporation. Subject to
subsection (3)&nbsp;of section 142 of the Act, upon receipt of the requisition, the directors shall call
a meeting of shareholders to transact the business stated in the requisition. If the directors do
not within twenty-one days after receiving the requisition call a meeting, any shareholder who
signed the requisition may call the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">44. <U>Notice</U>. A notice in writing of a meeting of shareholders stating the
day, hour and place of meeting and if special business is to be transacted thereat, stating (i)&nbsp;the
nature of that business in sufficient detail to permit the shareholder to form a reasoned judgment
on that business and (ii)&nbsp;the text of any special resolution to be submitted to the meeting, shall
be sent to each shareholder entitled to vote at the meeting, who on the record date for notice is
registered on the records of the Corporation or its transfer agent as a shareholder, to each
director of the Corporation and to the auditor of the Corporation not less than 21&nbsp;days and not
more than 50&nbsp;days (exclusive of the day of mailing and of the day for which notice is given) before
the date of the meeting; provided that a meeting of shareholders may be held for any purpose on any
day and at any time and, subject to section 131 of the Act, at any place without notice if all the
shareholders and all other persons entitled to attend such meeting are present in person or
represented by proxy at the meeting (except where a shareholder or other person attends the meeting
for the express purpose of objecting to the transaction of any business on the grounds that the
meeting is not lawfully called) or if all the shareholders and all other persons entitled to attend
such meeting and not present in person nor represented by proxy thereat waive notice of the
meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A director of the Corporation is entitled to receive notice of and to attend and be heard at every
meeting of shareholders of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The auditor of the Corporation is entitled to receive notice of every meeting of shareholders of
the Corporation and, at the expense of the Corporation, to attend and be heard at every meeting on
matters relating to his duties as auditor.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">45. <U>Waiver of Notice</U>. Notice of any meeting of shareholders or the time
for the giving of any such notice or any irregularity in any meeting or in the notice thereof may
be waived by any shareholder, the duly appointed proxy of any shareholder, any director or the
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio --> - 13 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">auditor of the Corporation in writing or by telecopy, telegram, cable or telex addressed to the
Corporation or in any other manner, and any such waiver may be validly given either before or after
the meeting to which such waiver relates. Attendance of a shareholder or any other person entitled
to attend a meeting of shareholders is a waiver of notice of such meeting, except when he attends a
meeting for the express purpose of objecting to the transaction of any business on the grounds that
the meeting is not lawfully called.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">46. <U>Omission of Notice</U>. The accidental omission to give notice of any
meeting of shareholders to or the non-receipt of any notice by any person shall not invalidate any
resolution passed or any proceeding taken at any such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">47. <U>Record Dates</U>. The directors may fix in advance a date as the record
date for the determination of shareholders (i)&nbsp;entitled to receive payment of a dividend, (ii)
entitled to participate in a liquidation distribution or (iii)&nbsp;for any other purpose except the
right to receive notice of or to vote at a meeting of shareholders, but such record date shall not
precede by more than 50&nbsp;days the particular action to be taken.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors may also fix in advance a date as the record date for the determination of
shareholders entitled to receive notice of a meeting of shareholders, but such record date shall
not precede by more than 50&nbsp;days or by less than 21&nbsp;days the date on which the meeting is to be
held.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If no record date is fixed,
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the record date for the determination of shareholders entitled to receive notice of a
meeting of shareholders shall be</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at the close of business on the last business day preceding the day on which the
notice is sent; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if no notice is sent, the day on which the meeting is held; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the record date for the determination of shareholders for any purpose other than to
establish a shareholder&#146;s right to receive notice of a meeting or to vote shall be at the close of
business on the day on which the directors pass the resolution relating to that purpose.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">48. <U>Chairman of the Meeting</U>. In the absence of the Chairman of the Board
(if any), the President and any Vice-President who is a director, the shareholders present entitled
to vote shall elect another director as chairman of the meeting and if no director is present or if
all the directors present decline to take the chair then the shareholders present shall elect one
of their number to be chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">49. <U>Votes</U>. Votes at meetings of shareholders may be given either
personally or by proxy. Every question submitted to any meeting of shareholders shall be decided on
a show of hands except when a ballot is required by the chairman of the meeting or is demanded by a
shareholder or proxyholder entitled to vote at the meeting. A shareholder
or proxyholder may demand a ballot either before or on the declaration of the result of any vote by
show of hands.
</DIV>


</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At every meeting at which he is entitled to vote, every shareholder present in person and every
proxyholder shall have one (1)&nbsp;vote on a show of hands. Upon a ballot at which he is entitled to
vote every shareholder present in person or by proxy shall (subject to the provisions, if any, of
the articles) have one (1)&nbsp;vote for every share registered in his name. In the case of an equality
of votes the chairman of the meeting shall not, either on a show of hands or on a ballot, have a
second or casting vote in addition to the vote or votes to which he may be entitled as a
shareholder or proxyholder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any meeting, unless a ballot is demanded by a shareholder or proxyholder entitled
to vote at the meeting a declaration by the chairman of the meeting that a resolution has been
carried unanimously or by a particular majority or lost or not carried by a particular majority
shall be conclusive evidence of the fact without proof of the number or proportion of votes
recorded in favour of or against the resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any meeting a ballot is demanded on the election of a chairman or on the
question of adjournment or termination, the ballot shall be taken forthwith without adjournment. If
a ballot is demanded on any other question or as to the election of directors, the ballot shall be
taken in such manner and either at once or later at the meeting or after adjournment as the
chairman of the meeting directs. The result of a ballot shall be deemed to be the resolution of the
meeting at which the ballot was demanded. A demand for a ballot may be withdrawn.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">50. <U>Right to Vote</U>. Subject to section 139 of the Act or unless the
articles otherwise provide, each share of the Corporation entitles the holder of it to one vote at
a meeting of shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where a body corporate or association is a shareholder of the Corporation, any individual
authorized by a resolution of the directors or governing body of the body corporate or association
to represent it at meetings of shareholders of the Corporation is the person entitled to vote at
all such meetings of shareholders in respect of the shares held by such body corporate or
association.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where a person holds shares as a personal representative, such person or his proxy
is the person entitled to vote at all meetings of shareholders in respect of the shares so held by
him.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where a person mortgages, pledges or hypothecates his shares, such person or his
proxy is the person entitled to vote at all meetings of shareholders in respect of such shares so
long as such person remains the registered owner of such shares unless, in the instrument creating
the mortgage, pledge or hypothec, he has expressly empowered the person holding the mortgage,
pledge or hypothec to vote in respect of such shares, in which case, subject to the articles, such
holder or his proxy is the person entitled to vote in respect of the shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where two or more persons hold shares jointly, one of those holders present at a
meeting of shareholders may in the absence of the others vote the shares, but if two or more of
those persons who are present, in person or by proxy, vote, they shall vote as one on the shares
jointly held by them.
</DIV>
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">51. <U>Proxies</U>. Every shareholder, including a shareholder that is a body
corporate, entitled to vote at a meeting of shareholders may by means of a proxy appoint a
proxyholder and one or more alternate proxyholders, who are not required to be shareholders, to
attend and act at the meeting in the manner and to the extent authorized by the proxy and with the
authority conferred by the proxy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An instrument appointing a proxyholder shall be in written or printed form and shall be
executed by the shareholder or by his attorney authorized in writing and is valid only at the
meeting in respect of which it is given or any adjournment of that meeting.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An instrument appointing a proxyholder may be in the following form or in any other form which
complies with the requirements of the Act:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The undersigned shareholder of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> hereby appoints
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</U> of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</U>,  whom
failing, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> as the
nominee of the undersigned to attend and act for and on behalf of the undersigned at the
meeting of the shareholders of the said Corporation to
be held on the &#95;&#95;&#95; day of &#95;&#95;&#95;&#95;&#95;&#95;&#95;, 20&#95;&#95; and at any adjournment thereof
in the same manner, to the same extent and with the same power as if the undersigned were
personally present at the said meeting or such adjournment thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Dated the &#95;&#95;&#95;day of &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 20&#95;&#95;&#95;.
</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="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Signature
of Shareholder
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors may specify in a notice calling a meeting of shareholders a time not exceeding
forty-eight (48)&nbsp;hours, excluding Saturdays, Sundays and holidays, preceding the meeting or an
adjournment of the meeting before which time proxies to be used at the meeting must be deposited
with the Corporation or its agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chairman of the meeting of shareholders may in his discretion accept any written
communication (including without limitation any telecopy, telegram, cable or telex) as to the
authority of anyone claiming to vote on behalf of and to represent a shareholder notwithstanding
that no instrument of proxy conferring such authority has been deposited with the Corporation, and
any votes given in accordance with such written communication accepted by the chairman of the
meeting shall be valid and shall be counted.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">52. <U>Electronic Participation</U>. A shareholder or any other person entitled
to attend a meeting of shareholders may participate in the meeting by means of telephone or other
communication facilities that permit all persons participating in the meeting to communicate with
each other and a person participating in such a meeting by those means is deemed for the purposes
of the Act and this by-law to be present at the meeting.
</DIV>


</DIV>
<!-- PAGEBREAK -->
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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 --> - 16 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">53. <U>Adjournment</U>. The chairman of the meeting may with the consent of the
meeting adjourn any meeting of shareholders from time to time to a fixed time and place and if the
meeting is adjourned by one or more adjournments for an aggregate of less than thirty (30)&nbsp;days it
is not necessary to give notice of the adjourned meeting other than by announcement at the time of
an adjournment. If a meeting of shareholders is adjourned by one or more adjournments for an
aggregate of thirty (30)&nbsp;days or more, notice of the adjourned meeting shall be given as for an
original meeting but, unless the meeting is adjourned by one or more adjournments for an aggregate
of more than ninety (90)&nbsp;days, subsection (1)&nbsp;of section 149 of the Act does not apply.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any adjourned meeting shall be duly constituted if held in accordance with the terms
of the adjournment and a quorum is present thereat. The persons who formed a quorum at the original
meeting are not required to form the quorum at the adjourned meeting. If there is no quorum present
at the adjourned meeting, the original meeting shall be deemed to have terminated forthwith after
its adjournment. Any business may be brought before or dealt with at the adjourned meeting which
might have been brought before or dealt with at the original meeting in accordance with the notice
calling the same.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">54. <U>Quorum</U>. Two (2)&nbsp;persons present and each holding or representing by
proxy at least one (1)&nbsp;issued share of the Corporation shall be a quorum at any meeting of
shareholders for the election of a chairman of the meeting and for the adjournment of the meeting
to a fixed time and place but not for the transaction of any other business; for all other purposes
two (2)&nbsp;persons present and holding or representing by proxy one-twentieth of the shares entitled
to vote at the meeting shall be a quorum. If a quorum is present at the opening of a meeting of
shareholders, the shareholders present may proceed with the business of the meeting,
notwithstanding that a quorum is not present throughout the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, if the Corporation has only one shareholder, or one
shareholder holding a majority of the shares entitled to vote at the meeting, that shareholder
present in person or by proxy constitutes a meeting and a quorum for such meeting.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">55. <U>Resolution in Lieu of Meeting</U>. A resolution in writing signed by all
the shareholders entitled to vote on that resolution is as valid as if it had been passed at a
meeting of the shareholders. A resolution in writing dealing with all matters required by the Act
or this by-law to be dealt with at a meeting of shareholders, and signed by all the shareholders
entitled to vote at that meeting, satisfies all the requirements of this Act or the by-law relating
to meetings of shareholders.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SHARES AND TRANSFERS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">56. <U>Issuance</U>. Subject to the articles, any unanimous shareholder
agreement and to section 30 of the Act, shares in the Corporation may be issued at the times and to
the persons and for the consideration that the directors determine; provided that a share shall not
be issued until the consideration for the share is fully paid in money or in property or past
service that is not less in value than the fair equivalent of the money that the Corporation would
have received if the share had been issued for money.
</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 --> - 17 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">57. <U>Security Certificates</U>. A security holder is entitled at his option
to a security certificate that complies with the Act or a non-transferable written acknowledgment
of his right to obtain a security certificate from the Corporation in respect of the securities of
the Corporation held by him. Security certificates shall (subject to compliance with section 48 of
the Act) be in such form as the directors may from time to time by resolution approve and such
certificates shall be signed by at least one director or officer of the Corporation or by or on
behalf of a registrar, transfer agent or branch transfer agent of the Corporation, or by a trustee
who certifies it in accordance with a trust indenture. Any signatures required on a security
certificate may be printed or otherwise mechanically reproduced on it. If a security certificate
contains a printed or mechanically reproduced signature of a person, the Corporation may issue the
security certificate, notwithstanding that the person has ceased to be a director or an officer of
the Corporation, and the security certificate is as valid as if he were a director or an officer at
the date of its issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">58. <U>Agent</U>. The directors may from time to time by resolution appoint or
remove (i)&nbsp;one or more trust companies registered under the Trust Companies Act as its agent or
agents to maintain a central securities register or registers or (ii)&nbsp;an agent or agents to
maintain a branch securities register or registers for the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">59. <U>Dealings with Registered Holder</U>. Subject to the Act, the Corporation
may treat the registered owner of a security as the person exclusively entitled to vote, to receive
notices, to receive any interest, dividend or other payments in respect of the security, and
otherwise to exercise all the rights and powers of an owner of the security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">60. <U>Surrender of Security Certificates</U>. Subject to the Act, no transfer
of a security issued by the Corporation shall be registered unless or until the security
certificate representing the security to be transferred has been presented for registration or, if
no security certificate has been issued by the Corporation in respect of such security, unless or
until a duly executed transfer in respect thereof has been presented for registration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">61. <U>Defaced, Destroyed, Stolen or Lost Security Certificates</U>. In case of
the defacement, destruction, theft or loss of a security certificate, the fact of such defacement,
destruction, theft or loss shall be reported by the owner to the Corporation or to an agent of the
Corporation (if any), on behalf of the Corporation, with a statement verified by oath or statutory
declaration as to the defacement, destruction, theft or loss and the circumstances concerning the
same and with a request for the issuance of a new security certificate to replace the one so
defaced, destroyed, stolen or lost. Upon the giving to the Corporation (or if there be an agent,
hereinafter in this paragraph referred to as the &#147;Corporation&#146;s agent&#148;, then to the Corporation and
the Corporation&#146;s agent) of a bond of a surety company (or other security approved by the
directors) in such form as is approved by the directors or by the Chairman of the Board (if any),
the President, a Vice-President, the Secretary or the Treasurer of the Corporation, indemnifying
the Corporation (and the Corporation&#146;s agent if any) against all loss, damage or expense, which the
Corporation and/or the Corporation&#146;s agent may suffer or be liable for by reason of the issuance of
a new security certificate to such owner, and provided the
Corporation or the Corporation&#146;s agent does not have notice that the security has been acquired by
a bona fide purchaser and before such purchaser has received a new, reissued or re-registered
security, a new security certificate may be issued in replacement of the one defaced, destroyed,
stolen or lost, if such issuance is ordered and authorized by any one of the Chairman of the Board
(if any), the
</DIV>


</DIV>
<!-- PAGEBREAK -->
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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 --> - 18 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">President, a Vice-President, the Secretary or the Treasurer of the Corporation or by resolution of
the directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">62. <U>Enforcement of Lien for Indebtedness</U>. If the articles of the
Corporation provide that the Corporation has a lien on the shares registered in the name of a
shareholder or his legal representative for a debt of that shareholder to the Corporation, the
directors of the Corporation may sell any such shares in such manner as they think fit until the
debt has been paid in full. No sale shall be made until such time as the debt ought to be paid and
until a demand and notice in writing stating the amount due and demanding payment and giving notice
of intention to sell in default shall have been served on the holder or his legal representative of
the shares subject to the lien and default shall have been made in payment of such debt for seven
days after service of such notice. Upon any such sale, the proceeds shall be applied, firstly, in
payment of all costs of such sale, and, secondly, in satisfaction of such debt and the residue (if
any) shall be paid to such shareholder or his legal representative or as he shall direct. Upon any
such sale, the directors may enter or cause to be entered the purchaser&#146;s name in the securities
register of the Corporation as holder of the shares, and the purchaser shall not be bound to see to
the regularity or validity of, or be affected by, any irregularity or invalidity in the
proceedings, or be bound to see to the application of the purchase money, and after his name or the
name of his legal representative has been entered in the securities register, the regularity and
validity of the sale shall not be impeached by any person.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>DIVIDENDS</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">63. The directors may from time to time by resolution declare and the Corporation
may pay dividends on its issued shares, subject to the provisions (if any) of the Corporation&#146;s
articles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors shall not declare and the Corporation shall not pay a dividend if there are
reasonable grounds for believing that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation is, or would be after the payment be, unable to pay its liabilities as
they become due; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the realizable value of the Corporation&#146;s assets would thereby be less than the aggregate
of its liabilities and stated capital of all classes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation may pay a dividend by issuing fully paid shares of the Corporation and, subject to
section 43 of the Act, the Corporation may pay a dividend in money or property.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">64. In case several persons are registered as the joint holders of any securities
of the Corporation, any one of such persons may give effectual receipts for all dividends and
payments on account of dividends, principal, interest and/or redemption payments in respect of such
securities.
</DIV>


</DIV>
<!-- PAGEBREAK -->
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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 --> - 19 -<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>VOTING SECURITIES IN OTHER BODIES CORPORATE</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">65. All securities of any other body corporate carrying voting rights held from
time to time by the Corporation may be voted at all meetings of shareholders, bondholders,
debenture holders or holders of such securities, as the case may be, of such other body corporate
and in such manner and by such person or persons as the directors of the Corporation shall from
time to time determine and authorize by resolution. The duly authorized signing officers of the
Corporation may also from time to time execute and deliver for and on behalf of the Corporation
proxies and arrange for the issuance of voting certificates or other evidence of the right to vote
in such names as they may determine without the necessity of a resolution or other action by the
directors.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>NOTICES, ETC.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">66. <U>Service</U>. Any notice or document required by the Act, the articles or
the by-laws to be sent to any shareholder or director of the Corporation may be delivered
personally to or sent by mail addressed 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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the shareholder at his latest address as shown in the records of the Corporation or its
transfer agent; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the director at his latest address as shown in the records of the Corporation or in the
last notice filed under section 106 or 113 of the Act.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Such notice or document shall be deemed to have been sent on the day of personal delivery or
mailing. With respect to every notice or document sent by mail it shall be sufficient to prove that
the envelope or wrapper containing the notice or document was properly addressed and put into a
post office or into a post office letter box.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">67. <U>Failure to Locate Shareholder</U>. If the Corporation sends a notice or
document to a shareholder and the notice or document is returned on three consecutive occasions
because the shareholder cannot be found, the Corporation is not required to send any further
notices or documents to the shareholder until he informs the Corporation in writing of his new
address.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">68. <U>Shares Registered in More than one Name</U>. All notices or documents
shall, with respect to any shares in the capital of the Corporation registered in more than one
name, be sent to whichever of such persons is named first in the records of the Corporation and any
notice or document so sent shall be deemed to have been duly sent to all the holders of such
shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">69. <U>Persons Becoming Entitled by Operation of Law</U>. Every person who by
operation of law, transfer or by any other means whatsoever shall become entitled to any shares in
the capital of the Corporation shall be bound by every notice or document in respect of such shares
which prior to his name and address being entered on the records of the Corporation in respect of
such shares shall have been duly sent to the person or persons from whom he derives his title to
such shares.
</DIV>


</DIV>
<!-- PAGEBREAK -->
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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 --> - 20 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">70. <U>Deceased Shareholder</U>. Any notice or document sent to any shareholder
in accordance with paragraph 66 hereof shall, notwithstanding that such shareholder be then
deceased and whether or not the Corporation has notice of his decease, be deemed to have been duly
sent in respect of the shares held by such shareholder (whether held solely or with other persons)
until some other person be entered in his stead in the records of the Corporation as the holder or
one of the holders thereof and shall be deemed to have been duly sent to his heirs, executors,
administrators and legal representatives and all persons (if any) interested with him in such
shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">71. <U>Signatures upon Notices</U>. The signature of any director or officer of
the Corporation upon any notice may be written, stamped, typewritten or printed or partly written,
stamped, typewritten or printed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">72. <U>Computation of Time</U>. All computations of time required to be made
pursuant to the articles or by-laws of the Corporation shall be made (i)&nbsp;in accordance with the
provisions of the Interpretation Act, to the extent such provisions are applicable, and (ii)&nbsp;in any
other case, in accordance with the customary meaning ascribed to the words requiring such
computation of time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">73. <U>Proof of Service</U>. A certificate of any officer of the Corporation in
office at the time of the making of the certificate or of an agent of the Corporation as to facts
in relation to the sending of any notice or document to any shareholder, director, officer or
auditor or publication of any notice or document shall be conclusive evidence thereof and shall be
binding on every shareholder, director, officer or auditor of the Corporation, as the case may be.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>CUSTODY OF SECURITIES</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">74. All securities (including without limitation warrants) owned by the
Corporation may be lodged (in the name of the Corporation) with a chartered bank or a trust company
or in a safety deposit box or, if so authorized by resolution of the directors, with such other
depositaries or in such other manner as may be determined from time to time by the directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All securities (including without limitation warrants) belonging to the Corporation may be
issued and held in the name of a nominee or nominees of the Corporation (and if issued or held in
the names of more than one nominee shall be held in the names of the nominees jointly with right of
survivorship) and shall be endorsed in blank with endorsement guaranteed in order to enable
transfer thereof to be completed and registration thereof to be effected.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>EXECUTION OF CONTRACTS, ETC.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">75. Contracts, documents or instruments in writing requiring the signature of the
Corporation may be signed by any director or officer alone or any person or persons authorized by
resolution of the directors and all contracts, documents or instruments in writing so signed shall
be binding upon the Corporation without any further authorization or formality. The directors are
authorized from time to time by resolution to appoint any person or persons on
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><!-- Folio --> - 21 -<!-- /Folio -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">behalf of the Corporation either to sign contracts, documents or instruments in writing generally
or to sign specific contracts, documents or instruments in writing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporate seal of the Corporation may, when required, be affixed by any director or
officer to contracts, documents or instruments in writing signed by him as aforesaid or by the
person or persons appointed as aforesaid by resolution of the directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;contracts, documents or instruments in writing&#148; as used in this by-law shall include
deeds, mortgages, hypothecs, charges, cheques, drafts, orders for the payment of money, notes,
acceptances, bills of exchange, conveyances, transfers and assignments of property, real or
personal, immovable or movable, agreements, releases, receipts and discharges for the payment of
money or other obligations, conveyances, transfers and assignments of securities and all paper
writings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The signature or signatures of any director, officer or any person or persons appointed as
aforesaid by resolution of the directors may, if specifically authorized by resolution of the
directors, be printed, engraved, lithographed or otherwise mechanically reproduced upon all
contracts, documents or instruments in writing or bonds, debentures or other securities of the
Corporation executed or issued by or on behalf of the Corporation and all contracts, documents or
instruments in writing or securities of the Corporation on which the signature or signatures of any
of the foregoing persons shall be so reproduced, by authorization by resolution of the directors,
shall be deemed to have been manually signed by such persons whose signature or signatures is or
are so reproduced and shall be as valid to all intents and purposes as if they had been signed
manually and notwithstanding that the persons whose signature or signatures is or are so reproduced
may have ceased to hold office at the date of the delivery or issue of such contracts, documents or
instruments in writing or securities of the Corporation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>FISCAL PERIOD</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">76. The fiscal period of the Corporation shall terminate on such day in each year
as the board of directors may from time to time by resolution determine.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENACTED the 1<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP> day of June, 2010.
</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="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Kevin A. Neveu
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
President and Chief Executive Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joanne L. Alexander
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Vice President, General Counsel and
</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">Corporate Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This By-law was originally adopted on March&nbsp;4, 2010 by 1521500 Alberta Ltd. Pursuant to a Plan
of Arrangement involving Precision Drilling Trust, Precision Drilling Limited Partnership, 1194312
Alberta Ltd., Precision Drilling Corporation, 1521502 Alberta Ltd. and 1521500 Alberta Ltd., this
By-law became the By-Law of Precision Drilling Corporation effective June&nbsp;1, 2010 and was deemed to
have been confirmed by the shareholders of Precision Drilling Corporation pursuant to the said Plan
of Arrangement.</B>
</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">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><b>PRECISION
DRILLING CORPORATION</b>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>BY-LAW NO. 2</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A by-law respecting the borrowing of money, the giving of guarantees and the giving of
security by PRECISION DRILLING CORPORATION (hereinafter called the &#147;Corporation&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT IS HEREBY ENACTED as a by-law of the Corporation as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors of the Corporation may from time to 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="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>borrow money on the credit 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="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue, reissue, sell or pledge debt obligations of the Corporation, including without
limitation, bonds, debentures, notes or other evidences of indebtedness or guarantee of the
Corporation, whether secured or unsecured;</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>give a guarantee on behalf of the Corporation to secure performance of an obligation of any
individual, partnership, association, body corporate, trustee, executor, administrator or
legal representative;</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>mortgage, hypothecate, pledge or otherwise create an interest in or charge on all or any
property of the Corporation, owned or subsequently acquired, to secure payment of a debt or
performance of any other obligation 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="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>delegate to one or more directors, a committee of directors or one or more officers of the
Corporation as may be designated by the directors, all or any of the powers conferred by the
foregoing clauses of this by-law to such extent and in such manner as the directors shall
determine at the time of each such delegation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event any provision of any other by-law of the Corporation now in force is
inconsistent with or in conflict with any provision of this by-law, the provisions of this by-law
shall prevail to the extent necessary to remove the inconsistency or conflict.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This by-law shall remain in force and be binding upon the Corporation as regards any party
acting on the faith thereof until a copy, certified by the Secretary of the Corporation, of a
by-law repealing or replacing this by-law shall have been received by such party and duly
acknowledged in writing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENACTED the 1<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP> day of June, 2010.
</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="40%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Kevin A. Neveu
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joanne L. Alexander</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">President and Chief Executive Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, General Counsel and
Corporate Secretary</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 -->- 2 -<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This By-law was originally adopted on March&nbsp;4, 2010 by 1521500 Alberta Ltd. Pursuant to a Plan
of Arrangement involving Precision Drilling Trust, Precision Drilling Limited Partnership, 1194312
Alberta Ltd., Precision Drilling Corporation, 1521502 Alberta Ltd. and 1521500 Alberta Ltd., this
By-law became the By-Law of Precision Drilling Corporation effective June&nbsp;1, 2010 and was deemed to
have been confirmed by the shareholders of Precision Drilling Corporation pursuant to the said Plan
of Arrangement.</B>
</DIV>




</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.3
<SEQUENCE>4
<FILENAME>o69608exv3w3.htm
<DESCRIPTION>EX-3.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.3</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">003142-11-DAE-CH
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960806.gif" alt="(THE STATE OF TEXAS)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><b>The
State of Texas</b>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><b>Secretary
of State</b>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CERTIFICATE OF INCORPORATION
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">OF
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DI
ENERGY, INC.,<BR>
CHARTER NUMBER 557830
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE UNDERSIGNED, AS SECRETARY OF STATE OF THE STATE OF TEXAS, HEREBY CERTIFIES THAT ARTICLES OF
INCORPORATION FOR THE ABOVE CORPORATION, DULY SIGNED AND VERIFIED HAVE BEEN RECEIVED IN THIS OFFICE
AND ARE FOUND TO CONFORM TO LAW.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCORDINGLY THE UNDERSIGNED, AS SUCH SECRETARY OF STATE, AND BY VIRTUE OF THE AUTHORITY VESTED IN
HIM BY LAW, HEREBY ISSUES THIS CERTIFICATE OF INCORPORATION AND ATTACHES HERETO A COPY OF THE
ARTICLES OF INCORPORATION.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">DATED APR. 13, 1981
</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="50%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960807.gif" alt="(THE STATE OF TEXAS STAMP)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">/s/ G. W. Strake, Jr.</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Secretary of State</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960808.gif" alt="(STAMP)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLES OF INCORPORATION
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">OF
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DI ENERGY, INC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, a natural person eighteen years of age or more, acting as incorporator of a
corporation under the Texas Business Corporation Act, does hereby adopt the following Articles of
Incorporation for such corporation:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE ONE</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the corporation
is DI Energy, Inc.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE TWO</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The period of the corporation&#146;s
duration is perpetual.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE THREE</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose for which the corporation is organized is to engage in any
lawful business for which corporations may be organized under the laws of the State of Texas.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE FOUR</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate number of shares of stock which the corporation shall have
authority to issue is 1,000 shares of common stock of the par value of $1.00 each.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE FIVE</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporation will not commence business until it has received for the
issuance of its shares consideration of the value of One Thousand Dollars ($1,000.00),
consisting of money, labor done or property actually received.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE SIX</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No shareholder shall be entitled as a matter of right to subscribe for,
purchase, or receive additional unissued or treasury shares of any class of the corporation,
whether now or later authorized, or any bonds, debentures, warrants, options or other securities
convertible into or entitling the holder to purchase shares. Such additional shares, bonds,
debentures, warrants, options or other securities convertible into or entitling the holder to
purchase shares may be issued or disposed of as the Board of Directors in its absolute discretion
deems advisable.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE SEVEN</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At each election for directors of the corporation, each shareholder
entitled to vote at such election shall have the right to vote, in person or by proxy, only the
number of shares owned by him for as many persons as there are directors to be elected, and no
shareholder shall ever have the right or be permitted to cumulate his votes on any basis, any and
all rights of cumulative voting being hereby expressly denied.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE EIGHT</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The address of the initial registered office of the corporation is 5629
FM 1960 W., Suite&nbsp;202, Houston, Texas 77069 and the name of its initial registered agent at such
address is Max M. Dillard.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE NINE</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of directors constituting the initial Board of Directors is
one (1), and the name and address of the person who is to serve as director until the first
annual meeting of the shareholders or until his successor is elected and qualified is:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">NAME</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">ADDRESS</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Max M. Dillard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5629 FM 1960 West</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">Suite&nbsp;202</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">Houston, Texas
77069</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE TEN</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon resolution adopted by the Board of Directors, the corporation shall
be entitled to purchase shares of its own capital stock to the extent of the aggregate of the
available unrestricted capital surplus and available unrestricted reduction surplus.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE ELEVEN</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and address of the incorporator is:
</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="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">NAME</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">ADDRESS</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Valerie Lebeaux
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2500 Exxon Building</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">Houston, Texas 77002</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned incorporator has hereunto set his
hand this 9<SUP style="FONT-size: 85%; vertical-align: text-top">th</sup> day of April, 1981.
</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="50%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Valerie Lebeaux</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>
</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="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">THE STATE OF TEXAS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#167;</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>&#167;</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">COUNTY OF HARRIS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#167;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BEFORE ME, the undersigned authority, on this day personally appeared Valerie Lebeaux, who
being by me first duly sworn, declared that she is the person who signed the foregoing document as
incorporator, and that the statements therein contained are true.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIVEN UNDER MY HAND AND SEAL OF OFFICE, this 9<SUP style="FONT-size: 85%; vertical-align: text-top">th</sup> day of April, 1981.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
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    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
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<!-- 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">/s/ Martha Anne Nelson</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>
</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">Notary Public in and for</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">Harris
County, TEXAS</TD>
</TR>
<TR style="font-size: 6pt"><TD>&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="center" valign="top"><IMG src="o69608o6960862a.gif" alt="(THE STATE OF TEXAS STAMP)"></TD>
</TR>

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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.4
<SEQUENCE>5
<FILENAME>o69608exv3w4.htm
<DESCRIPTION>EX-3.4
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.4</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>BYLAWS</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DI ENERGY, INC.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Dated: April&nbsp;13, 1981
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>INDEX</U>
</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="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">INDEX</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">ARTICLE I. OFFICES</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. Principal Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2. Registered Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3. Other Offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">ARTICLE II. MEETINGS OF SHAREHOLDERS</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. Place of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2. Annual Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3. Special Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4. Notice of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5. Voting Lists</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6. Quorum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7. Organization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8. Proxies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9. Voting of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10. Voting of Shares by Certain Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11. Election of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12. Telephone Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13. Action Without Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">ARTICLE III. DIRECTORS</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. Number and Qualification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2. Election and Term of Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3. Resignation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4. Removal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5. Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6. General Powers </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7. Compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">ARTICLE IV. MEETINGS OF THE BOARD</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. Place of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2. Annual Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3. Regular Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4. Special Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5. Quorum and Action</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6. Presumption of Assent to Action</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7. Telephone Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8. Action Without Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">ARTICLE V. COMMITTEES OF THE BOARD</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. Membership and Authorities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2. Minutes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3. Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4. Telephone Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11</TD>
</TR>
<TR valign="bottom">
<TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5. Action Without Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">INDEX</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">ARTICLE VI. OFFICERS</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. Number</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2. Election, Term of Office and Qualification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3. Subordinate Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4. Resignation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5. Removal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6. Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7. The Chairman of the Board </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8. The President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9. The Vice-Presidents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10. The Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">14</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11. Assistant Secretaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">14</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12. The Treasurer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">14</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13. Assistant Treasurers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14. Treasurer&#146;s Bond</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15. Salaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">ARTICLE VII. CORPORATE SHARES</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. Share Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2. Transfer of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">17</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3. Ownership of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">17</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4. Closing of Transfer Books</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">17</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5. Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">18</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">ARTICLE VIII. GENERAL PROVISIONS</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. Waiver of Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">18</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2. Seal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">18</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3. Fiscal Year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">19</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4. Reports of Situation and Amount of Business </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">19</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5. Checks, Notes etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">19</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6. Examination of Books and Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">19</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7. Voting Upon Shares Held by the Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">19</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">ARTICLES IX. INDEMNITIES</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. Indemnification of Directors and Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left">ARTICLE X. AMENDMENTS</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. Amendment by Board of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">22</TD>
</TR>
<!-- End Table Body -->
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</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">DI ENERGY, INC.<BR>
<BR  style="font-size: 6pt">
<U>BY LAWS</U><BR><BR style="font-size: 6pt">
ARTICLE I<BR>
<U>Offices</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Principal Office</U>. The principal office of the Corporation shall be in the
City of Houston, Texas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Registered Office</U>. The registered office of the Corporation required by the
Texas Business Corporation Act to be maintained in the State of Texas, may be, but need not be,
identical with the principal office, and the address of the registered office may be changed from
time to time by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Other Offices</U>. The Corporation may also have offices at such other places
both within and without the State of Texas as the Board of Directors may from time to time
determine or the business of the Corporation may require.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE II<BR>
<U>Meetings of Shareholders</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Place of Meetings</U>. The Board of
Directors may designate any place, either within or without the State of Texas, as the place of
meeting for any annual meeting or for any special meeting called by the Board. A waiver of notice
signed by all shareholders entitled to vote at a meeting may designate any place, either
within or without the State of Texas, as the place for the holding of such meeting. If no
designation is made, or if a special meeting be otherwise called, the place of meeting shall be
the principal office of the Corporation.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Annual Meeting</U>. The annual meeting of shareholders commencing with the year
1982 shall be held at such time, on such day and at such place as may be designated by the Board of
Directors, at which time the shareholders shall elect a Board of Directors and transact such other
business as may properly be brought before the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Special Meetings</U>. Special meetings of the shareholders for any purpose or
purposes, unless otherwise prescribed by law or by the Articles of Incorporation, may be called by
the Chairman of the Board, the Board of Directors or the holders of not less than one-tenth (1/10)
of all of the shares entitled to vote at the meetings. Business transacted at all special meetings
shall be confined to the purpose or purposes stated in the call.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4. Notice of Meetings</U>. Written or printed notice of all meetings of
shareholders stating the place, day and hour thereof, and in the case of a special meeting the
purpose or purposes for which the meeting is called, shall be personally delivered or mailed, not
less than ten (10)&nbsp;days nor more than fifty (50)&nbsp;days prior to the date of the meeting, to the
shareholders of record entitled to vote at such meeting. If mailed, the notice shall be addressed
to the shareholders as their address appears on the stock transfer books of the Corporation and
the postage shall be prepaid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5. Voting Lists</U>. The officer or agent having charge of the stock transfer
books for shares of the Corporation shall make, at least ten (10)&nbsp;days before each meeting of the
shareholders, a complete list of shareholders entitled to vote at such meeting or any adjournment
thereof, arranged in alphabetical order, with the address of each and the number of shares held by
each, which list, for a period of ten (10)&nbsp;days prior to such meeting, shall be kept on file at
the registered office of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Corporation and shall be subject to inspection by any shareholders at any time during usual
business hours. Such list shall also be produced and kept open at the time and place of the meeting
and shall be subject to the inspection of any shareholder for the duration of the meeting. The
original stock transfer books shall be prima-facie evidence as to who are the shareholders entitled
to examine such list or transfer books or to vote at any meeting of shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6. Quorum</U>. The holders of a majority of the shares entitled to vote, present
in person or represented by proxy, shall constitute a quorum at all meetings of the shareholders
for the transaction of business, except as otherwise provided by law, by the Articles of
Incorporation or by these Bylaws. If, however, such quorum shall not be present or represented at
any meeting of the shareholders, the shareholders entitled to vote at such meeting, present in
person or represented by proxy, shall have the power to adjourn the meeting from time to time
without notice other than announcement at the meeting until a quorum shall be present or
represented. At such adjourned meeting at which a quorum shall be present or represented any
business may be transacted which might have been transacted at the meeting as originally convened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7. Organization</U>. The Chairman of the Board, if one shall be elected, shall
preside at all meetings of the shareholders. In his absence or should a Chairman of the Board not
be elected, the President or a Vice President shall preside. In the absence of all of these
officers any shareholder or the duly appointed proxy of any shareholder may call the meeting to
order and a chairman shall be elected from among the shareholders present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Secretary of the Corporation shall act as secretary at all meetings of the shareholders.
In his absence an Assistant Secretary shall so act and in the absence
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of all of these officers the presiding officer may appoint any person to act as secretary of
the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8. Proxies</U>. At any meeting of the shareholders every shareholder entitled to
vote at such meeting shall be entitled to vote in person or by proxy executed in writing by such
shareholder or by his duly authorized attorney-in-fact. No proxy shall be valid after eleven (11)
months from the date of its execution unless such proxy otherwise provides. A proxy shall be
revocable unless expressly provided therein to be irrevocable or unless otherwise made irrevocable
by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;9. Voting of Shares</U>. Except as otherwise provided by law, the Articles of
Incorporation or these Bylaws, each shareholder shall have one (1)&nbsp;vote for each share having
voting rights registered in his name on the books of the Corporation at the time of the closing of
the stock transfer books (or at the record date) for such meeting. When a quorum is present at any
meeting the vote of holders of a majority of the shares entitled to vote, present in person or
represented by proxy, shall decide any matter submitted to such meeting, unless the matter is one
upon which by law or by express provision of the Articles of Incorporation or of these Bylaws the
vote of a greater number is required, in which case the vote of such greater number shall govern
and control the decision of such matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;10. Voting of Shares by Certain Holders</U>. Shares standing in the name of
another corporation may be voted by such officer, agent or proxy as the bylaws of such corporation
may authorize or, in the absence of such authorization, as the board of directors of such
corporation may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares held by an administrator, executor, guardian or conservator may be voted
by him so long as such shares forming a part of an estate are in the possession and form a
part of the estate being served by him, either in person or by proxy,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">without a transfer of such shares into his name. Shares standing in the name of a trustee may
be voted by him, either in person or by proxy, but no trustee shall be entitled to vote shares held
by him without a transfer of such shares into his name as trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares standing in the name of a receiver may be voted by such receiver, and shares held by or
under the control of a receiver may be voted by such receiver without the transfer thereof into his
name if authority to do so be contained in an appropriate order of the court by which such receiver
was appointed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A shareholder whose shares are pledged shall be entitled to vote such shares until the shares
have been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled
to vote the shares so transferred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of its own stock belonging to the Corporation, shares of its own stock owned by
another corporation the majority of the voting stock of which is owned or controlled by the
Corporation, and shares of its own stock held by the Corporation in a fiduciary capacity shall not
be voted, directly or indirectly, at any meeting, and shall not be counted in determining the
total number of outstanding shares at any given time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;11. Election of Directors</U>. At each election for Directors each shareholder
entitled to vote at such election shall, unless otherwise provided by the Articles of
Incorporation or by applicable law, have the right to vote the number of shares owned by him for
as many persons as there are to be elected and for whose election he has a right to vote. Unless
otherwise provided by the Articles of Incorporation, no shareholder shall have the right or be
permitted to cumulate his votes on any basis.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;12. Telephone Meetings</U>. Shareholders may participate in and hold a
meeting of the shareholders by means of conference telephone or similar communications equipment by
means of which all persons participating in the meeting can hear each other and participation in a
meeting pursuant to this Section shall constitute presence in person at such meeting, except where
a person participates in the meeting for the express purpose of objecting to the transaction of any
business on the ground that the meeting is not lawfully called or convened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;13. Action Without Meeting</U>. Any action required by any provision of law or of
the Articles of Incorporation or these Bylaws to be taken at a meeting of the shareholders or any
action which may be taken at a meeting of the shareholders may be taken without a meeting if a
consent in writing, setting forth the action so taken, shall be signed by all of the shareholders
entitled to vote with respect to the subject matter thereof, and such consent shall have the same
force and effect as a unanimous vote of the shareholders.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE III<BR>
<U>Directors</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Number and Qualification</U>. The property, business and affairs of the
Corporation shall be managed and controlled by a Board of Directors composed of not less than one
(1)&nbsp;nor more than seven (7)&nbsp;members who shall be elected annually by the shareholders. Directors
need not be residents of the State of Texas or shareholders of the Corporation. The number of
Directors may be increased or decreased by resolution adopted by a majority of the Board of
Directors. No decrease in the number of Directors shall have the effect of shortening the term of
any incumbent Director.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Election and Term of Office</U>. The Directors shall be elected at the
annual meeting of the shareholders (except as provided in Section&nbsp;5 of this Article). Each Director
elected shall hold office until his successor shall be elected at an appropriate annual meeting of
the shareholders and shall qualify, or until his death, his resignation or his removal in the
manner hereinafter provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Resignation</U>. Any Director may resign at any time by giving written notice
to the President or Secretary. Such resignation shall take effect at the time specified therein
and unless otherwise specified therein the acceptance of such resignation shall not be necessary
to make it effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4. Removal</U>. At any special meeting of the shareholders called expressly for
that purpose any Director or Directors, including the entire Board of Directors, may be removed,
either with or without cause, and another person or persons may be elected to serve for the
remainder of his or their term by a vote of the holders of a majority of all shares outstanding
and entitled to vote at an election of directors. In case any vacancy so created shall not be
filled by the shareholders at such meeting, such vacancy may be filled by the Directors as
provided in Section&nbsp;5 of this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5. Vacancies</U>. If any vacancy shall occur in the Board of Directors such
vacancy may, subject to the provisions of Section&nbsp;4 of this Article, be filled by the affirmative
vote of the remaining Directors though less than a quorum of the Board of Directors; provided
however, any Directorship to be filled by reason of an increase in the number of Directors shall
be filled by election at an annual meeting or at a special meeting of shareholders called for that
purpose. A Director elected to fill a vacancy shall be elected for the unexpired term of his
predecessor in office.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6. General Powers</U>. In addition to the powers and authorities expressly
conferred upon them by these Bylaws, the Board of Directors may exercise all such powers of the
Corporation and do all such lawful acts and things as are not by law or by the Articles of
Incorporation or by these Bylaws directed or required to be exercised or done by the shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7. Compensation</U>. Directors as such shall not receive any stated salary for
their services, but by resolution of the Board a fixed sum for expenses of attendance, if any, may
be allowed for attendance at any regular or special meeting of the Board provided that nothing
herein contained shall be construed to preclude any Director from serving the Corporation in any
other capacity and receiving compensation therefor. Members of special or standing committees may
be allowed like compensation for attending committee meetings.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IV<BR>
<U>Meetings of the Board</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Place of Meetings</U>. The Directors of the Corporation may hold their
meetings, both regular and special, either within or without the State of Texas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Annual Meeting</U>. The first meeting of each newly elected Board shall be
held immediately following the adjournment of the annual meeting of the shareholders and no notice
of such meeting shall be necessary to the newly elected Directors in order legally to constitute
the meeting, provided a quorum shall be present, or they may meet at such time and place as shall
be fixed by the consent in writing of all of the Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Regular Meetings</U>. Regular meetings of the Board may be held without notice
at such time and place as shall from time to time be determined by the Board.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4. Special Meetings</U>. Special meetings of the Board may be called by the
President on one (1)&nbsp;day&#146;s notice to each Director given either personally, by mail or by telegram.
Special meetings shall be called by the President or Secretary in like manner and like notice on
the written request of any Director. Neither the purpose of nor the business to be transacted at
any special meeting of the Board of Directors need be specified in the notice or waiver of notice
of such meeting. Attendance of a Director at a meeting shall constitute a waiver of notice of such
meeting except where a Director attends a meeting for the express purpose of objecting to the
transaction of any business on the grounds that the meeting is not lawfully called or convened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5. Quorum and Action</U>. At all meetings of the Board the presence of a majority
of the Directors shall be necessary and sufficient to constitute a quorum for the transaction of
business and the act of a majority of the Directors at any meeting at which a quorum is present
shall be the act of the Board of Directors unless the act of a greater number is required by law,
the Articles of Incorporation or these Bylaws. If a quorum shall not be present at any meeting of
Directors, the Directors present may adjourn the meeting from time to time without notice other
than announcement at the meeting until a quorum shall be present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6. Presumption of Assent to Action</U>. A Director who is present at a meeting of
the Board at which action on any corporate matter is taken shall be presumed to have assented to
the action taken unless his dissent shall be entered in the minutes of the meeting or unless he
shall file his written dissent to such action with the secretary of the meeting before the
adjournment thereof or shall forward such dissent by registered mail to the Secretary of the
Corporation immediately after the adjournment of the meeting. Such right to dissent shall not
apply to a Director who voted in favor of such action.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7. Telephone Meetings</U>. Directors may participate in and hold a meeting of the
Board of Directors by means of conference telephone or similar communications equipment by means of
which all persons participating in the meeting can hear each other and participation in a meeting
pursuant to this Section shall constitute presence in person at such meeting, except where a person
participates in the meeting for the express purpose of objecting to the transaction of any business
on the ground that the meeting is not lawfully called or convened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8. Action Without Meeting</U>. Any action required or permitted to be taken at a
meeting of the Board of Directors, or any committee thereof, may be taken without a meeting if a
consent in writing, setting forth the action so taken, is signed by all the members of the Board
of Directors, or committee, as the case may be, and such consent shall have the same force and
effect as a unanimous vote at a meeting.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE V<BR>
<U>Committees of the Board</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Membership and Authorities</U>. The Board of Directors, by resolution adopted
by a majority of the full Board, may designate two (2)&nbsp;or more Directors to constitute an
Executive Committee and such other committees as the Board may determine, each of which committees
to the extent provided in such resolution, shall have and may exercise all of the authority of the
Board of Directors in the business and affairs of the Corporation, except in those cases where the
authority of the Board of Directors is specifically denied to the Executive Committee or such
other committee or committees by applicable law, the Articles of Incorporation or these Bylaws.
The designation of an Executive Committee or other committee and the delegation thereto of
authority shall not operate to relieve the Board of Directors, or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">any member thereof, of any responsibility imposed upon it or him by law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Minutes</U>. Each committee designated by the Board shall keep regular minutes
of its proceedings and report the same to the Board when required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Vacancies</U>. The Board of Directors shall have the power at any time to fill
vacancies in, to change the membership of, or to dissolve, any committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4. Telephone Meetings</U>. Members of any committee designated by the Board may
participate in or hold a meeting by use of conference telephone or similar communications
equipment by means of which all persons participating in the meeting can hear each other.
Participation in a meeting pursuant to this Section shall constitute presence in person at such
meeting, except where a person participates in the meeting for the express purpose of objecting to
the transaction of any business on the ground that the meeting is not lawfully called or convened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5. Action Without Meeting</U>. Any action required or permitted to be taken at a
meeting of any committee designated by the Board may be taken without a meeting if a consent in
writing, setting forth the action so taken, is signed by all the members of the committee, and
such consent shall have the same force and effect as a unanimous vote at a meeting.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VI<BR>
<U>Officers</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Number</U>. The officers of the Corporation shall be a President, a
Vice-President, a Secretary and a Treasurer. The Board of Directors may also choose a Chairman
and additional Vice-Presidents, Assistant Secretaries and/or Assistant Treasurers. One person
may hold any two or more of these offices except those of President and Secretary.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Election, Term of Office and Qualification</U>. The officers of the Corporation
shall be elected by the Board of Directors at its first meeting after each annual meeting of
shareholders. The Board shall elect a President, a Vice-President, a Secretary and a Treasurer,
none of whom need be a member of the Board. Each officer so elected shall hold office until his
successor shall have been duly chosen and has qualified or until his death or his resignation or
removal in the manner hereinafter provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Subordinate Officers</U>. The Board of Directors may appoint such other
officers and agents as it shall deem necessary who shall hold their offices for such terms, have
such authority and perform such duties as the Board of Directors may from time to time determine.
The Board of Directors may delegate to any committee or officer the power to appoint any such
subordinate officer or agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4. Resignation</U>. Any officer may resign at any time by giving written notice
thereof to the Board of Directors or to the President or Secretary of the Corporation. Any such
resignation shall take effect at the time specified therein and unless otherwise specified therein
the acceptance of such resignation shall not be necessary to make it effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5. Removal</U>. Any officer elected or appointed by the Board of Directors may be
removed by the Board at any time with or without cause. Any other officer may be removed at any
time with or without cause by the Board of Directors or by any committee or superior officer in
whom such power of removal may be conferred by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6. Vacancies</U>. A vacancy in any office shall be filled for the unexpired
portion of the term by the Board of Directors, but in case of a vacancy occurring in an office
filled in accordance with the provisions of Section&nbsp;3 of this
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Article, such vacancy may be filled by any committee or superior officer upon whom such power may
be conferred by the Board of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7. The Chairman of the Board</U>. The Chairman of the Board, if one shall be
elected, shall preside at all meetings of the Shareholders and Directors. In addition, the Chairman
of the Board shall perform whatever duties and shall exercise all powers that are given to him by
the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8. The President</U>. The President shall be the chief executive officer of the
Corporation; shall (in the absence of the Chairman of the Board, if one shall be elected) preside
at meetings of the shareholders and Directors; shall be ex officio a member of all standing
committees; shall have general and active management of the business of the Corporation; and shall
see that all orders and resolutions of the Board of Directors are carried into effect. He may
sign, with any other proper officer, certificates for shares of the Corporation and any deeds,
bonds, mortgages, contracts and other documents which the Board of Directors has authorized to be
executed, except where required by law to be otherwise signed and executed and except where the
signing and execution thereof shall be expressly delegated by the Board of Directors or these
Bylaws, to some other officer or agent of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;9. The Vice Presidents</U>. The Vice Presidents shall perform the duties as are
given to them by these Bylaws and as may from time to time be assigned to them by the Board of
Directors or by the President and may sign, with any other proper officer, certificates for shares
of the Corporation. At the request of the President, or in his absence or disability, the Vice
President designated by the President (or in the absence of such designation, the senior Vice
President) shall perform the duties and exercise the powers of the President.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;10. The Secretary</U>. The Secretary, when available, shall attend all meetings of
the Board of Directors and all meetings of the shareholders and record all votes and the minutes of
all proceedings in a book to be kept for that purpose and shall perform like duties for the
Executive Committee and standing committees when required. He shall give, or cause to be given,
notice of all meetings of the shareholders and special meetings of the Board of Directors as
required by law or these Bylaws, be custodian of the corporate records and have general charge of
the stock books of the Corporation and shall perform such other duties as may be prescribed by the
Board of Directors or President, under whose supervision he shall be. He may sign, with any other
proper officer, certificates for shares of the Corporation and shall keep in safe custody the seal
of the Corporation, and, when authorized by the Board, affix the same to any instrument requiring
it and, when so affixed, it shall be attested by his signature or by the signature of the Treasurer
or an Assistant Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;11. Assistant Secretaries</U>. The Assistant Secretaries shall perform the duties
as are given to them by these Bylaws or as may from time to time be assigned to them by the Board
of Directors or by the Secretary. At the request of the Secretary, or in his absence or
disability, the Assistant Secretary designated by the Secretary (or in the absence of such
designation the senior Assistant Secretary) shall perform the duties and exercise the powers of
the Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;12. The Treasurer</U>. The Treasurer shall have the custody and be responsible
for all corporate funds and securities and shall keep full and accurate accounts of receipts and
disbursements in books belonging to the Corporation and shall deposit all monies and other
valuable effects in the name and to the credit of the Corporation in such depositories as may be
designated by the Board of Directors. He
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall disburse the funds of the Corporation as may be ordered by the Board of Directors, taking
proper vouchers for such disbursements, and shall render to the President and Directors, at the
regular meetings of the Board, or whenever they may require it, an account of all his transactions
as Treasurer and of the financial condition of the Corporation. He may sign, with any other proper
officer, certificates for shares of the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;13. Assistant Treasurers</U>. The Assistant Treasurers shall perform the duties
as are given to them by these Bylaws or as may from time to time be assigned to them by the Board
of Directors or by the Treasurer. At the request of the Treasurer, or in his absence or
disability, the Assistant Treasurer designated by the Treasurer (or in the absence of such
designation the senior Assistant Treasurer) shall perform the duties and exercise the powers of
the Treasurer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;14. Treasurer&#146;s Bond</U>. If required by the Board of Directors, the Treasurer
and any Assistant Treasurer shall give the Corporation a bond in such sum and with such surety or
sureties as shall be satisfactory to the Board for the faithful performance of the duties of his
office and for the restoration to the Corporation, in case of his death, resignation, retirement
or removal from office, of all books, papers, vouchers, money and other property of whatever kind
in his possession or under his control belonging to the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;15. Salaries</U>. The salary or other compensation of officers shall be fixed
from time to time by the Board of Directors. The Board of Directors may delegate to any committee
or officer the power to fix from time to time the salary or other compensation of officers and
agents appointed in accordance with the provisions of Section&nbsp;3 of this Article.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VII<BR>
<U>Corporate Shares</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Share Certificates</U>. The certificates representing shares of the Corporation
shall be in such form, not inconsistent with statutory provisions and the Articles of
Incorporation, as shall be approved by the Board of Directors. The certificates shall be signed by
the President or a Vice President, and either the Secretary or an Assistant Secretary or the
Treasurer or an Assistant Treasurer of the Corporation, and sealed with the corporate seal or a
facsimile thereof. The signatures of the President or Vice President, Secretary or Assistant
Secretary, Treasurer or Assistant Treasurer upon a certificate may be facsimiles, if the
certificate is countersigned by a transfer agent, or registered by a registrar, either of which is
other than the Corporation itself or an employee of the Corporation. In case any officer who has
signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such
officer before such certificate is issued, it may be issued with the same effect as if he were such
officer at the date of its issuance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All certificates shall be consecutively numbered and the name of the person owning the shares
represented thereby, with the number of such shares and the date of issue, shall be entered on the
Corporation&#146;s books.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All certificates issued by the Corporation shall bear the following legend
with respect to denial of preemptive rights:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;Preemptive rights of shareholders to acquire unissued or treasury shares of the
Corporation are denied in Article&nbsp;Six of the Articles of Incorporation, a copy of
which is on file in the office of the Secretary of State of Texas and will be
furnished to any shareholder without charge upon written request to the
Corporation at its principal place of business or registered office.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All certificates surrendered to the Corporation shall be cancelled, and no
new certificate shall be issued until the former certificate for the same number of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shares has been surrendered and cancelled, except that in case of a lost, destroyed or mutilated
certificate a new one may be issued therefor upon such terms and indemnity to the Corporation as
the Board of Directors may prescribe.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Transfer of Shares</U>. Subject to any restrictions upon transfer contained
herein or otherwise provided by law affecting outstanding shares of capital stock of the
Corporation, upon surrender to the Corporation or the transfer agent of the Corporation of a
certificate for shares duly endorsed or accompanied by proper evidence of succession, assignment or
authority to transfer and satisfaction of the Corporation that the requested transfer complies with
the provisions of applicable state and federal laws and regulations and any agreements to which the
Corporation is a party, the Corporation shall issue a new certificate to the person entitled
thereto, cancel the old certificate and record the transaction upon its books.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Ownership of Shares</U>. The Corporation shall be entitled to treat the holder
of record of any share or shares as the holder in fact thereof and, accordingly, shall not be
bound to recognize any equitable or other claim to or interest in such share or shares on the part
of any other person, whether or not it shall have express or other notice thereof, except as
otherwise provided by the laws of the State of Texas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4. Closing of Transfer Books</U>. For the purpose of determining shareholders
entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or
entitled to receive payment of any dividend, or in order to make a determination of shareholders
for any other proper purpose, the Board of Directors may provide that the stock transfer books
shall be closed for a stated period but not to exceed, in any case, fifty (50)&nbsp;days. If the stock
transfer books shall be closed for the purpose of determining shareholders entitled to notice of
or to vote at a
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">meeting of shareholders, such books shall be closed for at least ten (10)&nbsp;days immediately
preceding such meeting. In lieu of closing the stock transfer books, the Board of Directors may fix
in advance a date as the record date for any such determination of shareholders, such date in any
case to be not more than fifty (50)&nbsp;days and, in case of a meeting of shareholders, not less than
ten (10)&nbsp;days prior to the date on which the particular action requiring such determination of
shareholders is to be taken, and the determination of shareholders on such record date shall apply
with respect to the particular action requiring the same notwithstanding any transfer of shares on
the books of the Corporation after such record date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5. Dividends</U>. The Board of Directors may, from time to time, declare, and the
Corporation may pay, dividends on its outstanding shares in the manner and upon the terms and
conditions provided by the Articles of Incorporation and by law.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VIII<BR>
<U>General Provisions</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Waiver of Notice</U>. Whenever, under the provisions of applicable law or of
the Articles of Incorporation or of these Bylaws, any notice is required to be given to any
shareholder or Director, a waiver thereof in writing signed by the person or persons entitled to
such notice, whether before or after the time stated therein, shall be equivalent to the giving of
such notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Seal</U>. If one be adopted, the corporate seal shall have inscribed thereon
the name of the Corporation and shall be in such form as may be approved by the Board of
Directors. Said seal may be used by causing it or a facsimile of it to be impressed or affixed or
in any manner reproduced.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Fiscal Year</U>. The fiscal year of the Corporation shall be fixed by
resolution of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4. Reports of Situation and Amount of Business</U>. The Board of Directors shall,
when requested by the holders of at least one-third of the outstanding shares of the Corporation,
present written reports of the situation and amount of business of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5. Checks, Notes, etc.</U> All checks or demands for money and notes of the
Corporation shall be signed by such officer or officers or such other person or persons as the
Board of Directors may from time to time designate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6. Examination of Books and Records</U>. Any person who shall have been a
shareholder of record for at least six (6)&nbsp;months immediately preceding his demand, or who shall
be the holder of record of at least five per cent (5%) of all the outstanding shares of the
Corporation, upon written demand stating the purpose thereof, shall have the right to examine, in
person or by agent or attorney, at any reasonable time or times, for any proper purpose, the books
and records of account, minutes, and record of shareholders of the Corporation, and shall be
entitled to make extracts therefrom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7. Voting Upon Shares Held by the Corporation</U>. Unless otherwise ordered by
the Board of Directors, the President, acting on behalf of the Corporation, shall have full power
and authority to attend and to act and to vote at any meeting of shareholders of any corporation
in which this Corporation may hold shares and at any such meeting shall possess and may exercise
any and all of the rights and powers incident to the ownership of such shares which, as the owner
thereof, the Corporation might have possessed and exercised,
if present. The Board of Directors by resolution from time to time may confer like powers
upon any other person or persons.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IX<BR>
<U>Indemnities</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1.
Indemnification of Directors and Officers.</U> (a)&nbsp;The corporation shall
indemnify every director or officer or former director or officer of the corporation or any person
who may have served at its request as a director or officer (or in a similar capacity) of another
corporation, partnership, joint venture, trust, other enterprise or employee benefit plan, against
reasonable expenses (including attorneys&#146; fees), damages, fines, penalties, judgments, amounts paid
in settlement, and other liabilities actually and reasonably incurred by him in connection with any
threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative, to which he may be made a party or in which he may become involved
by reason of his being or having been such a director or officer (whether or not involving action
in his official capacity as director or officer), except that no indemnification shall be made
under this subsection (a)&nbsp;in respect of any claim, issue or matter as to which such person shall
have been adjudged to be liable for gross negligence, recklessness or willful misconduct in the
performance of his duty to the corporation, unless and only to the extent that a court of
appropriate jurisdiction shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, such person is fairly and reasonably
entitled to indemnity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any indemnification under subsection (a) (unless ordered by a court of appropriate
jurisdiction) shall be made by the corporation only as authorized in the specific case upon a
determination that indemnification of the director or officer is proper in the circumstances
because he is not guilty of gross negligence, recklessness or willful misconduct in the
performance of his duty to the corporation. Such
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">determination shall be made (1)&nbsp;by the board of directors by a majority vote of a quorum
consisting of directors who were not parties to such action, suit or proceeding; or (2)&nbsp;if such a
quorum cannot be obtained, then by a majority vote of a committee of the board, duly designated to
act in the matter by a majority vote of the full board (in which designation directors who are
parties may participate), consisting solely of two or more directors not at the time parties to
such proceeding; or (3)&nbsp;by special legal counsel, selected by the board of directors or a committee
thereof by vote as set forth in clauses (1)&nbsp;or (2)&nbsp;of this subsection (b)&nbsp;or, if the requisite
quorum of the full board cannot be obtained therefor and such committee cannot be established, by a
majority vote of the full board (in which selection directors who are parties may participate); or
(4)&nbsp;by the shareholders. In the event a determination is made under this subsection (b)&nbsp;that the
director or officer has met the applicable standard of conduct as to some matters but not as to
others, amounts to be indemnified may be reasonably prorated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Expenses incurred in appearing at, participating in or defending any threatened, pending
or completed action, suit or proceeding, whether civil, criminal, administrative or investigative,
shall be paid by the corporation at reasonable intervals in advance of the final disposition of
such action, suit or proceeding after a determination is made in the manner specified by
subsection (b)&nbsp;that the information then known to those making the determination (without
undertaking further investigation for purposes thereof) does not establish that indemnification
would not be permissible under subsection (a), and upon receipt by the corporation of (A)&nbsp;a
written affirmation by the director or officer of his good faith belief that he has met the
standard of conduct necessary for indemnification by the corporation as authorized in this
Section, and (B)&nbsp;a written undertaking by or on behalf of the director or officer to
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">repay such amount unless it shall ultimately be determined that he is entitled to be indemnified
by the corporation as authorized in this Section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;It is the intent of the corporation to indemnify the persons referred to in this Section
to the fullest extent permitted by law. The indemnification provided by this Section shall not be
deemed exclusive of any other rights to which those seeking indemnification may be entitled under
any law, by-law, agreement, vote of stockholders or disinterested directors, or otherwise, or under
any policy or policies of insurance purchased and maintained by the corporation on behalf of any
such director or officer, both as to action in his official capacity and as to action in another
capacity while holding such office, and shall continue as to a person who has ceased to be a
director or officer, and shall inure to the benefit of the heirs, executors and administrators of
such a person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The indemnification provided by this Section shall be subject to all valid and applicable
laws, and, in the event this Section or any of the provisions hereof or the indemnification
contemplated hereby are found to be inconsistent with or contrary to any such valid laws, the
latter shall be deemed to control and this Section shall be regarded as modified accordingly, and,
as so modified, to continue in full force and effect.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE X<BR>
<U>Amendments</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Amendment by Board of Directors</U>. The power to alter, amend or repeal these
Bylaws or to adopt new Bylaws shall be vested in the Board of Directors and such action may be
taken at any annual, regular or special meeting.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-22-<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.5
<SEQUENCE>6
<FILENAME>o69608exv3w5.htm
<DESCRIPTION>EX-3.5
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.5</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960809.gif" alt="(LOGO)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>The State of Texas</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SECRETARY OF STATE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE OF INCORPORATION<BR>
OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DI PERFENSA INC.<BR>
CHARTER NO. 1242973
</DIV>

<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The undersigned, as Secretary of State of Texas, hereby certifies that the attached
Articles of Incorporation for the above named corporation have been received in this office and are
found to conform to law.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ACCORDINGLY, the undersigned, as Secretary of State, and by virtue of the authority vested in the
Secretary by law, hereby issues this Certificate of Incorporation.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Issuance of this Certificate of Incorporation does not authorize the use of a corporate name in
this state in violation of the rights of another under the federal Trademark Act of 1946, the Texas
trademark law, the Assumed Business or Professional Name Act, or the common law.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Dated
AUG. 28, 1992.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Effective AUG. 28, 1992 at xxx a.m./p.m.</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="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960810.gif" alt="(THE STATE OF TEXAS LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ John Hannah, Jr.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
<B><I>Secretary of State</I></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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ceb
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">500/200<BR>
Revised 4/92</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="RIGHT" style="font-size: 10pt; margin-top: 6pt">7286/56248 - 8/27/1992</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960863.gif" alt="(STAMP)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLES OF INCORPORATION<BR>
of<BR>
DI PERFENSA INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, a natural person eighteen (18)&nbsp;years of age or more, acting as
incorporator of a corporation under the Texas Business Corporation Act, does hereby adopt the
following Articles of Incorporation for such corporation:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE ONE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
name of the corporation is DI Perfensa Inc..
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE TWO</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The period of the corporation&#146;s duration is perpetual.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE THREE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose for which the corporation is organized is to engage in any lawful business for
which corporations may be organized under the laws of the State of
Texas.

</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE FOUR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate number of shares of stock which the corporation shall have authority to issue is
1,500 shares of common stock of the par value of $1.00 each, which are divided into two classes as
follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;1,000 shares of Class&nbsp;A Common Stock; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;500 shares of Class&nbsp;B Common Stock.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each holder of Class&nbsp;A Common Stock shall be entitled to one vote in respect of each share of Class
A Common Stock held by him of record on the books of the corporation on all matters voted on by the
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shareholders. Except as otherwise required under the Texas Business Corporation Act, a holder of
Class&nbsp;B Common Stock shall not be entitled to any vote in the election of directors or otherwise in
respect of the shares of Class&nbsp;B Common Stock held by him.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE FIVE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporation will not commence business until it has received for the issuance of its
shares consideration of the value of One Thousand Dollars ($1,000.00), consisting of money, labor
done or property actually received.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE SIX</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No shareholder shall be entitled as a matter of right to subscribe for, purchase, or receive
additional unissued or treasury shares of any class of the corporation, whether now or later
authorized, or any bonds, debentures, warrants, options or other securities convertible into or
entitling the holder to purchase shares. Such additional shares, bonds, debentures, warrants,
options or other securities convertible into or entitling the holder to purchase shares may be
issued or disposed of as the Board of Directors in its absolute discretion deems advisable.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE SEVEN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At each election for directors of the corporation, each shareholder entitled to vote at such
election shall have the right to vote, in person or by proxy, only the number of shares owned by
him for as many persons as there are directors to be elected, and no shareholder shall ever have
the right or be permitted to cumulate his votes on any basis, any and all rights of cumulative
voting being hereby expressly denied.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE EIGHT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The address of the initial registered office of the corporation is 450 Gears Road, Suite&nbsp;625,
Houston, Texas 77067, and the name of its initial registered agent at such address is David J.
Cone.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE NINE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of directors constituting the initial Board of Directors is one, and the name and
address of the person who is to serve as director until the first annual meeting of the
shareholders or until his successor is elected and qualified is:
</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="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NAME
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ADDRESS</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Max M. Dillard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">450 Gears Road, Suite&nbsp;625</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">Houston, Texas 77067</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE TEN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A director of the corporation shall not be personally liable to the corporation or its
shareholders for monetary damages for any act or omission in his capacity as a director, except to
the extent otherwise expressly provided by a statute of the State of Texas. Any repeal or
modification of this Article shall be prospective only, and shall not adversely affect any
limitation of the personal liability of a director of the corporation existing at the time of the
repeal or modification.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE ELEVEN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any action required by the Texas Business Corporation Act to be taken at any annual or special
meeting of shareholders, or any action which may be taken at any annual or special meeting of
shareholders, may be taken without a meeting, without prior notice, and without a vote, if a
consent or consents in writing, setting forth the action so taken shall be signed by the holder or
holders of shares having not less than the minimum number of votes that would be necessary to take
such action at a meeting at which the holders of all shares entitled to vote on the action were
present and voted.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE TWELVE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and address of the incorporator is:
</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="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NAME
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ADDRESS</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jeffrey L. Wade
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Andrews &#038; Kurth L.L.P.</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">4200 Texas Commerce Tower</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">Houston, Texas 77002</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned incorporator has hereunto set his hand this 27th day of
August, 1992.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

<TD colspan="3" style="border-bottom: 1px solid #000000" align="left">
/s/ Jeffrey L. Wade
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Jeffrey L. Wade&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.5</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960809.gif" alt="(LOGO)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>The State of Texas</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SECRETARY OF STATE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE OF AMENDMENT<BR>
OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DI/PERFENSA INC.<BR>
FORMERLY<BR>
DI PERFENSA INC.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The undersigned, as Secretary of State of the State of Texas, hereby certifies that the attached
Articles of Amendment for the above named entity have been received in this office and are found to
conform to law.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ACCORDINGLY the undersigned, as Secretary of State, and by virtue of the authority vested in the
Secretary by law, hereby issues this Certificate of Amendment.</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="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Dated</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>September&nbsp;3, 1993</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Effective</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>September&nbsp;3, 1993</B></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="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960810.gif" alt="(THE STATE OF TEXAS LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ John Hannah, Jr.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
<B><I>Secretary of State</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><BR><BR>

<BR>YD</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960864.gif" alt="(STAMP)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLES OF AMENDMENT</B><BR>
<B>TO THE ARTICLES OF INCORPORATION OF<BR>
DIPERFENSA INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the provisions of Article&nbsp;4.04 of the Texas Business Corporation Act, as
amended (the &#147;Act&#148;), the undersigned corporation adopts the following Articles of Amendment to its
Articles of Incorporation to reflect a change of its corporate name:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE ONE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the corporation is DI Perfensa Inc.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE TWO</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;One of the Articles of Incorporation is hereby amended to read in its entirety as
follows:
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#147;ARTICLE ONE
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
name of the corporation is DI/Perfensa Inc.&#148;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE THREE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amendment to the Articles of Incorporation amending Article&nbsp;One as set forth above was
adopted by the shareholders of the corporation on August&nbsp;31, 1993.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE FOUR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of shares of the corporation outstanding at the time of the adoption of the
resolution was one thousand (1,000) shares of Class&nbsp;A common stock and five hundred 500 shares of
Class&nbsp;B common stock, and the number of shares entitled to vote thereon was one thousand (1,000)
shares of Class&nbsp;A common stock.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE FIVE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of Class&nbsp;A common shares voted for such amendment was one thousand (1,000), the
number of Class&nbsp;A common shares voted against such amendment was zero and the number of Class&nbsp;A
common shares entitled to vote that were not voted was zero.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE SIX</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This amendment will not result in any change in the amount of stated capital of the
corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned officer of the corporation has hereunto set his hand this
1st day of September, <B>1993.</B>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>DIPERFENSA INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Max M. Dillard
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Max M. Dillard, Chairman of the Board&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.6
<SEQUENCE>7
<FILENAME>o69608exv3w6.htm
<DESCRIPTION>EX-3.6
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w6</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.6</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BYLAWS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DI PERFENSA INC.</B>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Dated: September&nbsp;2, 1992</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX</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>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>INDEX</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE I OFFICES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.1 Principal Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.2 Registered Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.3 Other Offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE II MEETINGS OF SHAREHOLDERS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.1 Place of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.2 Annual Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.3 Special Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.4 Notice of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.5 Voting Lists</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.6 Quorum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.7 Organization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.8 Proxies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.9 Voting of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.10 Voting of Shares by Certain Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.11 Election of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.12 Telephone Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.13 Action Without Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE III DIRECTORS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.1 Number and Qualification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.2 Election and Term of Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.3 Resignation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.4 Removal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.5 Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.6 General Powers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.7 Compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE IV MEETINGS OF THE BOARD</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.1 Place of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.2 Annual Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.3 Regular Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.4 Special Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.5 Quorum and Action</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.6 Presumption of Assent to Action</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.7 Telephone Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.8 Action Without Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE V COMMITTEES OF THE BOARD</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.1 Membership and Authorities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.2 Minutes and Rules of Procedure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.3 Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.4 Telephone Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.5 Action Without Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>INDEX</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE VI OFFICERS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.1 Number</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.2 Election, Term of Office and Qualification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.3 Subordinate Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.4 Resignation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.5 Removal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.6 Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.7 The Chairman of the Board</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.8 The President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.9 The Vice Presidents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.10 The Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.11 Assistant Secretaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.12 The Treasurer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.13 Assistant Treasurers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.14 Treasurer&#146;s Bond</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.15 Salaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE VII CORPORATE SHARES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.1 Share Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.2 Lost Certificates, etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.3 Transfer of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.4 Share Transfer Records; Ownership of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.5 Closing of Share Transfer Records and Record Dates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.6 Distributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.7 Securities Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE VIII INDEMNIFICATION</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.1 Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.2 Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.3 Successful Defense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.4 Determinations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.5 Advancement of Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.6 Employee Benefit Plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.7 Other Indemnification and Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.8 Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.9 Construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.10 Continuing Offer, Reliance, etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.11 Effect of Amendment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE IX GENERAL PROVISIONS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.1 Waiver of Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.2 Seal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.3 Fiscal Year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.4 Checks, Notes, etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.5 Examination of Books and Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.6 Voting Upon Shares Held by the Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE X AMENDMENTS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.1 Amendment by Board</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE XI SUBJECT TO ALL LAWS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;11.1 Subject to All Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DI PERFENSA INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BYLAWS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE I</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Offices</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.1 Principal Office. </B>The principal office of the Corporation shall be
in the
City of Houston, Texas.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.2 Registered Office. </B>The registered office of the Corporation required by the Texas
Business Corporation Act, as amended from time to time (the &#147;TBCA&#148;), to be maintained in the State
of Texas, may be, but need not be, identical with the principal office, and the address of the
registered office may be changed from time to time by the Board of Directors of the Corporation
(the &#147;Board&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.3 Other Offices. </B>The Corporation may also have offices at such other places, both
within and without the State of Texas, as the Board may from time to time determine or the business
of the Corporation may require.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Meetings of Shareholders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.1 Place of Meetings. </B>The Board may designate any place, either within or
without the State of Texas, as the place of meeting for any annual meeting or for any special
meeting called by the Board. A waiver of notice signed by all shareholders entitled to vote at a
meeting may designate any place, either within or without the State of Texas, as the place for the
holding of such meeting. If no designation is made, or if a special meeting be otherwise called,
the place of meeting shall be the principal office of the Corporation.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.2 Annual Meeting. </B>The annual meeting of shareholders commencing with the year
1993 shall be held at such time, on such day and at such place as may be designated by the Board,
at which time the shareholders shall elect a Board and transact such other business as may properly
be brought before the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.3 Special Meetings. </B>Special meetings of the shareholders for any purpose or
purposes, unless otherwise prescribed by law or by the Articles of Incorporation of the
Corporation, as amended from time to time (the &#147;Articles&#148;), may be called by (a)&nbsp;the Chairman of
the Board, if one shall be elected, (b)&nbsp;the President, if a Chairman of the Board is not elected,
(c)&nbsp;the Board or (d)&nbsp;the holders of at least ten percent (10%) of all of the shares entitled to
vote at the meetings. Business transacted at all special meetings shall be confined to the purpose
or purposes stated in the call.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.4
Notice of Meetings. </B>(a)&nbsp;Written or printed notice of all meetings of shareholders
stating the place, day and hour thereof, and in the case of a special meeting the purpose or
purposes for which the meeting is called, shall be personally delivered or mailed, not less than
ten (10)&nbsp;days nor more than sixty (60)&nbsp;days prior to the date of the meeting, to each shareholder
entitled to vote at such meeting. If mailed, the notice shall be deemed delivered when deposited in
the United States mail addressed to the shareholder at his address as it appears on the share
transfer records of the Corporation, with postage thereon prepaid. Delivery of any such notice to
any officer of a corporation or association, or to any member of a partnership, shall constitute
delivery of such notice to such corporation, association or partnership.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any notice required to be given to any shareholder, under any provision of the TBCA or the
Articles or Bylaws of the Corporation, need not be given to the shareholder if (i)&nbsp;notice of two
consecutive annual meetings and all notices of meetings held during the period between those annual
meetings, if any, or (ii)&nbsp;all (but in no event less than two) payments (if sent by first class
mail) of distributions of interest on securities during a 12-month period have been mailed to that
person, addressed at his address as shown on the share transfer records of the Corporation, and
have been returned undeliverable. Any action or meeting taken or held without notice to such a
person shall have the same force and effect as if the notice had been duly given and, if the action
taken by the
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Corporation is reflected in any articles or document filed with the Secretary of State
of the State of Texas, those articles or that document may state that notice was duly given to all
persons to whom notice was required to be given. If such person delivers to the Corporation a
written notice setting forth his then current address, the requirement that notice be given to
that person shall be reinstated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.5 Voting Lists. </B>The officer or agent having charge of the share transfer records of
the Corporation shall make, at least ten (10)&nbsp;days before each meeting of the shareholders, a
complete list of shareholders entitled to vote at such meeting or any adjournment thereof, arranged
in alphabetical order, with the address of each and the number of shares held by each, which list,
for a period of ten (10)&nbsp;days prior to such meeting, shall be kept on file at the registered office
or principal place of business of the Corporation and shall be subject to inspection by any
shareholder at any time during usual business hours. Such list shall also be produced and kept open
at the time and place of the meeting and shall be subject to the inspection of any shareholder for
the duration of the meeting. The original share transfer records shall be prima facie evidence as
to who are the shareholders entitled to examine such list or share transfer records or to vote at
any meeting of shareholders. Failure to comply with this Section&nbsp;2.5 with respect to any meeting of
shareholders shall not affect the validity of any action taken at such meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.6 Quorum. </B>A quorum shall be present at a meeting of shareholders if the holders of a
majority of the shares entitled to vote are represented at the meeting in person or by proxy,
unless otherwise provided by the Articles. Unless otherwise provided in the Articles or these
Bylaws, once a quorum is present at a meeting of shareholders, the shareholders represented in
person or by proxy at the meeting may conduct such business as may be properly brought before the
meeting until it is adjourned, and the subsequent withdrawal from the meeting of any shareholder or
the refusal of any shareholder represented in person or by proxy to vote shall not affect the
presence of a quorum at the meeting. Unless otherwise provided in the Articles or these Bylaws, the
shareholders represented in person or by proxy at a meeting of shareholders at which a quorum is
not present may adjourn the meeting until such time and to such place as may be determined by a
vote of the holders of a majority of the shares represented in person or by proxy at that meeting.
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.7
Organization.</B> (a)&nbsp;The Chairman of the Board, if one shall be elected, shall
preside at all meetings of the shareholders. In the absence of the Chairman of the Board or should
one not be elected, the President or, in his absence, a Vice President shall preside. In the
absence of all of these officers, any shareholder or the duly appointed proxy of any shareholder
may call the meeting to order and a chairman shall be elected from among the shareholders present.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Secretary of the Corporation shall act as secretary at all meetings of the
shareholders. In his absence an Assistant Secretary shall so act and in the absence of all of these
officers the presiding officer may appoint any person to act as secretary of the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.8
Proxies.</B> (a)&nbsp;At any meeting of the shareholders every shareholder entitled to vote
at such meeting shall be entitled to vote in person or by proxy executed in writing by such
shareholder or by his duly authorized attorney-in-fact. A telegram, telex, cablegram or similar
transmission by the shareholder, or a photographic, photostatic, facsimile or similar reproduction
of a writing executed by the shareholder, shall be treated as an execution in writing for purposes
of this Section. Proxies shall be filed with the Secretary immediately after the meeting has been
called to order.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;No proxy shall be valid after eleven (11)&nbsp;months from the date of its execution
unless such proxy otherwise provides.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Each proxy shall be revocable before it has been voted unless the proxy form conspicuously
states that the proxy is irrevocable and the proxy is coupled with an interest, including the
appointment as proxy of (i)&nbsp;a pledgee, (ii)&nbsp;a person who purchased or agreed to purchase, or owns
or holds an option to purchase, the shares, (iii)&nbsp;a creditor of the Corporation who extended it
credit under terms requiring the appointment, (iv)&nbsp;an employee of the Corporation whose employment
contract requires the appointment or (v)&nbsp;a party to a voting agreement created under the TBCA. An
irrevocable proxy, if noted conspicuously on the certificate representing the shares that are
subject to the irrevocable proxy, shall be recognized as against the holder of the shares or any
successor or transferee of the shares. A revocable proxy shall be deemed to have been revoked if
the Secretary of the Corporation shall have received at or before the meeting instructions of
revocation or a proxy
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">bearing a later date, which instructions or proxy shall have been duly executed and dated in
writing
by the shareholder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the event that any instrument in writing shall designate two (2)&nbsp;or more persons to act
as proxies, a majority of such persons present at the meeting or, if only one shall be present,
then that one, shall have and may exercise all of the powers conferred by such written instrument
upon all the persons so designated unless the instrument shall otherwise provide.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.9 Voting of Shares. </B>Except as otherwise provided by the TBCA, the Articles and
subject to Section&nbsp;7.5 of these Bylaws, each shareholder shall be entitled at each meeting of
shareholders to one (1)&nbsp;vote on each matter submitted to a vote at such meeting for each share
having voting rights registered in his name on the share transfer records of the Corporation. When
a quorum is present at any meeting of shareholders (and notwithstanding the subsequent withdrawal
of enough shareholders to leave less than a quorum present) and except as otherwise provided in the
TBCA or the Articles, (a)&nbsp;with respect to any matter other than the election of directors, the
affirmative vote of the holders of a majority of the shares entitled to vote on that matter and
represented in person or by proxy at the meeting shall be the act of the shareholders and (b)
directors shall be elected by a plurality of the votes cast by the holders of shares entitled to
vote in the election of directors at the meeting of shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.10
Voting of Shares by Certain Holders. </B>(a)&nbsp;Shares standing in the name of another
corporation may be voted by such officer, agent or proxy as the bylaws of such corporation may
authorize or, in the absence of such authorization, as the board of directors of such corporation
may determine.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Shares held by an administrator, executor, guardian or conservator may be voted by him so
long as such shares forming a part of an estate are in the possession and form a part of the estate
being served by him, either in person or by proxy, without a transfer of such shares into his name.
Shares standing in the name of a trustee may be voted by him, either in person or by proxy, but no
trustee shall be entitled to vote shares held by him without a transfer of such shares into his
name as trustee.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Shares standing in the name of a receiver may be voted by such receiver, and shares held
by or under the control of a receiver may be voted by such receiver without the transfer thereof
into his name if authority to do so be contained in an appropriate order of the court by which
such receiver was appointed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;A shareholder whose shares are pledged shall be entitled to vote such shares until the
shares have been transferred into the name of the pledgee, and thereafter the pledgee shall be
entitled to vote the shares so transferred.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Shares of the Corporation&#146;s stock (i)&nbsp;owned by the Corporation itself, (ii)&nbsp;owned by
another corporation, the majority of the voting stock of which is owned or controlled by the
Corporation, or (iii)&nbsp;held by the Corporation in a fiduciary capacity shall not be voted, directly
or indirectly, at any meeting, and shall not be counted in determining the total number of
outstanding shares at any given time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.11 Election of Directors. </B>At each election for Directors, each shareholder entitled
to vote at such election shall, unless otherwise provided by the Articles or by the TBCA, have the
right to vote the number of shares owned by him for as many persons as there are to be elected and
for whose election he has a right to vote. Unless otherwise provided by the Articles, no
shareholder shall have the right or be permitted to cumulate his votes on any basis.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.12 Telephone Meetings. </B>Shareholders may participate in and hold a meeting of the
shareholders by means of conference telephone or similar communications equipment by means of which
all persons participating in the meeting can hear each other and participation in a meeting
pursuant to this Section shall constitute presence in person at such meeting, except where a person
participates in the meeting for the express purpose of objecting to the transaction of any business
on the ground that the meeting is not lawfully called or convened.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.13
Action Without Meeting. </B>(a)&nbsp;Any action required by the TBCA or the Articles to be
taken at any annual or special meeting of the shareholders, or any action which may be taken at any
annual or special meeting of the shareholders, may be taken without a meeting, without prior
notice, and without a vote, if a consent or consents in writing, setting forth the action so taken,
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall be signed by the holder or holders of all the shares entitled to vote with respect to the
action that
is the subject of the consent unless otherwise provided in the Articles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Every written consent shall bear the date of signature of each shareholder who signs the
consent. No written consent shall be effective to take the action that is the subject of the
consent unless, within sixty (60)&nbsp;days after the date of the earliest dated consent delivered to
the Corporation in the manner required by this Section, a consent or consents signed by the holder
or holders of shares having not less than the minimum number of votes that would be necessary to
take the action that is the subject of the consent are delivered to the Corporation by delivery to
its registered office, its principal place of business, or an officer or agent of the Corporation
having custody of the books in which proceedings of meetings of shareholders are recorded. Delivery
shall be by hand or certified or registered mail, return receipt requested. Delivery to the
Corporation&#146;s principal place of business shall be addressed to the President or principal
executive officer of the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;A telegram, telex, cablegram or similar transmission by a shareholder, or a photographic,
photostatic, facsimile or similar reproduction of a writing signed by a shareholder, shall be
regarded as signed by the shareholder for purposes of this Section.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.1 Number and Qualification. </B>The Board shall be composed of not less than one
(1)&nbsp;nor more than seven (7)&nbsp;members who shall be elected annually by the shareholders. Subject to
any limitations specified by the TBCA or in the Articles, the number of Directors may be increased
or decreased by resolution adopted by a majority of the Board. No decrease in the number of
Directors shall have the effect of shortening the term of any incumbent Director. Directors need
not be residents of the State of Texas or shareholders of the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.2 Election and Term of Office.</B> The Directors shall be elected at the annual
meeting of the shareholders (except as provided in Sections&nbsp;3.3 and 3.4) by the holders of shares
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">entitled to vote in the election of Directors. Unless otherwise provided in the Articles, each
Director elected shall hold office until his successor shall be elected at the next succeeding
annual meeting of the shareholders and shall qualify, or until his death, resignation or removal in
the manner hereinafter provided.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.3 Resignation. </B>Any Director may resign at any time by
giving written notice to the President or Secretary. Such resignation shall take effect at the time
specified therein, and unless otherwise specified therein, the acceptance of such resignation shall
not be necessary to make it effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.4 Removal. </B>At any special meeting of the shareholders called expressly for that
purpose, any Director or Directors, including the entire Board, may be removed, either with or
without cause, and another person or persons may be elected to serve for the remainder of his or
their term by a vote of the holders of a majority of all shares outstanding and entitled to vote at
an election of directors. In case any vacancy so created shall not be filled by the shareholders at
such meeting, such vacancy may be filled by the Directors as provided in Section&nbsp;3.5.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.5
Vacancies. </B>(a)&nbsp;Any vacancy occurring in the Board (except by reason of an increase
in the number of Directors) may be filled in accordance with subsection (c)&nbsp;of this Section&nbsp;3.5 or
may be filled by the affirmative vote of a majority of the remaining Directors though less than a
quorum of the Board. A Director elected to fill a vacancy shall be elected for the unexpired term
of his predecessor in office.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A directorship to be filled by reason of an increase in the number of Directors may be
filled in accordance with subsection (c)&nbsp;of this Section&nbsp;3.5 or may be filled by the Board for a
term of office continuing only until the next election of one (1)&nbsp;or more Directors by the
shareholders; <I>provided, however, </I>that the Board may not fill more than two (2)&nbsp;such directorships
during the period between any two (2)&nbsp;successive annual meetings of shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any vacancy occurring in the Board or any directorship to be filled by reason of an
increase in the number of Directors may be filled by election at an annual or special meeting of
shareholders called for that purpose.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.6 General Powers. </B>The powers of the Corporation shall be exercised by or under the
authority of, and the property, business and affairs of the Corporation shall be managed under the
direction of, the Board. In addition to the powers and authorities expressly conferred upon them by
these Bylaws, the Board may exercise all such powers of the Corporation and do all such lawful acts
and things as are not by law or by the Articles or by these Bylaws directed or required to be
exercised or done by the shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.7 Compensation. </B>Directors as such shall not receive any stated salary for their
services, but by resolution of the Board, a fixed sum for expenses of attendance, if any, may be
allowed for attendance at any regular or special meeting of the Board, provided that nothing herein
contained shall be construed to preclude any Director from serving the Corporation in any other
capacity and receiving compensation therefor. Members of special or standing committees may be
allowed like compensation for attending committee meetings.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Meetings of the Board</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.1 Place of Meetings. </B>The Directors of the Corporation may hold their
meetings, both regular and special, either within or without the State of Texas.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.2 Annual Meeting. </B>The first meeting of each newly elected Board shall be held
immediately following the adjournment of the annual meeting of the shareholders and no notice of
such meeting shall be necessary to the newly elected Directors in order legally to constitute the
meeting, provided a quorum shall be present, or they may meet at such time and place as shall be
fixed by the consent in writing of all of the Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.3 Regular Meetings. </B>Regular meetings of the Board, in addition to the annual
meetings referred to in Section&nbsp;4.2, may be held without notice at such time and place as shall
from time to time be determined by the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.4 Special Meetings. </B>Special meetings of the Board may be called by the
Chairman of the Board, if one shall be elected, or by the President, if a Chairman of the Board is
not
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">elected, on one (1)&nbsp;day&#146;s notice (oral or written) to each Director. Special meetings shall be
called by the President or the Secretary on like notice on the written request of any Director.
Neither the purpose of, nor the business to be transacted at, any special meeting of the Board need
be specified in the notice or waiver of notice of such meeting. Attendance of a Director at a
meeting shall constitute a waiver of notice of such meeting except where a Director attends a
meeting for the express purpose of objecting to the transaction of any business on the grounds that
the meeting is not lawfully called or convened.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.5 Quorum and Action. </B>At all meetings of the Board, the presence of a majority of the
number of Directors fixed in accordance with Section&nbsp;3.1 shall be necessary and sufficient to
constitute a quorum for the transaction of business and the act of a majority of the Directors at
any meeting at which a quorum is present shall be the act of the Board unless the act of a greater
number is required by law, the Articles or these Bylaws. If a quorum shall not be present at any
meeting of Directors, the Directors present may adjourn the meeting from time to time without
notice other than announcement at the meeting until a quorum shall be present.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.6 Presumption of Assent to Action. </B>A Director who is present at a meeting of the
Board at which action on any corporate matter is taken shall be presumed to have assented to the
action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall
file his written dissent to such action with the secretary of the meeting before the adjournment
thereof or shall forward such dissent by registered mail to the Secretary of the Corporation
immediately after the adjournment of the meeting. Such right to dissent shall not apply to a
Director who voted in favor of such action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.7 Telephone Meetings. </B>Directors may participate in and hold a meeting of the Board
by means of conference telephone or similar communications equipment by means of which all persons
participating in the meeting can hear each other and participation in a meeting pursuant to this
Section shall constitute presence in person at such meeting, except where a person participates in
the meeting for the express purpose of objecting to the transaction of any business on the ground
that the meeting is not lawfully called or convened.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.8 Action Without Meeting. </B>Any action required or permitted to be taken at a meeting
of the Board, or any committee thereof, may be taken without a meeting if a consent in writing,
setting forth the action so taken, is signed by all the members of the Board, or committee, as the
case may be, and such consent shall have the same force and effect as a unanimous vote at a
meeting.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Committees of the Board</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.1 Membership and Authorities. </B>The Board, by resolution adopted by a majority of
the full Board, may designate from among its members (a)&nbsp;one (1)&nbsp;or more committees, each of which
shall have and may exercise all of the authority of the Board in the business and affairs of the
Corporation, except in those cases where the authority of the Board is specifically denied to such
committee or committees by the TBCA, the Articles or these Bylaws and (b)&nbsp;one (1)&nbsp;or more Directors
as alternate members of any such committee, who may, subject to any limitations imposed by the
Board, replace absent or disqualified members at any meeting of that committee. The designation of
any committee and the delegation thereto of authority shall not operate to relieve the Board, or
any member thereof, of any responsibility imposed upon it or him by law. The members of each such
committee shall serve at the pleasure of the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.2 Minutes and Rules of Procedure. </B>Each committee designated by the Board shall keep
regular minutes of its proceedings and report the same to the Board when required. Subject to the
provisions of these Bylaws, the members of any committee may fix such committee&#146;s own rules of
procedure.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.3 Vacancies. </B>The Board shall have the power at any time to fill vacancies
in,
to change the membership of, or to dissolve, any committee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.4 Telephone Meetings. </B>Members of any committee designated by the Board may
participate in or hold a meeting by use of conference telephone or similar communications equipment
by means of which all persons participating in the meeting can hear each other.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation in a meeting pursuant to this Section shall constitute presence in person at
such meeting, except where a person participates in the meeting for the express purpose of
objecting to the transaction of any business on the grounds that the meeting is not lawfully
called or convened.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.5 Action Without Meeting. </B>Any action required or permitted to be taken at a meeting
of any committee designated by the Board may be taken without a meeting if a consent in writing,
setting forth the action so taken, is signed by all the members of the committee, and such consent
shall have the same force and effect as a unanimous vote at a meeting.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.1 Number. </B>The officers of the Corporation shall be a President and a Secretary.
The Board may also elect a Chairman of the Board, one (1)&nbsp;or more Vice Presidents, a Treasurer, one
(1)&nbsp;or more Assistant Secretaries and one (1)&nbsp;or more Assistant Treasurers. One (1)&nbsp;person may hold
any two (2)&nbsp;or more of these offices.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.2 Election, Term of Office and Qualification. </B>The Board shall elect officers, none
of whom need be a member of the Board, except for the Chairman of the Board, if one shall be
elected, at its first meeting after each annual meeting of shareholders. Each officer so elected
shall hold office until his successor shall have been duly elected and qualified or until his
death, resignation or removal in the manner hereinafter provided.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.3 Subordinate Officers.</B>
The Board may appoint such other officers and agents as it shall deem necessary who shall hold
their offices for such terms, have such authority and perform such duties as the Board may from
time to time determine. The Board may delegate to any committee or officer the power to appoint any
such subordinate officer or agent. No subordinate officer appointed by any committee or superior
officer as aforesaid shall be considered as an officer of the Corporation, the officers of the
Corporation being limited to the officers elected or appointed as such by the Board.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.4 Resignation. </B>Any officer may resign at any time by giving written notice thereof
to the Board or to the President or Secretary of the Corporation. Any such resignation shall take
effect at the time specified therein and, unless otherwise specified therein, the acceptance of
such resignation shall not be necessary to make it effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.5 Removal. </B>Any officer elected or appointed by the Board may be removed at any time
with or without cause by the affirmative vote of a majority of the full Board. Any other officer
may be removed at any time with or without cause by the Board or by any committee or superior
officer in whom such power of removal may be conferred by the Board. The removal of any officer
shall be without prejudice to the contract rights, if any, of the person so removed. Election or
appointment of an officer or agent shall not of itself create any contract rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.6 Vacancies. </B>A vacancy in any office shall be filled for the unexpired portion of
the term by the Board, but in case of a vacancy occurring in an office filled by a committee or
superior officer in accordance with the provisions of Section&nbsp;6.3, such vacancy may be filled by
such committee or superior officer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.7 The Chairman of the Board. </B>The Chairman of the Board, if one shall be elected,
shall be the chief executive officer of the Corporation, shall preside at all meetings of the
shareholders and Directors, shall be <I>ex officio </I>a member of all standing committees, shall have
general and active management of the business of the Corporation, shall have the general
supervision and direction of all other officers of the Corporation with full power to see that
their duties are properly performed and shall see that all orders and resolutions of the Board are
carried into effect. He may sign, with any other proper officer, certificates for shares of the
Corporation and any deeds, bonds, mortgages, contracts and other documents which the Board has
authorized to be executed, except where required by law to be otherwise signed and executed and
except where the signing and execution thereof shall be expressly delegated by the Board or these
Bylaws, to some other officer or agent of the Corporation. In addition, the Chairman of the Board
shall perform whatever duties and shall exercise all powers that are given to him by the Board.
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.8 The President. </B>If no Chairman of the Board shall be elected, the President shall
be the chief executive officer of the Corporation and shall have the powers and duties of the
Chairman of the Board as set forth in Section&nbsp;6.7. In the absence of the Chairman of the Board, if
one shall be elected, the President shall preside at all meetings of the shareholders and
Directors. He may sign, with any other proper officer, certificates for shares of the Corporation
and any deeds, bonds, mortgages, contracts and other documents which the Board has authorized to be
executed, except where required by law to be otherwise signed and executed and except where the
signing and execution thereof shall be expressly delegated by the Board or these Bylaws to some
other officer or agent of the Corporation. In addition, the President shall perform whatever duties
and shall exercise all the powers that are given to him by the Board or by the Chairman of the
Board, if one shall be elected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.9 The Vice Presidents. </B>The Vice Presidents shall perform the duties as are given to
them by these Bylaws and as may from time to time be assigned to them by the Board, by the Chairman
of the Board, if one shall be elected, or by the President, if a Chairman of the Board is not
elected, and may sign, with any other proper officer, certificates for shares of the Corporation.
At the request of the President, or in his absence or disability, the Vice President designated by
the President (or in the absence of such designation, the senior Vice President), shall perform the
duties and exercise the powers of the President.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.10 The Secretary. </B>The Secretary, when available, shall attend all meetings of the
Board and all meetings of the shareholders and record all votes and the minutes of all proceedings
in a book to be kept for that purpose and shall perform like duties for any standing committees
when required. He shall give, or cause to be given, notice of all meetings of the shareholders and
special meetings of the Board as required by law or these Bylaws, be custodian of the corporate
records and have general charge of the share transfer records of the Corporation and shall perform
such other duties as may be prescribed by the Board, by the Chairman of the Board, if one shall be
elected, or by the President, if no Chairman of the Board is elected, under whose supervision he
shall be. He may sign, with any other proper officer, certificates for shares of the Corporation
and
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall keep in safe custody the seal of the Corporation, and, when authorized by the Board,
affix the same to any instrument requiring it and, when so affixed, it shall be attested by his
signature or by the signature of the Treasurer or an Assistant Secretary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.11 Assistant Secretaries. </B>The Assistant Secretaries shall perform the duties as are
given to them by these Bylaws or as may from time to time be assigned to them by the Board or by
the Secretary. At the request of the Secretary, or in his absence or disability, the Assistant
Secretary designated by the Secretary (or in the absence of such designation the senior Assistant
Secretary), shall perform the duties and exercise the powers of the Secretary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.12 The Treasurer. </B>The Treasurer shall have the custody and be responsible for all
corporate funds and securities and shall keep full and accurate accounts of receipts and
disbursements in books and records of account belonging to the Corporation and shall deposit all
monies and other valuable effects in the name and to the credit of the Corporation in such
depositories as may be designated by the Board. He shall disburse the funds of the Corporation as
may be ordered by the Board, taking proper vouchers for such disbursements, and shall render to the
Chairman of the Board, if one shall be elected, the President and the Directors, at the regular
meetings of the Board, or whenever they may require it, an account of all his transactions as
Treasurer and of the financial condition of the Corporation. He may sign, with any other proper
officer, certificates for shares of the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.13 Assistant Treasurers. </B>The Assistant Treasurers shall perform the duties as are
given to them by these Bylaws or as may from time to time be assigned to them by the Board or by
the Treasurer. At the request of the Treasurer, or in his absence or disability, the Assistant
Treasurer designated by the Treasurer (or in the absence of such designation, the senior Assistant
Treasurer), shall perform the duties and exercise the powers of the Treasurer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.14 Treasurer&#146;s Bond. </B>If required by the Board, the Treasurer and any Assistant
Treasurer shall give the Corporation a bond in such sum and with such surety or sureties as shall
be satisfactory to the Board for the faithful performance of the duties of his office and for the
restoration to the Corporation, in case of his death, resignation, retirement or removal from
office, of
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">all books and records of account, papers, vouchers, money and other property of whatever kind in
his
possession or under his control belonging to the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.15 Salaries. </B>The salary or other compensation of officers shall be fixed from time
to time by the Board. The Board may delegate to any committee or officer the power to fix from time
to time the salary or other compensation of subordinate officers and agents appointed in accordance
with the provisions of Section&nbsp;6.3.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Corporate Shares</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.1
Share Certificates. </B>(a)&nbsp;The certificates representing shares of the
Corporation shall be in such form, not inconsistent with statutory provisions and the Articles, as
shall be approved by the Board. The certificates shall be signed by the Chairman of the Board, if
one shall be elected, the President or a Vice President and a Secretary or Assistant Secretary, or
such other or additional officers as may be prescribed from time to time by the Board, and may be
sealed with the corporate seal or a facsimile thereof. The signatures of such officer or officers
upon a certificate may be facsimiles, if the certificate is countersigned by a transfer agent, or
registered by a registrar, either of which is other than the Corporation itself or an employee of
the Corporation. In case any officer who has signed or whose facsimile signature has been placed
upon a certificate shall have ceased to be such officer before such certificate is issued, it may
be issued with the same effect as if he were such officer at the date of its issuance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If the Corporation is authorized to issue shares of more than one (1)&nbsp;class or more than
one (1)&nbsp;series of any class, there shall be set forth on the face or back of the certificate or
certificates, which the Corporation shall issue to represent shares of such class or series of
stock, such legends or statements as may be required by applicable law or the Articles or as may be
approved by the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;In the event the Corporation has, by its Articles, limited or denied the
preemptive
right of shareholders of any class or series of stock, there shall be set forth on the face or back
of the
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">certificate or certificates, which the Corporation shall issue to represent shares of such
class or series of stock, such legends or statements regarding such denial as shall be required by
the TBCA or the Articles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;All certificates for each class or series of stock shall be consecutively numbered and the
name of the person owning the shares represented thereby, with the number of such shares and the
date of issue, shall be entered on the Corporation&#146;s share
transfer records.</div>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;All certificates
surrendered to the Corporation shall be cancelled, and, except as provided in Section&nbsp;7.2 with
respect to lost, destroyed or mutilated certificates, no new certificate shall be issued until the
former certificate for the same number of shares has been surrendered and cancelled.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.2 Lost Certificates, etc.</B> The Board may direct a new certificate or certificates to
be issued in place of any certificate or certificates theretofore issued by the Corporation alleged
to have been lost or destroyed, upon the making of an affidavit of that fact by the person claiming
the certificate of stock to be lost or destroyed. In authorizing such issue of a new certificate or
certificates, the Board may, in its discretion and as a condition precedent to the issue thereof,
require the owner of such lost or destroyed certificate or certificates, or his legal
representative, to advertise the same in such manner as it shall require and/or indemnify the
Corporation as the Board may prescribe.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.3 Transfer of Shares. </B>Subject to any restrictions upon transfer, upon surrender to
the Corporation or the transfer agent of the Corporation of a certificate for shares duly endorsed
or accompanied by proper evidence of succession, assignment or authority to transfer and
satisfaction of the Corporation that the requested transfer complies with the provisions of
applicable state and federal laws and regulations and any agreements to which the Corporation is a
party, the Corporation shall issue a new certificate to the person entitled thereto, cancel the old
certificate and record the transaction upon its share transfer records.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.4 Share Transfer Records; Ownership of Shares.</B> (a)&nbsp;The Corporation
shall keep at its registered office or principal place of business, or at the office of its
transfer agent or
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">registrar, a record of the original issuance of shares issued by the Corporation and a record
of each transfer of those shares that have been presented to the Corporation for registration of
transfer. Such records shall contain the names and addresses of all past and current shareholders
of the Corporation and the number and class of shares issued by the Corporation held by each of
them. Any share transfer records may be in written form or in any other form capable of being
converted into written form within a reasonable time. The principal place of business of the
Corporation, or the office of its transfer agent or registrar, may be located outside the State of
Texas.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Corporation shall be entitled to treat and recognize the person in whose name shares
issued by the Corporation are registered in the share transfer records of the Corporation at any
particular time (including, without limitation, as of a record date fixed pursuant to Section&nbsp;7.5)
as the owner of those shares at that time for the purposes of voting those shares, receiving
distributions thereon or notices in respect thereof, transferring those shares, giving proxies with
respect to those shares or otherwise exercising rights, entering into agreements or taking action
in respect of those shares and, accordingly, shall not be bound to recognize any equitable or other
claim to or interest in such share or shares on the part of any other person, whether or not it
shall have express or other notice thereof, except as otherwise provided by the laws of the State
of Texas.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.5
Closing of Share Transfer Records and Record Dates. </B>(a)&nbsp;For the purpose of
determining shareholders entitled to notice of or to vote at any meeting of shareholders or any
adjournment thereof, or entitled to receive a distribution by the Corporation (other than a
distribution involving a purchase or redemption by the Corporation of its own shares) or a share
dividend, or in order to make a determination of shareholders for any other proper purpose (other
than determining shareholders entitled to consent to action by shareholders proposed to be taken
without a meeting of shareholders), the Board may provide that the share transfer records shall be
closed for a stated period but not to exceed, in any case, sixty (60)&nbsp;days. If the share transfer
records shall be closed for the purpose of determining shareholders entitled to notice of or to
vote at a meeting of shareholders, such records shall be closed for at least ten (10)&nbsp;days
immediately preceding such meeting. In lieu of closing the share transfer records, the Board may
fix in advance a date as the
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">record date for any such determination of shareholders, such date in any case to be not more
than sixty (60)&nbsp;days and, in case of a meeting of shareholders, not less than ten (10)&nbsp;days prior
to the date on which the particular action requiring such determination of shareholders is to be
taken, and the determination of shareholders on such record date shall apply with respect to the
particular action requiring the same notwithstanding any transfer of shares on the records of the
Corporation after such record date. If the share transfer records are not closed and no record date
is fixed for the determination of shareholders entitled to notice of or to vote at a meeting of
shareholders, or shareholders entitled to receive a distribution (other than a distribution
involving a purchase or redemption by the Corporation of its own shares) or a share dividend, the
date on which notice of the meeting is mailed or the date on which the resolution of the Board
declaring such distribution or share dividend is adopted, as the case may be, shall be the record
date for such determination of shareholders. When a determination of shareholders entitled to vote
at any meeting of shareholders has been made as provided in this Section, such determination shall
apply to any adjournment thereof except where the determination has been made through the closing
of the share transfer records and the stated period of closing has expired.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Unless a record date shall have previously been fixed or determined pursuant to this
Section, whenever action by shareholders is proposed to be taken by consent in writing without a
meeting of shareholders, the Board may fix a record date for the purpose of determining
shareholders entitled to consent to that action, which record date shall not precede, and shall not
be more than ten (10)&nbsp;days after, the date upon which the resolution fixing the record date is
adopted by the Board. If no record date has been fixed by the Board and the prior action of the
Board is not required by the TBCA, the record date for determining shareholders entitled to consent
to action in writing without a meeting shall be the first date on which a signed written consent
setting forth the action taken or proposed to be taken is delivered to the Corporation by delivery
to its registered office, its principal place of business, or an officer or agent of the
Corporation having custody of the books in which proceedings of meetings of shareholders are
recorded. Delivery shall be by hand or by certified or registered mail return receipt requested.
Delivery to the Corporation&#146;s principal place of business shall be addressed
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to the President or the principal executive officer of the Corporation. If no record date
shall have been fixed by the Board and prior action of the Board is required by the TBCA, the
record date for determining shareholders entitled to consent to action in writing without a meeting
shall be at the close of business on the date on which the Board adopts a resolution taking such
prior action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Distributions made by the Corporation, including those that were payable but not paid to a
holder of shares, or to his heirs, successors or assigns, and have been held in suspense by the
Corporation or were paid and delivered by it unto an escrow account or to a trustee or custodian,
shall be payable by the Corporation, escrow agent, trustee or custodian to the holder of the shares
as of the record date determined for that distribution as provided in subsection (a)&nbsp;of this
Section, or to his heirs, successors and assigns.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.6 Distributions</B>. The Board may, from time to time, declare, and the Corporation may
make, distributions on its outstanding shares in the manner and upon the terms and conditions
provided by the Articles and by the TBCA.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.7 Securities Laws</B>. Shares of the Corporation which have been issued by the
Corporation without registration under the Securities Act of 1933, as amended from time to time,
and any other applicable securities laws shall not be offered for sale, sold, assigned,
transferred, pledged or otherwise disposed of by the holder thereof unless they have been duly
registered under the applicable securities laws or unless the Corporation has previously received
advice of counsel for the Corporation to the effect that the proposed disposition would not be in
violation of said laws, and a restrictive
legend substantially as follows may be placed conspicuously on the certificates for such shares, to
wit:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;FRONT OF CERTIFICATE&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>RESTRICTIONS ON TRANSFER OF THE SHARES EVIDENCED BY THIS CERTIFICATE ARE SET
FORTH ON THE REVERSE SIDE HEREOF.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;BACK OF CERTIFICATE&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
TRANSFER UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND STATE SECURITIES LAWS,
AND MAY NOT BE OFFERED FOR SALE, SOLD, ASSIGNED, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED OF UNLESS REGISTERED UNDER THE APPLICABLE ACTS OR UNTIL THE CORPORATION
HAS RECEIVED ADVICE OF ITS COUNSEL THAT THE SHARES MAY BE TRANSFERRED WITHOUT SUCH
REGISTRATION.</B>
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Indemnification</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.1 Definitions. </B>In this Article:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <I>&#147;Indemnitee&#148; </I>means (i)&nbsp;any present or former Director, advisory director or officer of the
Corporation, (ii)&nbsp;any person who while serving in any of the capacities referred to in clause (i)
hereof served at the Corporation&#146;s request as a director, officer, partner, venturer, proprietor,
trustee, employee, agent or similar functionary of another foreign or domestic corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise, and (iii)&nbsp;any person
nominated or designated by (or pursuant to authority granted by) the Board or any committee thereof
to serve in any of the capacities referred to in clauses (i)&nbsp;or (ii)&nbsp;hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <I>&#147;Official Capacity&#148; </I>means (i)&nbsp;when used with respect to a Director, the office of Director
of the Corporation, and (ii)&nbsp;when used with respect to a person other than a Director, the elective
or appointive office of the Corporation held by such person or the employment or agency
relationship undertaken by such person on behalf of the Corporation, but in each case does not
include service for any other foreign or domestic corporation or any partnership, joint venture,
sole proprietorship, trust, employee benefit plan or other enterprise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <I>&#147;Proceeding&#148; </I>means any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative, arbitrative or investigative, any appeal in such an
action, suit or proceeding, and any inquiry or investigation that could lead to such an action,
suit or proceeding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.2 Indemnification. </B>The Corporation shall indemnify every Indemnitee against all
judgments, penalties (including excise and similar taxes), fines, amounts paid in settlement and
reasonable expenses actually incurred by the Indemnitee in connection with any Proceeding in which
he was, is or is threatened to be named defendant or respondent, or in which he was or is a witness
without being named a defendant or respondent, by reason, in whole or in part, of his serving or
having served, or having been nominated or designated to serve, in any of the capacities
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">referred to in Section&nbsp;8.1, if it is determined in accordance with Section&nbsp;8.4 that the
Indemnitee (a)&nbsp;conducted himself in good faith, (b)&nbsp;reasonably believed, in the case of conduct in
his Official Capacity, that his conduct was in the Corporation&#146;s best interests and, in all other
cases, that his conduct was at least not opposed to the Corporation&#146;s best interests, and (c)&nbsp;in
the case of any criminal proceeding, had no reasonable cause to believe that his conduct was
unlawful; <I>provided, however, </I>that in the event that an Indemnitee is found liable to the
Corporation or is found liable on the basis that personal benefit was improperly received by the
Indemnitee the indemnification (i)&nbsp;is limited to reasonable expenses actually incurred by the
Indemnitee in connection with the Proceeding and (ii)&nbsp;shall not be made in respect of any
Proceeding in which the Indemnitee shall have been found liable for willful or intentional
misconduct in the performance of his duty to the Corporation. Except as provided in the immediately
preceding proviso to the first sentence of this Section&nbsp;8.2, no indemnification shall be made under
this Section&nbsp;8.2 in respect of any Proceeding in which such Indemnitee shall have been (x)&nbsp;found
liable on the basis that personal benefit was improperly received by him, whether or not the
benefit resulted from an action taken in the Indemnitee&#146;s Official Capacity, or (y)&nbsp;found liable to
the Corporation. The termination of any Proceeding by judgment, order, settlement or conviction, or
on a plea of nolo contendere or its equivalent, is not of itself determinative that the Indemnitee
did not meet the requirements set forth in clauses (a), (b)&nbsp;or (c)&nbsp;in the first sentence of this
Section&nbsp;8.2. An Indemnitee shall be deemed to have been found liable in respect of any claim, issue
or matter only after the Indemnitee shall have been so adjudged by a court of competent
jurisdiction after exhaustion of all appeals therefrom. Reasonable expenses shall, include, without
limitation, all court costs and all fees and disbursements of attorneys for the Indemnitee. The
indemnification provided herein shall be applicable whether or not negligence or gross negligence
of the Indemnitee is alleged or proven.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.3 Successful Defense. </B>Without limitation of Section&nbsp;8.2 and in addition to the
indemnification provided for in Section&nbsp;8.2, the Corporation shall indemnify every Indemnitee
against reasonable expenses incurred by such person in connection with any Proceeding in which he
is a witness or a named defendant or respondent because he served in any of the capacities referred
to in
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;8.1, if such person has been wholly successful, on the merits or otherwise, in defense of
the
Proceeding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.4 Determinations. </B>Any indemnification under Section&nbsp;8.2 (unless ordered by a court
of competent jurisdiction) shall be made by the Corporation only upon a determination that
indemnification of the Indemnitee is proper in the circumstances because he has met the applicable
standard of conduct. Such determination shall be made (a)&nbsp;by the Board by a majority vote of a
quorum consisting of Directors who, at the time of such vote, are not named defendants or
respondents in the Proceeding; (b)&nbsp;if such a quorum cannot be obtained, then by a majority vote of
a committee of the Board, duly designated to act in the matter by a majority vote of all Directors
(in which designation Directors who are named defendants or respondents in the Proceeding may
participate), such committee to consist solely of two (2)&nbsp;or more Directors who, at the time of the
committee vote, are not named defendants or respondents in the Proceeding; (c)&nbsp;by special legal
counsel selected by the Board or a committee thereof by vote as set forth in clauses (a)&nbsp;or (b)&nbsp;of
this Section&nbsp;8.4 or, if the requisite quorum of all of the Directors cannot be obtained therefor
and such committee cannot be established, by a majority vote of all of the Directors (in which
Directors who are named defendants or respondents in the Proceeding may participate); or (d)&nbsp;by the
shareholders in a vote that excludes the shares held by Directors that are named defendants or
respondents in the Proceeding. Determination as to reasonableness of expenses shall be made in the
same manner as the determination that indemnification is permissible, except that if the
determination that indemnification is permissible is made by special legal counsel, determination
as to reasonableness of expenses must be made in the manner specified in clause (c)&nbsp;of the
preceding sentence for the selection of special legal counsel. In the event a determination is made
under this Section&nbsp;8.4 that the Indemnitee has met the applicable standard of conduct as to some
matters but not as to others, amounts to be indemnified may be reasonably prorated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.5 Advancement of Expenses. </B>Reasonable expenses (including court costs and attorneys&#146;
fees) incurred by an Indemnitee who was or is a witness or was, is or is threatened to be made a
named defendant or respondent in a Proceeding shall be paid by the Corporation at reasonable
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">intervals in advance of the final disposition of such Proceeding, and without making the
determination specified in Section&nbsp;8.4, after receipt by the Corporation of (a)&nbsp;a written
affirmation by such Indemnitee of his good faith belief that he has met the standard of conduct
necessary for indemnification by the Corporation under this Article and (b)&nbsp;a written undertaking
by or on behalf of such Indemnitee to repay the amount paid or reimbursed by the Corporation if it
shall ultimately be determined that he is not entitled to be indemnified by the Corporation as
authorized in this Article. Such written undertaking shall be an unlimited obligation of the
Indemnitee but need not be secured and it may be accepted without reference to financial ability to
make repayment. Notwithstanding any other provision of this Article, the Corporation may pay or
reimburse expenses incurred by an Indemnitee in connection with his appearance as a witness or
other participation in a Proceeding at a time when he is not named a defendant or respondent in the
Proceeding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.6 Employee Benefit Plans. </B>For purposes of this Article, the Corporation shall be
deemed to have requested an Indemnitee to serve an employee benefit plan whenever the performance
by him of his duties to the Corporation also imposes duties on or otherwise involves services by
him to the plan or participants or beneficiaries of the plan. Excise taxes assessed on an
Indemnitee with respect to an employee benefit plan pursuant to applicable law shall be deemed
fines. Action taken or omitted by an Indemnitee with respect to an employee benefit plan in the
performance of his duties for a purpose reasonably believed by him to be in the interest of the
participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed
to the best interests of the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.7 Other Indemnification and Insurance. </B>The indemnification provided by this Article
shall (a)&nbsp;not be deemed exclusive of, or to preclude, any other rights to which those seeking
indemnification may at any time be entitled under the Corporation&#146;s Articles, any law, agreement or
vote of shareholders or disinterested Directors, or otherwise, or under any policy or policies of
insurance purchased and maintained by the Corporation on behalf of any Indemnitee, both as to
action in his Official Capacity and as to action in any other capacity, (b)&nbsp;continue as to a person
who has ceased to be in the capacity by reason of which he was an Indemnitee with respect to
matters arising
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">during the period he was in such capacity, and (c)&nbsp;inure to the benefit of the heirs, executors
and
administrators of such a person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.8 Notice. </B>Any indemnification of or advance of expenses to an Indemnitee in
accordance with this Article shall be reported in writing to the shareholders of the Corporation
with or before the notice or waiver of notice of the next shareholders&#146; meeting or with or before
the next submission to shareholders of a consent to action without a meeting and, in any case,
within the twelve-month period immediately following the date of the indemnification or advance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.9 Construction</B>. The indemnification provided by this Article shall be subject to all
valid and applicable laws, including, without limitation, Article&nbsp;2.02-1 of the TBCA, and, in the
event this Article or any of the provisions hereof or the indemnification contemplated hereby are
found to be inconsistent with or contrary to any such valid laws, the latter shall be deemed to
control and this Article shall be regarded as modified accordingly, and, as so modified, to
continue in full force and effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.10 Continuing Offer, Reliance, etc. </B>The provisions of this Article (a)&nbsp;are for the
benefit of, and may be enforced by, each Indemnitee of the Corporation, the same as if set forth in
their entirety in a written instrument duly executed and delivered by the Corporation and such
Indemnitee and (b)&nbsp;constitute a continuing offer to all present and future Indemnitees. The
Corporation, by its adoption of these Bylaws, (x)&nbsp;acknowledges and agrees that each Indemnitee of
the Corporation has relied upon and will continue to rely upon the provisions of this Article in
becoming, and serving in any of the capacities referred to in Section&nbsp;8.1(a) of this Article, (y)
waives reliance upon, and all notices of acceptance of, such provisions by such Indemnitees and (z)
acknowledges and agrees that no present or future Indemnitee shall be prejudiced in his right to
enforce the provisions of this Article in accordance with their terms by any act or failure to act
on the part of the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.11 Effect of Amendment. </B>No amendment, modification or repeal of this Article or any
provision hereof shall in any manner terminate, reduce or impair the right of any past, present or
future Indemnitees to be indemnified by the Corporation, nor the obligation of the Corporation to
indemnify any such Indemnitees, under and in accordance with the provisions of the
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->-25-<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Article as in effect immediately prior to such amendment, modification or repeal with respect to
claims arising from or relating to matters occurring, in whole or in part, prior to such
amendment, modification or repeal, regardless of when such claims may arise or be asserted.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>General Provisions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.1
Waiver of Notice. </B>(a)&nbsp;Whenever, under the provisions of applicable law or of
the Articles or of these Bylaws, any notice is required to be given to any shareholder or Director,
a waiver thereof in writing signed by the person or persons entitled to such notice, whether before
or after the time stated therein, shall be equivalent to the giving of such notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Attendance
of a Director at a meeting shall constitute a waiver of notice of such meeting except where a
Director attends a meeting for the express purpose of objecting to the transaction of any business
on the grounds that the meeting is not lawfully called or convened.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.2 Seal. </B>If one be adopted, the corporate seal shall have inscribed thereon the name
of the Corporation and shall be in such form as may be approved by the Board. Said seal may be used
by causing it or a facsimile of it to be impressed or affixed or in any manner reproduced.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.3 Fiscal Year. </B>The fiscal year of the Corporation shall be fixed by resolution of
the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.4 Checks, Notes, etc. </B>All checks or demands for money and notes of the Corporation
shall be signed by such officer or officers or such other person or persons as the Board may from
time to time designate. The Board may authorize any officer or officers or such other person or
persons to enter into any contract or execute and deliver any instrument in the name of and on
behalf of the Corporation, and such authority may be general or confined to specific instances.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.5 Examination of Books and Records. </B>Any person who shall have been a shareholder for
at least six (6)&nbsp;months immediately preceding his demand, or shall be the holder of at least five
percent (5%) of all of the outstanding shares of the Corporation, upon written demand stating the
purpose thereof, shall have the right to examine, in person or by agent, accountant or attorney, at
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->-26-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">any reasonable time or times, for any proper purpose, its relevant books and records of
account, minutes and share transfer records, and to make extracts therefrom. Subject to the
preceding sentence, the Board shall determine from time to time whether, and if allowed, when and
under what conditions and regulations the books and records of account, the minutes and share
transfer records of the Corporation or any of them shall be open to inspection by the
shareholders, and the shareholders rights in this respect are and shall be restricted and limited
accordingly.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.6 Voting Upon Shares Held by the Corporation. </B>Unless otherwise ordered by the Board,
the Chairman of the Board, if one shall be elected, or the President, if a Chairman of the Board
shall not be elected, acting on behalf of the Corporation, shall have full power and authority to
attend and to act and to vote at any meeting of shareholders of any corporation in which the
Corporation may hold shares and at any such meeting, shall possess and may exercise any and all of
the rights and powers incident to the ownership of such shares which, as the owner thereof, the
Corporation might have possessed and exercised, if present. The Board by resolution from time to
time may confer like powers upon any other person or persons.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Amendments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.1 Amendment by Board. </B>The Board shall have the power to alter, amend or repeal
these Bylaws or adopt new Bylaws, subject to amendment, repeal or adoption of new Bylaws by action
of the shareholders and unless the shareholders in amending, repealing or adopting a new Bylaw
expressly provide that the Board may not amend or repeal that Bylaw. The Board may exercise this
power at any regular or special meeting at which a quorum is present by the affirmative vote of a
majority of the Directors present at the meeting and without any notice of the action taken with
respect to the Bylaws having been contained in the notice or waiver of notice of such meeting.
Unless the Corporation&#146;s Articles or a Bylaw adopted by the shareholders provide otherwise as to
all or some portion of the Bylaws, the Corporation&#146;s shareholders may amend, repeal or adopt new
Bylaws even though the Bylaws may also be amended by the Board.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->-27-<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XI</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Subject to All Laws</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;11.1 Subject to All Laws. </B>The provisions of these Bylaws shall be subject to all
valid and applicable laws, including, without limitation, the TBCA as now or hereafter amended, and
in the event that any of the provisions of these Bylaws are found to be inconsistent with or
contrary to any such valid laws, the latter shall be deemed to control and these Bylaws shall be
deemed modified accordingly, and, as so modified, to continue in full force and effect.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-28-<!-- /Folio -->
</DIV>



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<DOCUMENT>
<TYPE>EX-3.7
<SEQUENCE>8
<FILENAME>o69608exv3w7.htm
<DESCRIPTION>EX-3.7
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w7</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.7</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960811.gif" alt="(STAMP)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLES OF AMENDMENT<BR>
TO THE ARTICLES OF INCORPORATION<BR>
OF<BR>
DI INTERNATIONAL, INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the provisions of Article&nbsp;4.04 of the Texas Business Corporation Act, DI
International, Inc. (the &#147;Company&#148;), hereby adopts the following Articles of Amendment to its
Articles of Incorporation to change the name of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ARTICLE ONE</B>. The name of the Company is DI International, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ARTICLE TWO</B>. The following amendment to the Articles of Incorporation was adopted by
the sole shareholder of the Company as of January&nbsp;7, 1998:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;One of the Articles of Incorporation is hereby amended to read in its
entirety as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;The name of the corporation is Grey Wolf International, Inc.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ARTICLE THREE</B>. The number of shares of Common Stock of the Company
outstanding and entitled to vote was 1,000 at the time of the adoption of
this amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ARTICLE FOUR</B>. The sole shareholder of the shares of Common Stock outstanding and entitled to
vote has signed a written consent to the adoption of this amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DATED as of the 7<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of January, 1998.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">DI INTERNATIONAL, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Forrest M. Conley. Jr.,</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Forrest M. Conley. Jr.,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice President - International Operations&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960812.gif" alt="(STAMP)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLES OF INCORPORATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DI INTERNATIONAL, INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, a natural person eighteen years of age or more, acting as
incorporator of a corporation under the Texas Business Corporation Act, does hereby adopt the following
Articles of Incorporation for such corporation:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLE ONE </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the corporation is DI International, Inc.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLE TWO </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The period of the corporation&#146;s duration is perpetual.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLE THREE </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose for which the corporation is organized is to engage in any lawful business
for which corporations may be organized under the laws of the State of Texas.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLE FOUR </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate number of shares of stock which the corporation shall have authority to
issue is 1,000 shares of common stock of the par value of $1.00 each.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLE FIVE </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporation will not commence business until it has received for the issuance of its
shares consideration of the value of One Thousand Dollars ($1,000.00), consisting of money,
labor done or property actually received.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-1-<!-- /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"><U><B>ARTICLE SIX</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No shareholder shall be entitled as a matter of right to subscribe for, purchase, or receive
additional unissued or treasury shares of any class of the corporation, whether now or later
authorized, or any bonds, debentures, warrants, options or other securities convertible into or
entitling the holder to purchase shares. Such additional shares, bonds, debentures, warrants,
options or other securities convertible into or entitling the holder to purchase shares may be
issued or disposed of as the Board of Directors in its absolute discretion deems advisable.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLE SEVEN </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At each election for directors of the corporation, each shareholder entitled to vote at such
election shall have the right to vote, in person or by proxy, only the number of shares owned by
him for as many persons as there are directors to be elected, and no shareholder shall ever have
the right or be permitted to cumulate his votes on any basis, any and all rights of cumulative
voting being hereby expressly denied.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLE EIGHT </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The address of the initial registered office of the corporation is 5629 FM 1960 West, Suite
202, Houston, Texas 77069 and the name of its initial registered agent at such address is Max M.
Dillard.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLE NINE </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of directors constituting the initial Board of Directors is one (1), and the name
and address of the person who is to serve as director until the first annual meeting of the
shareholders or until his successor is elected and qualified is:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /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="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>ADDRESS</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Max M. Dillard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5629 FM 1960 West, Suite&nbsp;202</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">Houston, Texas 77069</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLE TEN </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon resolution adopted by the Board of Directors, the corporation shall be entitled to
purchase shares of its own capital stock to the extent or the aggregate of the available
unrestricted capital surplus and available unrestricted reduction surplus.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ARTICLE ELEVEN </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and address of the incorporator is:
</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="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>ADDRESS</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Douglas Y. Bech
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2500 Exxon Building</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">Houston, Texas 77002</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned incorporator has hereunto set his hand this
28<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of October, 1981.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">     /s/ Douglas Y. Bech
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">THE STATE OF TEXAS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#167;</TD>
    <TD nowrap 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#167;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">COUNTY OF HARRIS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#167;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BEFORE ME, the undersigned authority, on this day personally appeared
Douglas Y. Bech, who being by me first duly sworn, declared that he is the
person who signed the foregoing document as incorporator, and that the statements therein contained
are true.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIVEN UNDER MY HAND AND SEAL OF OFFICE, this 28<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of October, 1981.
</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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Laura E. Gregory
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Notary Public In and For<BR>
Harris County, T E X A S
</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">My commission expires:</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">9-18-85</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.7</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960813.gif" alt="(LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>The State of Texas</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B><I>SECRETARY OF STATE</I></B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CERTIFICATE OF INCORPORATION<BR>
OF
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DI INTERNATIONAL, INC.<BR>
CHARTER NO. 583590
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, as Secretary of State of the State of Texas, hereby certifies that Articles
of Incorporation for the above corporation duly signed and verified pursuant to the provisions of
the Texas Business Corporation Act, have been received in this office and are found to conform to
law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCORDINGLY the undersigned, as such Secretary of State, and by virtue of the authority
vested in him by law, hereby issues this Certificate of Incorporation and attaches hereto a copy
of the Articles of Incorporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated OCT. 28 1981
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="center">/s/ David A. Dean
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="center">Secretary of State&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">dae
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="o69608o6960814.gif" alt="(SEAL)">

</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960815.gif" alt="(STAMP)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLES OF INCORPORATION
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">OF
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">DI INTERNATIONAL, INC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, a natural person eighteen years of age or more, acting as incorporator of a
corporation under the Texas Business Corporation Act, does hereby adopt the following
Articles of Incorporation for such corporation:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE ONE</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the corporation is DI International, Inc.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE TWO</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The period of the corporation&#146;s duration is perpetual.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE THREE</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose for which the corporation is organized is to engage in any lawful business
for which corporations may be organized under the laws of the State of
Texas.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE FOUR</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate number of shares of stock which the corporation shall have authority to
issue is 1,000 shares of common stock of the par value of $1.00 each.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE FIVE</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporation will not commence business until it has received for the issuance of its
shares consideration of the value of One Thousand Dollars ($1,000.00), consisting of money, labor
done or property actually received.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-1-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE SIX</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No shareholder shall be entitled as a matter of right to subscribe for, purchase,
or receive additional unissued or treasury shares of any class of the
corporation, whether now or later authorized, or any bonds, debentures, warrants,
options or other securities convertible into or entitling the holder to purchase shares.
 Such additional shares, bonds, debentures, warrants, options or other securities
convertible into or entitling the holder to purchase shares may be issued or disposed of as the Board of
Directors in its absolute discretion deems advisable.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE SEVEN</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At each election for directors of the corporation, each shareholder entitled to vote at such election shall have the right to vote, in person or by proxy,
only the number of shares owned by him for as many persons as there are directors
to be elected, and no shareholder shall ever have the right or be permitted to
cumulate his votes on any basis, any and all rights of cumulative voting being
hereby expressly denied.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE EIGHT</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The address of the initial registered office of the corporation is 5629 FM
1960 West, Suite&nbsp;202, Houston, Texas 77069 and the name of its initial
registered agent at such address is Max M. Dillard.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE NINE</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of directors constituting the initial Board of Directors
is one and the name and address of the person who is to serve as
director until the first annual meeting of the shareholders or until his
successor is elected and qualified is:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">NAME</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">ADDRESS</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Max M. Dillard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5629 FM 1960 West, Suite&nbsp;202</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">Houston, Texas 77069</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE TEN</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon resolution adopted by the Board of Directors, the corporation shall be entitled to purchase shares
of its own capital stock to the extent of the aggregate of the available unrestricted capital surplus and available unrestricted reduction surplus.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE ELEVEN</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The name and address of the incorporator is:</TD>
</TR>

</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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">NAME</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">ADDRESS</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Douglas Y. Bech
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2500 Exxon Building</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">Houston, Texas 77002</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned incorporator has hereunto set his hand this 28<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of October, 1981.
</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="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">THE STATE OF TEXAS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#167;</TD>
    <TD nowrap 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#167;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">COUNTY OF HARRIS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#167;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BEFORE ME, the undersigned authority, on this day personally appeared Douglas Y. Bech, who being
by me first duly sworn, declared that he is the person who signed the foregoing
document as incorporator, and that the statements therein contained are true.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.8
<SEQUENCE>9
<FILENAME>o69608exv3w8.htm
<DESCRIPTION>EX-3.8
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.8</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>BYLAWS</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">DI INTERNATIONAL, INC.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Dated: </B>October&nbsp;28, 1981
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>INDEX</U>
</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="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>INDEX</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE I. OFFICES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;1. Principal Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;2. Registered Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3. Other Offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE II. MEETINGS OF SHAREHOLDERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;1. Place of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;2. Annual Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3. Special Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;4. Notice of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;5. Voting Lists</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6. Quorum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;7. Organization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;8. Proxies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;9. Voting of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;10. Voting of Shares by Certain Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;11. Election of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;12. Telephone Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;13. Action Without Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE III. DIRECTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;1. Number and Qualification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;2. Election and Term of Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3. Resignation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;4. Removal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;5. Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6. General Powers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;7. Compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">ARTICLE IV. MEETINGS OF THE BOARD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;1. Place of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;2. Annual Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3. Regular Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;4. Special Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;5. Quorum and Action</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6. Presumption of Assent to Action</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;7. Telephone Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;8. Action Without Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE V. COMMITTEES OF THE BOARD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;1. Membership and Authorities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;2. Minutes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3. Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;4. Telephone Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;5. Action Without Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center">
<TABLE style="font-size: 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="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>INDEX</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VI. OFFICERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;1. Number</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;2. Election, Term of Office and Qualification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3. Subordinate Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;4. Resignation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;5. Removal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6. Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;7. The Chairman of the Board</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;8. The President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;9. The Vice-Presidents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;10. The Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;11. Assistant Secretaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;12. The Treasurer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;13. Assistant Treasurers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;14. Treasurer&#146;s Bond</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;15. Salaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VII. CORPORATE SHARES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;1. Share Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;2. Transfer of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3. Ownership of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;4. Closing of Transfer Books</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;5. Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VIII. GENERAL PROVISIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;1. Waiver of Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;2. Seal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;3. Fiscal Year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;4. Reports of Situation and Amount of Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;5. Checks, Notes etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;6. Examination of Books and Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;7. Voting Upon Shares Held by the Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLES IX. INDEMNITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;1. Indemnification of Directors and Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE X. AMENDMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Section&nbsp;1. Amendment by Board of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">DI INTERNATIONAL, INC.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>BYLAWS</U>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ARTICLE I
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Offices</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Principal Office.</U> The principal office of the Corporation shall be in the
City of Houston, Texas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Registered Office.</U> The registered office of the Corporation required by
the Texas Business Corporation Act to be maintained in the State of Texas, may be, but need not
be, identical with the principal office, and the address of the registered office may be changed
from time to time by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Other Offices.</U> The Corporation may also have offices at such other places
both within and without the State of Texas as the Board of Directors may from time to time
determine or the business of the Corporation may require.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE II
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Meetings of Shareholders</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Place of Meetings.</U> The Board of Directors may designate any place, either
within or without the State of Texas, as the place of meeting for any annual meeting or for any
special meeting called by the Board. A waiver of notice signed by all shareholders entitled to
vote at a meeting may designate any place, either within or without the State of Texas, as the
place for the holding of such meeting. If no designation is made, or if a special meeting be
otherwise called, the place of meeting shall be the principal office of the Corporation.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-1-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Annual Meeting.</U> The annual meeting of shareholders commencing with the
year 1982 shall be held at such time, on such day and at such place as may be designated by the
Board of Directors, at which time the shareholders shall elect a Board of Directors and transact
such other business as may properly be brought before the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Special Meetings.</U> Special meetings of the shareholders for any purpose or
purposes, unless otherwise prescribed by law or by the Articles of Incorporation, may be called by
the Chairman of the Board, the Board of Directors or the holders of not less than one-tenth (1/10)
of all of the shares entitled to vote at the meetings. Business transacted at all special meetings
shall be confined to the purpose or purposes stated in the call.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4. Notice of Meetings.</U> Written or printed notice of all meetings of
shareholders stating the place, day and hour thereof, and in the case of a special meeting the
purpose or purposes for which the meeting is called, shall be personally delivered or mailed, not
less than ten (10)&nbsp;days nor more than fifty (50)&nbsp;days prior to the date of the meeting, to the
shareholders of record entitled to vote at such meeting. If mailed, the notice shall be addressed
to the shareholders as their address appears on the stock transfer books of the Corporation and
the postage shall be prepaid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5. Voting Lists.</U> The officer or agent having charge of the stock transfer
books for shares of the Corporation shall make, at least ten (10)&nbsp;days before each meeting of the
shareholders, a complete list of shareholders entitled to vote at such meeting or any adjournment
thereof, arranged in alphabetical order, with the address of each and the number of shares held by
each, which list, for a period of ten (10)&nbsp;days prior to such meeting, shall be kept on file at
the registered office of the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Corporation and shall be subject to inspection by any shareholders at any time during usual
business hours. Such list shall also be produced and kept open at the time and place of the meeting
and shall be subject to the inspection of any shareholder for the duration of the meeting. The
original stock transfer books shall be prima-facie evidence as to who are the shareholders entitled
to examine such list or transfer books or to vote at any meeting of shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6. Quorum.</U> The holders of a majority of the shares entitled to vote, present
in person or represented by proxy, shall constitute a quorum at all meetings of the shareholders
for the transaction of business, except as otherwise provided by law, by the Articles of
Incorporation or by these Bylaws. If, however, such quorum shall not be present or represented at
any meeting of the shareholders, the shareholders entitled to vote at such meeting, present in
person or represented by proxy, shall have the power to adjourn the meeting from time to time
without notice other than announcement at the meeting until a quorum shall be present or
represented. At such adjourned meeting at which a quorum shall be present or represented any
business may be transacted which might have been transacted at the meeting as originally convened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7. Organization.</U> The Chairman of the Board, if one shall be elected, shall
preside at all meetings of the shareholders. In his absence or should a Chairman of the Board not
be elected, the President or a Vice President shall preside. In the absence of all of these
officers any shareholder or the duly appointed proxy of any shareholder may call the meeting to
order and a chairman shall be elected from among the shareholders present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Secretary of the Corporation shall act as secretary at all meetings of the shareholders.
In his absence an Assistant Secretary shall so act and in the absence
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of all of these officers the presiding officer may appoint any person to act as secretary of the
meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8. Proxies.</U> At any meeting of the shareholders every shareholder entitled to
vote at such meeting shall be entitled to vote in person or by proxy executed in writing by such
shareholder or by his duly authorized attorney-in-fact. No proxy shall be valid after eleven (11)
months from the date of its execution unless such proxy otherwise provides. A proxy shall be
revocable unless expressly provided therein to be irrevocable or unless otherwise made irrevocable
by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;9. Voting of Shares.</U> Except as otherwise provided by law, the Articles of
Incorporation or these Bylaws, each shareholder shall have one (1)&nbsp;vote for each share having
voting rights registered in his name on the books of the Corporation at the time of the closing of
the stock transfer books (or at the record date) for such meeting. When a quorum is present at any
meeting the vote of holders of a majority of the shares entitled to vote, present in person or
represented by proxy, shall decide any matter submitted to such meeting, unless the matter is one
upon which by law or by express provision of the Articles of Incorporation or of these Bylaws the
vote of a greater number is required, in which case the vote of such greater number shall govern
and control the decision of such matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;10. Voting of Shares by Certain Holders.</U> Shares standing in the name of
another corporation may be voted by such officer, agent or proxy as the bylaws of such corporation
may authorize or, in the absence of such authorization, as the board of directors of such
corporation may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares held by an administrator, executor, guardian or conservator may be voted by him so
long as such shares forming a part of an estate are in the possession and form a part of the
estate being served by him, either in person or by proxy,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">without a transfer of such shares into his name. Shares standing in the name of a trustee may be
voted by him, either in person or by proxy, but no trustee shall be entitled to vote shares held by
him without a transfer of such shares into his name as trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares standing in the name of a receiver may be voted by such receiver, and shares held by
or under the control of a receiver may be voted by such receiver without the transfer thereof into
his name if authority to do so be contained in an appropriate order of the court by which such
receiver was appointed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A shareholder whose shares are pledged shall be entitled to vote such shares until the shares
have been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled
to vote the shares so transferred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of its own stock belonging to the Corporation, shares of its own stock owned by
another corporation the majority of the voting stock of which is owned or controlled by the
Corporation, and shares of its own stock held by the Corporation in a fiduciary capacity shall not
be voted, directly or indirectly, at any meeting, and shall not be counted in determining the
total number of outstanding shares at any given time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;11. Election of Directors.</U> At each election for Directors each shareholder
entitled to vote at such election shall, unless otherwise provided by the Articles of
Incorporation or by applicable law, have the right to vote the number of shares owned by him for
as many persons as there are to be elected and for whose election he has a right to vote. Unless
otherwise provided by the Articles of Incorporation, no shareholder shall have the right or be
permitted to cumulate his votes on any basis.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;12. Telephone Meetings.</U> Shareholders may participate in and hold a meeting of
the shareholders by means of conference telephone or similar communications equipment by means of
which all persons participating in the meeting can hear each other and participation in a meeting
pursuant to this Section shall constitute presence in person at such meeting, except where a person
participates in the meeting for the express purpose of objecting to the transaction of any business
on the ground that the meeting is not lawfully called or convened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;13. Action Without Meeting.</U> Any action required by any provision of law or of
the Articles of Incorporation or these Bylaws to be taken at a meeting of the shareholders or any
action which may be taken at a meeting of the shareholders may be taken without a meeting if a
consent in writing, setting forth the action so taken, shall be signed by all of the shareholders
entitled to vote with respect to the subject matter thereof, and such consent shall have the same
force and effect as a unanimous vote of the shareholders.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE III
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Directors</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Number and Qualification.</U> The property, business and affairs of the
Corporation shall be managed and controlled by a Board of Directors composed of not less than one
(1)&nbsp;nor more than seven (7)&nbsp;members who shall be elected annually by the shareholders. Directors
need not be residents of the State of Texas or shareholders of the Corporation. The number of
Directors may be increased or decreased by resolution adopted by a majority of the Board of
Directors. No decrease in the number of Directors shall have the effect of shortening the term of
any incumbent Director.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Election and Term of Office.</U> The Directors shall be elected at the annual
meeting of the shareholders (except as provided in Section&nbsp;5 of this Article). Each Director
elected shall hold office until his successor shall be elected at an appropriate annual meeting of
the shareholders and shall qualify, or until his death, his resignation or his removal in the
manner hereinafter provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Resignation.</U> Any Director may resign at any time by giving written notice
to the President or Secretary. Such resignation shall take effect at the time specified therein
and unless otherwise specified therein the acceptance of such resignation shall not be necessary
to make it effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4. Removal.</U> At any special meeting of the shareholders called expressly for
that purpose any Director or Directors, including the entire Board of Directors, may be removed,
either with or without cause, and another person or persons may be elected to serve for the
remainder of his or their term by a vote of the holders of a majority of all shares outstanding
and entitled to vote at an election of directors. In case any vacancy so created shall not be
filled by the shareholders at such meeting, such vacancy may be filled by the Directors as
provided in Section&nbsp;5 of this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5. Vacancies.</U> If any vacancy shall occur in the Board of Directors such
vacancy may, subject to the provisions of Section&nbsp;4 of this Article, be filled by the affirmative
vote of the remaining Directors though less than a quorum of the Board of Directors; provided
however, any Directorship to be filled by reason of an increase in the number of Directors shall
be filled by election at an annual meeting or at a special meeting of shareholders called for that
purpose. A Director elected to fill a vacancy shall be elected for the unexpired term of his
predecessor in office.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6. General Powers.</U> In addition to the powers and authorities expressly
conferred upon them by these Bylaws, the Board of Directors may exercise all such powers of the
Corporation and do all such lawful acts and things as are not by law or by the Articles of
Incorporation or by these Bylaws directed or required to be exercised or done by the shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7. Compensation.</U> Directors as such shall not receive any stated salary for
their services, but by resolution of the Board a fixed sum for expenses of attendance, if any, may
be allowed for attendance at any regular or special meeting of the Board provided that nothing
herein contained shall be construed to preclude any Director from serving the Corporation in any
other capacity and receiving compensation therefor. Members of special or standing committees may
be allowed like compensation for attending committee meetings.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IV
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Meetings of the Board</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Place of Meetings.</U> The Directors of the Corporation may hold their
meetings, both regular and special, either within or without the State of Texas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Annual Meeting.</U> The first meeting of each newly elected Board shall be
held immediately following the adjournment of the annual meeting of the shareholders and no notice
of such meeting shall be necessary to the newly elected Directors in order legally to constitute
the meeting, provided a quorum shall be present, or they may meet at such time and place as shall
be fixed by the consent in writing of all of the Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Regular Meetings.</U> Regular meetings of the Board may be held without notice
at such time and place as shall from time to time be determined by the Board.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4. Special Meetings</U>. Special meetings of the Board may be called by the
President on one (1)&nbsp;day&#146;s notice to each Director given either personally, by mail or by telegram.
Special meetings shall be called by the President or Secretary in like manner and like notice on
the written request of any Director. Neither the purpose of nor the business to be transacted at
any special meeting of the Board of Directors need be specified in the notice or waiver of notice
of such meeting. Attendance of a Director at a meeting shall constitute a waiver of notice of such
meeting except where a Director attends a meeting for the express purpose of objecting to the
transaction of any business on the grounds that the meeting is not lawfully called or convened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5. Quorum and Action</U>. At all meetings of the Board the presence of a majority
of the Directors shall be necessary and sufficient to constitute a quorum for the transaction of
business and the act of a majority of the Directors at any meeting at which a quorum is present
shall be the act of the Board of Directors unless the act of a greater number is required by law,
the Articles of Incorporation or these Bylaws. If a quorum shall not be present at any meeting of
Directors, the Directors present may adjourn the meeting from time to time without notice other
than announcement at the meeting until a quorum shall be present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6. Presumption of Assent to Action</U>. A Director who is present at a meeting of
the Board at which action on any corporate matter is taken shall be presumed to have assented to
the action taken unless his dissent shall be entered in the minutes of the meeting or unless he
shall file his written dissent to such action with the secretary of the meeting before the
adjournment thereof or shall forward such dissent by registered mail to the Secretary of the
Corporation immediately after the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in
favor of such action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7. Telephone Meetings</U>. Directors may participate in and hold a meeting of the
Board of Directors by means of conference telephone or similar communications equipment by means of
which all persons participating in the meeting can hear each other and participation in a meeting
pursuant to this Section shall constitute presence in person at such meeting, except where a person
participates in the meeting for the express purpose of objecting to the transaction of any business
on the ground that the meeting is not lawfully called or convened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8. Action Without Meeting</U>. Any action required or permitted to be taken at a
meeting of the Board of Directors, or any committee thereof, may be taken without a meeting if a
consent in writing, setting forth the action so taken, is signed by all the members of the Board
of Directors, or committee, as the case may be, and such consent shall have the same force and
effect as a unanimous vote at a meeting.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE V
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Committees of the Board</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Membership and Authorities</U>. The Board of Directors, by resolution adopted
by a majority of the full Board, may designate two (2)&nbsp;or more Directors to constitute an
Executive Committee and such other committees as the Board may determine, each of which committees
to the extent provided in such resolution, shall have and may exercise all of the authority of the
Board of Directors in the business and affairs of the Corporation, except in those cases where the
authority of the Board of Directors is specifically denied to the Executive Committee or such
other committee or committees by applicable law, the Articles of Incorporation or these
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bylaws. The designation of an Executive Committee or other committee and the delegation thereto of
authority shall not operate to relieve the Board of Directors, or any member thereof, of any
responsibility imposed upon it or him by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Minutes</U>. Each committee designated by the Board shall keep regular minutes
of its proceedings and report the same to the Board when required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Vacancies</U>. The Board of Directors shall have the power at any time to fill
vacancies in, to change the membership of, or to dissolve, any committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4. Telephone Meetings</U>. Members of any committee designated by the Board may
participate in or hold a meeting by use of conference telephone or similar communications
equipment by means of which all persons participating in the meeting can hear each other.
Participation in a meeting pursuant to this Section shall constitute presence in person at such
meeting, except where a person participates in the meeting for the express purpose of objecting to
the transaction of any business on the ground that the meeting is not lawfully called or convened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5. Action Without Meeting</U>. Any action required or permitted to be taken at a
meeting of any committee designated by the Board may be taken without a meeting if a consent in
writing, setting forth the action so taken, is signed by all the members of the committee, and
such consent shall have the same force and effect as a unanimous vote at a meeting.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VI
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Officers</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Number</U>. The officers of the Corporation shall be a President, a
Vice-President, a Secretary and a Treasurer. The Board of Directors may also choose a Chairman and
additional Vice-Presidents, Assistant Secretaries and/or Assistant
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Treasurers. One person may hold any two or more of these offices except those of President and
Secretary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Election, Term of Office and Qualification</U>. The officers of the Corporation
shall be elected by the Board of Directors at its first meeting after each annual meeting of
shareholders. The Board shall elect a President, a Vice-President, a Secretary and a Treasurer,
none of whom need be a member of the Board. Each officer so elected shall hold office until his
successor shall have been duly chosen and has qualified or until his death or his resignation or
removal in the manner hereinafter provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Subordinate Officers</U>. The Board of Directors may appoint such other
officers and agents as it shall deem necessary who shall hold their offices for such terms, have
such authority and perform such duties as the Board of Directors may from time to time determine.
The Board of Directors may delegate to any committee or officer the power to appoint any such
subordinate officer or agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4. Resignation</U>. Any officer may resign at any time by giving written notice
thereof to the Board of Directors or to the President or Secretary of the Corporation. Any such
resignation shall take effect at the time specified therein and unless otherwise specified therein
the acceptance of such resignation shall not be necessary to make it effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5. Removal</U>. Any officer elected or appointed by the Board of Directors may be
removed by the Board at any time with or without cause. Any other officer may be removed at any
time with or without cause by the Board of Directors or by any committee or superior officer in
whom such power of removal may be conferred by the Board of Directors.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6. Vacancies</U>. A vacancy in any office shall be filled for the
unexpired portion of the term by the Board of Directors, but in case of a vacancy occurring in an
office filled in accordance with the provisions of Section&nbsp;3 of this Article, such vacancy may be
filled by any committee or superior officer upon whom such power may be conferred by the Board of
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7. The Chairman of the Board</U>. The Chairman of the Board, if one shall be
elected, shall preside at all meetings of the Shareholders and Directors. In addition, the
Chairman of the Board shall perform whatever duties and shall exercise all powers that are given
to him by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8. The President</U>. The President shall be the chief executive officer of the
Corporation; shall (in the absence of the Chairman of the Board, if one shall be elected) preside
at meetings of the shareholders and Directors; shall be ex officio a member of all standing
committees; shall have general and active management of the business of the Corporation; and shall
see that all orders and resolutions of the Board of Directors are carried into effect. He may
sign, with any other proper officer, certificates for shares of the Corporation and any deeds,
bonds, mortgages, contracts and other documents which the Board of Directors has authorized to be
executed, except where required by law to be otherwise signed and executed and except where the
signing and execution thereof shall be expressly delegated by the Board of Directors or these
Bylaws, to some other officer or agent of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;9. The Vice Presidents</U>. The Vice Presidents shall perform the duties as are
given to them by these Bylaws and as may from time to time be assigned to them by the Board of
Directors or by the President and may sign, with any other proper officer, certificates for shares
of the Corporation. At the request of the President, or in his absence or disability, the Vice
President designated by the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">President (or in the absence of such designation, the senior Vice President) shall perform the
duties and exercise the powers of the President.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;10. The Secretary</U>. The Secretary, when available, shall attend all meetings
of the Board of Directors and all meetings of the shareholders and record all votes and the
minutes of all proceedings in a book to be kept for that purpose and shall perform like duties for
the Executive Committee and standing committees when required. He shall give, or cause to be
given, notice of all meetings of the shareholders and special meetings of the Board of Directors
as required by law or these Bylaws, be custodian of the corporate records and have general charge
of the stock books of the Corporation and shall perform such other duties as may be prescribed by
the Board of Directors or President, under whose supervision he shall be. He may sign, with any
other proper officer, certificates for shares of the Corporation and shall keep in safe custody
the seal of the Corporation, and, when authorized by the Board, affix the same to any instrument
requiring it and, when so affixed, it shall be attested by his signature or by the signature of
the Treasurer or an Assistant Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;11. Assistant Secretaries</U>. The Assistant Secretaries shall perform the duties
as are given to them by these Bylaws or as may from time to time be assigned to them by the Board
of Directors or by the Secretary. At the request of the Secretary, or in his absence or
disability, the Assistant Secretary designated by the Secretary (or in the absence of such
designation the senior Assistant Secretary) shall perform the duties and exercise the powers of
the Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;12. The Treasurer</U>. The Treasurer shall have the custody and be responsible
for all corporate funds and securities and shall keep full and accurate accounts of receipts and
disbursements in books belonging to the Corporation and shall
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">deposit all monies and other valuable effects in the name and to the credit of the Corporation in
such depositories as may be designated by the Board of Directors. He shall disburse the funds of
the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such
disbursements, and shall render to the President and Directors, at the regular meetings of the
Board, or whenever they may require it, an account of all his transactions as Treasurer and of the
financial condition of the Corporation. He may sign, with any other proper officer, certificates
for shares of the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;13. Assistant Treasurers</U>. The Assistant Treasurers shall perform the duties
as are given to them by these Bylaws or as may from time to time be assigned to them by the Board
of Directors or by the Treasurer. At the request of the Treasurer, or in his absence or
disability, the Assistant Treasurer designated by the Treasurer (or in the absence of such
designation the senior Assistant Treasurer) shall perform the duties and exercise the powers of
the Treasurer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;14. Treasurer&#146;s Bond</U>. If required by the Board of Directors, the Treasurer
and any Assistant Treasurer shall give the Corporation a bond in such sum and with such surety or
sureties as shall be satisfactory to the Board for the faithful performance of the duties of his
office and for the restoration to the Corporation, in case of his death, resignation, retirement
or removal from office, of all books, papers, vouchers, money and other property of whatever kind
in his possession or under his control belonging to the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;15. Salaries</U>. The salary or other compensation of officers shall be fixed
from time to time by the Board of Directors. The Board of Directors may delegate to any committee
or officer the power to fix from time to time the salary or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-15-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">other compensation of officers and agents appointed in accordance with the provisions of Section&nbsp;3
of this Article.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VII
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Corporate Shares</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Share Certificates</U>. The certificates representing shares of the
Corporation shall be in such form, not inconsistent with statutory provisions and the Articles of
Incorporation, as shall be approved by the Board of Directors. The certificates shall be signed by
the President or a Vice President, and either the Secretary or an Assistant Secretary or the
Treasurer or an Assistant Treasurer of the Corporation, and sealed with the corporate seal or a
facsimile thereof. The signatures of the President or Vice President, Secretary or Assistant
Secretary, Treasurer or Assistant Treasurer upon a certificate may be facsimiles, if the
certificate is countersigned by a transfer agent, or registered by a registrar, either of which is
other than the Corporation itself or an employee of the Corporation. In case any officer who has
signed or whose facsimile signature has been placed upon a certificate shall have ceased to be
such officer before such certificate is issued, it may be issued with the same effect as if he
were such officer at the date of its issuance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All certificates shall be consecutively numbered and the name of the person owning the shares
represented thereby, with the number of such shares and the date of issue, shall be entered on the
Corporation&#146;s books.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All certificates issued by the Corporation shall bear the following legend with respect to
denial of preemptive rights:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;Preemptive rights of shareholders to acquire unissued or treasury shares of the
Corporation are denied in Article&nbsp;Six of the Articles of Incorporation, a copy of
which is on file in the office of the Secretary of State of Texas and will be
furnished to any shareholder without charge upon written request to the Corporation at
its principal place of business or registered office.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-16-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All certificates surrendered to the Corporation shall be cancelled, and no new certificate
shall be issued until the former certificate for the same number of shares has been surrendered and
cancelled, except that in case of a lost, destroyed or mutilated certificate a new one may be
issued therefor upon such terms and indemnity to the Corporation as the Board of Directors may
prescribe.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Transfer of Shares</U>. Subject to any restrictions upon transfer contained
herein or otherwise provided by law affecting outstanding shares of capital stock of the
Corporation, upon surrender to the Corporation or the transfer agent of the Corporation of a
certificate for shares duly endorsed or accompanied by proper evidence of succession, assignment
or authority to transfer and satisfaction of the Corporation that the requested transfer complies
with the provisions of applicable state and federal laws and regulations and any agreements to
which the Corporation is a party, the Corporation shall issue a new certificate to the person
entitled thereto, cancel the old certificate and record the transaction upon its books.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Ownership of Shares</U>. The Corporation shall be entitled to treat the holder
of record of any share or shares as the holder in fact thereof and, accordingly, shall not be
bound to recognize any equitable or other claim to or interest in such share or shares on the part
of any other person, whether or not it shall have express or other notice thereof, except as
otherwise provided by the laws of the State of Texas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4. Closing of Transfer Books</U>. For the purpose of determining shareholders
entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or
entitled to receive payment of any dividend, or in order to make a determination of shareholders
for any other proper purpose, the Board of Directors may provide that the stock transfer books
shall be closed for a stated period
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-17-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">but not to exceed, in any case, fifty (50)&nbsp;days. If the stock transfer books shall be closed for
the purpose of determining shareholders entitled to notice of or to vote at a meeting of
shareholders, such books shall be closed for at least ten (10)&nbsp;days immediately preceding such
meeting. In lieu of closing the stock transfer books, the Board of Directors may fix in advance a
date as the record date for any such determination of shareholders, such date in any case to be not
more than fifty (50)&nbsp;days and, in case of a meeting of shareholders, not less than ten (10)&nbsp;days
prior to the date on which the particular action requiring such determination of shareholders is to
be taken, and the determination of shareholders on such record date shall apply with respect to the
particular action requiring the same notwithstanding any transfer of shares on the books of the
Corporation after such record date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5. Dividends</U>. The Board of Directors may, from time to time, declare, and the
Corporation may pay, dividends on its outstanding shares in the manner and upon the terms and
conditions provided by the Articles of Incorporation and by law.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VIII
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>General Provisions</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Waiver of Notice</U>. Whenever, under the provisions of applicable law or of
the Articles of Incorporation or of these Bylaws, any notice is required to be given to any
shareholder or Director, a waiver thereof in writing signed by the person or persons entitled to
such notice, whether before or after the time stated therein, shall be equivalent to the giving of
such notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2. Seal</U>. If one be adopted, the corporate seal shall have inscribed thereon
the name of the Corporation and shall be in such form as may be approved by
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-18-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Board of Directors. Said seal may be used by causing it or a facsimile of it to be impressed
or affixed or in any manner reproduced.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3. Fiscal Year</U>. The fiscal year of the Corporation shall be fixed by
resolution of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4. Reports of Situation and Amount of Business</U>. The Board of Directors shall,
when requested by the holders of at least one-third of the outstanding shares of the Corporation,
present written reports of the situation and amount of business of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5. Checks, Notes, etc</U>. All checks or demands for money and notes of the
Corporation shall be signed by such officer or officers or such other person or persons as the
Board of Directors may from time to time designate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6. Examination of Books and Records</U>. Any person who shall have been a
shareholder of record for at least six (6)&nbsp;months immediately preceding his demand, or who shall
be the holder of record of at least five per cent (5%) of all the outstanding shares of the
Corporation, upon written demand stating the purpose thereof, shall have the right to examine, in
person or by agent or attorney, at any reasonable time or times, for any proper purpose, the books
and records of account, minutes, and record of shareholders of the Corporation, and shall be
entitled to make extracts therefrom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7. Voting Upon Shares Held by the Corporation</U>. Unless otherwise ordered by
the Board of Directors, the President, acting on behalf of the Corporation, shall have full power
and authority to attend and to act and to vote at any meeting of shareholders of any corporation
in which this Corporation may hold shares and at any such meeting shall possess and may exercise
any and all of the rights and powers incident to the ownership of such shares which, as the owner
thereof, the Corporation
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-19-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">might have possessed and exercised, if present. The Board of Directors by resolution from time to
time may confer like powers upon any other person or persons.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IX
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Indemnities</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Indemnification of Directors and Officers</U>. (a)&nbsp;The corporation shall
indemnify every director or officer or former director or officer of the corporation or any person
who may have served at its request as a director or officer (or in a similar capacity) of another
corporation, partnership, joint venture, trust, other enterprise or employee benefit plan, against
reasonable expenses (including attorneys&#146; fees), damages, fines (including any excise taxes
assessed against a person with respect to an employee benefit plan), penalties, judgments, amounts
paid in settlement, and other liabilities actually and reasonably incurred by him in connection
with any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative, to which he may be made a party or in which he may become
involved by reason of his being or having been such a director or officer (whether or not
involving action in his official capacity as director or officer), except that no indemnification
shall be made under this subsection (a)&nbsp;in respect of any claim, issue or matter as to which such
person shall have been adjudged to be liable for gross negligence, recklessness or willful
misconduct in the performance of his duty to the corporation, unless and only to the extent that a
court of appropriate jurisdiction shall determine upon application that, despite the adjudication
of liability but in view of all the circumstances of the case, such person is fairly and
reasonably entitled to indemnity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any indemnification under subsection (a) (unless ordered by a court of appropriate
jurisdiction) shall be made by the corporation only as authorized in the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-20-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">specific case upon a determination that indemnification of the director or officer is proper in the
circumstances because he is not guilty of gross negligence, recklessness or willful misconduct in
the performance of his duty to the corporation. Such determination shall be made (1)&nbsp;by the board
of directors by a majority vote of a quorum consisting of directors who were not parties to such
action, suit or proceeding; or (2)&nbsp;if such a quorum cannot be obtained, then by a majority vote of
a committee of the board, duly designated to act in the matter by a majority vote of the full board
(in which designation directors who are parties may participate), consisting solely of two or more
directors not at the time parties to such proceeding; or (3)&nbsp;by special legal counsel, selected by
the board of directors or a committee thereof by vote as set forth in clauses (1)&nbsp;or (2)&nbsp;of this
subsection (b)&nbsp;or, if the requisite quorum of the full board cannot be obtained therefor and such
committee cannot be established, by a majority vote of the full board (in which selection directors
who are parties may participate); or (4)&nbsp;by the shareholders. In the event a determination is made
under this subsection (b)&nbsp;that the director or officer has met the applicable standard of conduct
as to some matters but not as to others, amounts to be indemnified may be reasonably prorated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Expenses incurred in appearing at, participating in or defending any threatened, pending
or completed action, suit or proceeding, whether civil, criminal, administrative or investigative,
shall be paid by the corporation at reasonable intervals in advance of the final disposition of
such action, suit or proceeding after a determination is made in the manner specified by
subsection (b)&nbsp;that the information then known to those making the determination (without
undertaking further investigation for purposes thereof) does not establish that indemnification
would not be permissible under subsection (a), and upon receipt by the corporation of (A)&nbsp;a
written affirmation by the director or officer of his good faith belief that he has met the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-21-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">standard of conduct necessary for indemnification by the corporation as authorized in this Section,
and (B)&nbsp;a written undertaking by or on behalf of the director or officer to repay such amount
unless it shall ultimately be determined that he is entitled to be indemnified by the corporation
as authorized in this Section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;It is the intent of the corporation to indemnify the persons referred
to in this Section to the fullest extent permitted by law. The indemnification provided
by this Section shall not be deemed exclusive of any other rights to which those
seeking indemnification may be entitled under any law, by-law, agreement, vote of
stockholders or disinterested directors, or otherwise, or under any policy or policies of
insurance purchased and maintained by the corporation on behalf of any such director
or officer, both as to action in his official capacity and as to action in another
capacity while holding such office, and shall continue as to a person who has ceased to
be a director or officer, and shall inure to the benefit of the heirs, executors and
administrators of such a person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The indemnification provided by this Section shall be subject to all
valid and applicable laws, and, in the event this Section or any of the provisions hereof
or the indemnification contemplated hereby are found to be inconsistent with or
contrary to any such valid laws, the latter shall be deemed to control and this Section
shall be regarded as modified accordingly, and, as so modified, to continue in full force
and effect.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE X
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Amendments</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1. Amendment by Board of Directors</U>. The power to alter, amend or repeal these
Bylaws or to adopt new Bylaws shall be vested in the Board of Directors and such action may be
taken at any annual, regular or special meeting.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-22-<!-- /Folio -->
</DIV>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.9
<SEQUENCE>10
<FILENAME>o69608exv3w9.htm
<DESCRIPTION>EX-3.9
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w9</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><B>Exhibit
3.9</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="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Corporations Section<br>
P.O.Box 13697 <br>
Austin, Texas 78711-3697
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="o69608o6960816.gif" alt="(SEAL)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Hope Andrade<br>
&nbsp;&nbsp;&nbsp;&nbsp;Secretary of State<br></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Office of the Secretary of State</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE OF FILING<BR>
OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Grey Wolf Supply Inc.<BR>
File Number: 801119173
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned, as Secretary of State of Texas, hereby certifies that a Certificate of
Formation for the above named Domestic For-Profit Corporation has been received in this office and
has been found to conform to the applicable provisions of law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ACCORDINGLY, the undersigned, as Secretary of State, and by virtue of the authority vested in the
secretary by law, hereby issues this certificate evidencing filing effective on the date shown
below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The issuance of this certificate does not authorize the use of a name in this state in violation of
the rights of another under the federal Trademark Act of 1946, the Texas trademark law, the Assumed
Business or Professional Name Act, or the common law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: 05/05/2009

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective: 05/05/2009

</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="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960817.gif" alt="(SEAL)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="o69608o6960818.gif" alt="-s- Hope Andrade"><br>
Hope Andrade<br>
Secretary of State</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="26%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap><I>Come visit us on the internet at http://www.sos.state.tx.us/</I></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">Phone:
(512) 463-5555
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Fax: (512) 463-5709
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dial: 7-1-1 for Relay Services</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Prepared by: Lynda Boots
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">TID: 10306
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Document: 256752790002</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Corporations Section<br>
P.O.Box 13697 <br>
Austin, Texas 78711-3697
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="o69608o6960816.gif" alt="(SEAL)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="RIGHT" valign="top">Hope Andrade<br>
&nbsp;&nbsp;&nbsp;&nbsp;Secretary of State<br></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Office of the Secretary of State</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">May&nbsp;06, 2009

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CT Corporation System <BR>701
Brazos, Ste. 720 <BR>Austin,
TX 78701 USA

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RE: Grey Wolf Supply Inc.<BR>
File Number: 801119173

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It has been our pleasure to file the certificate of formation and issue the enclosed certificate
of filing evidencing the existence of the newly created domestic for-profit corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless exempted, the entity formed is subject to state tax laws, including franchise tax laws.
Shortly, the Comptroller of Public Accounts will be contacting the entity at its registered office
for information that will assist the Comptroller in setting up the franchise tax account for the
entity. The initial franchise tax report will be due a year and 89&nbsp;days after the effective date
of formation. Thereafter, an annual franchise tax report is due each May&nbsp;15. Information about
franchise tax, and contact information for the Comptroller&#146;s office, is available on their web
site at <U>http://window.state.tx.us/taxinfo/franchise/index.html.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The entity formed does not file annual reports with the Secretary of State. Documents will be filed
with the Secretary of State if the entity needs to amend one of the provisions in its certificate
of formation. It is important for the entity to continuously maintain a registered agent and office
in Texas. Failure to maintain an agent or office or file a change to the information in Texas may
result in the involuntary termination of the entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If we can be of further service at any time, please let us know.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sincerely,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Corporations Section<BR>
Business &#038; Public Filings Division<BR>
(512) 463-5555

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Enclosure

</DIV>
<DIV align="center">
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<TR></TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap><I>Come visit us on the internet at http://www.sos.state.tx.us/</I></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">Phone:
(512) 463-5555
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Fax: (512) 463-5709
</TD>
    <TD>&nbsp;</TD>
    <TD align="RIGHT" valign="top">Dial: 7-1-1 for Relay Services</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Prepared by: Lynda Boots
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">TID: 10285
</TD>
    <TD>&nbsp;</TD>
    <TD align="RIGHT" valign="top">Document: 256752790002</TD>
</TR>
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</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960819.gif" alt="(STAMP)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATE OF FORMATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>GREY WOLF SUPPLY INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned natural person of the age of eighteen years or more, acting as an organizer
of a corporation under the Texas Business Organizations Code (&#145;TBOC&#148;), hereby adopts the following
Certificate of Formation for such corporation:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE ONE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the corporation is Grey Wolf Supply Inc.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE TWO</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The period of the corporation&#146;s duration
is perpetual.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE THREE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose or purposes for which the corporation is incorporated is for the transaction of
any and all lawful business for which corporations may be incorporated under the TBOC.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE FOUR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares of capital stock that the corporation shall have authority to issue
is one thousand (1,000) shares, consisting of one thousand (1,000) shares of common stock, par
value $0.10 per share.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE FIVE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporation will not commence business until it has received for the issuance of its
shares consideration of the value of $100.00, consisting of money, labor done or property actually
received.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE SIX</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The street address of the corporation&#146;s registered office is 350 N. St. Paul Street, Dallas,
Texas 75201, and the name of its registered agent at such address is CT Corporation System.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE </B>SEVEN
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of directors of the corporation shall be fixed by, or in the manner provided in,
the bylaws. Initially, the number of directors constituting the board of directors is four (4)&nbsp;and
the names and addresses of the persons who are initially to serve as directors until
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the first annual meeting of the shareholders or until such director&#146;s respective successor is
elected and qualified are:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Address</TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Douglas J. Strong
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 &#150; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.</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">Calgary Alberta T2P 3Y7</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">Canada</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David W. Wehlmann
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10370 Richmond Avenue, Ste. 600</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">Houston, Texas 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David J. Crowley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10370 Richmond Avenue, Ste. 600</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">Houston, Texas 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kenneth J. Haddad
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10370 Richmond Avenue, Ste. 600</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">Houston, Texas 77042</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE EIGHT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elections of directors need not be written ballot unless the bylaws of the corporation
shall so provide.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE NINE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this Certificate of Formation, in furtherance and not
in limitation of the powers conferred by statute, the board of directors is expressly authorized to
make, repeal, alter, amend and rescind any or all of the bylaws of the corporation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TEN
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No director of the corporation shall be personally liable to the corporation or its
shareholders for monetary damages for an act or omission in the director&#146;s capacity as a director,
except to the extent otherwise expressly provided by a statute of the State of Texas.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All directors of the corporation shall be entitled to indemnification by the corporation to
the maximum extent permitted by the TBOC (or such comparable statutory provision governing
indemnification by a Texas corporation of its directors as may from time to time be applicable). If
the TBOC or the Texas Miscellaneous Corporation Laws Act hereafter is amended to authorize the
further elimination or limitation of the liability of directors, then the liability of a director
of the corporation, in addition to the limitation on personal liability provided herein, shall be
eliminated or limited to the fullest extent permitted by the amended statute.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any amendment, repeal, or modification of this Article&nbsp;Ten shall be prospective only and shall
not adversely affect any right or protection of a director of the corporation existing at the time
of such amendment, repeal or modification.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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"><B>ARTICLE ELEVEN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporation reserves the right to amend, alter, change, or repeal any provision contained
in this Certificate of Formation, in the manner now or hereafter prescribed by statute, and all
rights conferred upon shareholders herein are granted subject to this reservation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE TWELVE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent allowed by Section&nbsp;6.202 of the TBOC or any successor statutory
provision, as from time to time amended, any action required or permitted to be taken at any
meeting of the shareholders of the corporation may be taken without a meeting, without prior notice
and without a vote, if a consent or counterpart consents in writing, setting forth the action so
taken, shall be signed by the holder or holders of shares having not less than the minimum number
of votes that would be necessary to authorize the taking of such action at a meeting at which all
shares entitled to vote on such action were present and voted. Prompt notice of the taking of any
corporate action without a meeting by less than unanimous written consent shall be given to those
shareholders who did not consent in writing to such action.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE THIRTEEN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings of shareholders may be held within or without the State of Texas, as the bylaws may
provide.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE FOURTEEN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and address of the organizer is:
</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="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="53%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Address</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert F. Gray, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 Louisiana, Suite&nbsp;3400</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">Houston, TX 77002</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned, being the organizer of Grey Wolf Supply Inc., has
executed this Certificate of Formation this 5<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of May, 2009.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-bottom: 1px solid #000000">Robert F. Gray. Jr.
</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-bottom: 0px solid #000000">
Robert F. Gray, Jr.<BR>
Organizer</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-3.10
<SEQUENCE>11
<FILENAME>o69608exv3w10.htm
<DESCRIPTION>EX-3.10
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w10</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.10</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BYLAWS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>GREY WOLF SUPPLY INC.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Article&nbsp;1
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 0pt"><u>Offices</u>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1.1</U>
<U>Registered Office</U>. The registered office of the Corporation in the State
of Texas is 350 N. St. Paul Street, Dallas, Texas 75201, or such other location in the State of
Texas as the Board of Directors shall designate from time to time in accordance with these Bylaws.
The name of the registered agent of the Corporation at such address shall be CT Corporation System,
or such other registered agent as the Board of Directors shall designate from time to time in
accordance with these Bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1.2</U>.
<U>Other Offices</U>. The Corporation may also have offices at such other places
both within and without the State of Texas as the Board of Directors may from time to time
determine or the business of the Corporation may require.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><u>Shareholders</u>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.1</U>.
<U>Place of Meetings</U>. All meetings of the shareholders shall be held at the
principal office of the Corporation, or at such other place within or without the state of
incorporation of the Corporation as shall be specified or fixed in the notices or waivers of notice
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.2</U>.
<U>Quorum; Adjournment of Meetings</U>. Unless otherwise required by law or
provided in the charter documents of the Corporation or these Bylaws, (i)&nbsp;the holders of a majority
of the stock issued and outstanding and entitled to vote thereat, present in person or represented
by proxy, shall constitute a quorum at any meeting of shareholders for the transaction of business,
(ii)&nbsp;in all matters other than election of directors, the affirmative vote of the holders of a
majority of such stock so present or represented at any meeting of shareholders at which a quorum
is present shall constitute the act of the shareholders, and (iii)&nbsp;where a separate vote by a class
or classes is required, a majority of the outstanding shares of such class or classes, present in
person or represented by proxy shall constitute a quorum entitled to take action with respect to
that vote on that matter and the affirmative vote of the majority of the shares of such class or
classes present in person or represented by proxy at the meeting shall be the act of such class.
The shareholders present at a duly organized meeting may continue to transact business until
adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum,
subject to the provisions of <U>clauses (ii)</U>&nbsp;and <U>(iii)</U>&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors
shall be elected by a plurality of the votes of the shares present in person or
represented by proxy at the meeting and entitled to vote on the election of directors.
</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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the other provisions of the charter documents of the Corporation or these
Bylaws, the chairman of the meeting or the holders of a majority of the issued and outstanding
stock, present in person or represented by proxy and entitled to vote thereat, at any meeting of
shareholders, whether or not a quorum is present, shall have the power to adjourn such meeting from
time to time, without any notice other than announcement at the meeting of the time and place of
the holding of the adjourned meeting. If the adjournment is for more than thirty (30)&nbsp;days, or if
after the adjournment a new record date is fixed for the adjourned meeting, a notice of the
adjourned meeting shall be given to each shareholder of record entitled to vote at such meeting. At
such adjourned meeting at which a quorum shall be present or represented any business may be
transacted which might have been transacted at the meeting as originally called.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.3</U>.
<U>Annual Meetings</U>. An annual meeting of the shareholders, for the election
of directors to succeed those whose terms expire and for the transaction of such other business as
may properly come before the meeting, shall be held at such place (within or without the state of
incorporation of the Corporation), on such date, and at such time as the Board of Directors shall
fix and set forth in the notice of the meeting, which date shall be within thirteen (13)&nbsp;months
subsequent to the last annual meeting of shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.4</U>.
<U>Special Meetings</U>. Unless otherwise provided in the charter documents of
the Corporation, special meetings of the shareholders for any purpose or purposes may be called at
any time by the Chairman of the Board, by the President, by the Vice Chairman of the Board, by a
majority of the Board of Directors, or by a majority of the executive committee (if any), at such
time and at such place as may be stated in the notice of the meeting. Business transacted at a
special meeting shall be confined to the purpose(s) stated in the notice of such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.5</U>.
<U>Record Date</U>. For the purpose of determining shareholders entitled to
notice of or to vote at any meeting of shareholders, or any adjournment thereof, or entitled to
receive payment of any dividend or other distribution or allotment of any rights, or entitled to
exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of
any other lawful action, the Board of Directors of the Corporation may fix a date as the record
date for any such determination of shareholders, which record date shall not precede the date on
which the resolutions fixing the record date are adopted and which record date shall not be more
than sixty (60)&nbsp;days nor less than ten (10)&nbsp;days before the date of such meeting of shareholders,
nor more than sixty (60)&nbsp;days prior to any other action to which such record date relates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Board of Directors does not fix a record date for any meeting of the shareholders, the
record date for determining shareholders entitled to notice of or to vote at such meeting shall be
at the close of business on the day next preceding the day on which notice is given, or, if in
accordance with <U>Article&nbsp;7</U>, <U>Section&nbsp;7.3</U> of these Bylaws notice is waived, at the
close of business on the day next preceding the day on which the meeting is held. The record date
for determining shareholders for any other purpose (other than the consenting to corporate action
in writing without a meeting) shall be at the close of business on the day on which the Board of
Directors adopts the resolution relating thereto. A determination of shareholders of record
entitled to notice of or to vote at a meeting of shareholders shall apply to any adjournment of the
meeting; <U>provided</U>, <U>however</U>, that the Board of Directors may fix a new record date
for the adjourned meeting.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of determining the shareholders entitled to consent to corporate action in
writing without a meeting, the Board of Directors may fix a record date, which record date shall
not precede the date upon which the resolution fixing the record date is adopted by the Board of
Directors, and which date shall not be more than ten (10) days after the date upon which the
resolution fixing the record date is adopted by the Board of Directors. If the Board of Directors
does not fix the record date, the record date for determining shareholders entitled to consent to
corporate action in writing without a meeting, when no prior action by the Board of Directors is
necessary, shall be the first date on which a signed written consent setting forth the action taken
or proposed to be taken is delivered to the Corporation at its registered office in the state of
incorporation of the Corporation or at its principal place of business. If the Board of Directors
does not fix the record date, and prior action by the Board of Directors is necessary, the record
date for determining shareholders entitled to consent to corporate action in writing without a
meeting shall be at the close of business on the day on which the Board of Directors adopts the
resolution taking such prior action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.6</U>.
<U>Notice of Meetings</U>. Written notice of the place, date and hour of all
meetings, and, in case of a special meeting, the purpose or purposes for which the meeting is
called, shall be given by or at the direction of the Chairman of the Board, the President, the Vice
Chairman of the Board, the Secretary or the other person(s) calling the meeting to each shareholder
entitled to vote thereat not less than ten (10) nor more than sixty (60)&nbsp;days before the date of
the meeting. Such notice may be delivered either personally or by mail. If mailed, notice is given
when deposited in the United States mail, postage prepaid, directed to the shareholder at such
shareholder&#146;s address as it appears on the records of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.7</U>.
<U>Shareholder List</U>. A complete list of shareholders entitled to vote at any
meeting of shareholders, arranged in alphabetical order for each class of stock and showing the
address of each such shareholder and the number of shares registered in the name of such
shareholder, shall be open to the examination of any shareholder, for any purpose germane to the
meeting, during ordinary business hours, for a period of at least ten (10)&nbsp;days prior to the
meeting, either at a place within the city where the meeting is to be held, which place shall be
specified in the notice of the meeting, or, if not so specified, at the place where the meeting is
to be held. The shareholder list shall also be produced and kept at the time and place of the
meeting during the whole time thereof, and may be inspected by any shareholder who is present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.8</U>.
<U>Proxies</U>. Each shareholder entitled to vote at a meeting of shareholders
or to express consent or dissent to a corporate action in writing without a meeting may authorize
another person or persons to act for such shareholder by proxy. Proxies for use at any meeting of
shareholders shall be filed with the Secretary, or such other officer as the Board of Directors may
from time to time determine by resolution, before or at the time of the meeting. All proxies shall
be received and taken charge of and all ballots shall be received and canvassed by the secretary of
the meeting, who shall decide all questions touching upon the qualification of voters, the validity
of the proxies, and the acceptance or rejection of votes, unless an inspector or inspectors shall
have been appointed by the chairman of the meeting, in which event such inspector or inspectors
shall decide all such questions.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No proxy shall be valid after eleven (11)&nbsp;months from its date, unless the proxy provides for
a longer period. Each proxy shall be revocable unless expressly provided therein to be irrevocable
and coupled with an interest sufficient in law to support an irrevocable power.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should a proxy designate two or more persons to act as proxies, unless such instrument shall
provide the contrary, a majority of such persons present at any meeting at which their powers thereunder are to be exercised shall have and may exercise all the powers of voting or giving consents
thereby conferred, or if only one be present, then such powers may be exercised by that one; or, if
an even number attend and a majority do not agree on any particular issue, each proxy so attending
shall be entitled to exercise such powers in respect of such portion of the shares as is equal to
the reciprocal of the fraction equal to the number of proxies representing such shares divided by
the total number of shares represented by such proxies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.9</U>.
<U>Voting; Election; Inspectors</U>. Unless otherwise required by law or
provided in the charter documents of the Corporation, each shareholder shall on each matter
submitted to a vote at a meeting of shareholders have one vote for each share of the stock entitled
to vote which is registered in his name on the record date for the meeting. For the purposes
hereof, each election to fill a directorship shall constitute a separate matter. Shares registered
in the name of another corporation, domestic or foreign, may be voted by such officer, agent or
proxy as the bylaws (or comparable body) of such corporation may determine. Shares registered in
the name of a deceased person may be voted by the executor or administrator of such person&#146;s
estate, either in person or by proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All voting, except as required by the charter documents of the Corporation or where otherwise
required by law, may be by a voice vote; provided, however, upon request of the chairman of the
meeting or upon demand there for by shareholders holding a majority of the issued and outstanding
stock present in person or by proxy at any meeting a stock vote shall be taken. Every stock vote
shall be taken by written ballots, each of which shall state the name of the shareholder or proxy
voting and such other information as may be required under the procedure established for the
meeting. All elections of directors shall be by written ballots, unless otherwise provided in the
charter documents of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any meeting at which a vote is taken by written ballots, the chairman of the meeting may
appoint one or more inspectors, each of whom shall subscribe an oath or affirmation to execute
faithfully the duties of inspector at such meeting with strict impartiality and according to the
best of such inspector&#146;s ability. Such inspector shall receive the written ballots, count the
votes, and make and sign a certificate of the result thereof. The chairman of the meeting may
appoint any person to serve as inspector, except no candidate for the office of director shall be
appointed as an inspector.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided in the charter documents of the Corporation, cumulative voting for
the election of directors shall be prohibited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.10</U>.
<U>Conduct of Meetings</U>. The meetings of the shareholders shall be presided
over by the Chairman of the Board (if any), or, if the Chairman of the Board is not present, by the
President, or, if the President is not present, by the Vice Chairman of the Board (if any), or, if
neither the Chairman of the Board, the President nor the Vice Chairman of the Board is present, by
a
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">chairman elected at the meeting. The Secretary of the Corporation, if present, shall act as
secretary of such meetings, or, if the Secretary is not present, an Assistant Secretary (if any)
shall so act; if neither the Secretary or an Assistant Secretary is present, then a secretary shall
be appointed by the chairman of the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chairman of any meeting of shareholders shall determine the order of business and the
procedure at the meeting, including such regulation of the manner of voting and the conduct of
discussion as seem to the chairman in order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.11</U>.
<U>Treasury Stock</U>. The Corporation shall not vote, directly or indirectly,
shares of its own stock owned by it and such shares shall not be counted for quorum purposes.
Nothing in this <U>Section&nbsp;2.11</u> shall be construed as limiting the right of the Corporation to vote
stock, including but not limited to its own stock, held by it in a fiduciary capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.12</U>.
<U>Action Without Meeting</U>. Unless otherwise provided in the charter
documents of the Corporation, any action permitted or required by law, the charter documents of the
Corporation or these Bylaws to be taken at a meeting of shareholders, may be taken without a
meeting, without prior notice and without a vote, if a consent or consents in writing, setting
forth the action so taken, shall be signed by the holders of outstanding stock having not less than
the minimum number of votes that would be necessary to authorize or take such action at a meeting
at which all shares entitled to vote thereon were present and voted and shall be delivered to the
Corporation by delivery to its registered office in the state of incorporation, its principal place
of business, or an officer or agent of the Corporation having custody of the book in which
proceedings of meetings of shareholders are recorded. Delivery made to the Corporation&#146;s registered
office shall be by hand or by certified or registered mail, return receipt requested.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every written consent shall bear the date of signature of each shareholder who signs the
consent, and no written consent shall be effective to take the corporate action referred to therein
unless, within sixty (60)&nbsp;days of the earliest dated consent delivered in the manner required by
this Section to the Corporation, written consents signed by a sufficient number of holders to take
action are delivered to the Corporation by delivery to its registered office in the state of
incorporation, its principal place of business, or an officer or agent of the Corporation having
custody of the book in which proceedings of meetings of shareholders are recorded. Delivery made to
the Corporation&#146;s registered office shall be by hand or by certified or registered mail, return
receipt requested.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prompt notice of the taking of corporation action without a meeting by less than a unanimous
written consent shall be given by the Secretary to those shareholders who have not consented in
writing.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;3
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><u>Board of Directors</u>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.1</U>.
<U>Power; Number; Term of Office</U>. The business and affairs of the
Corporation shall be managed by or under the direction of the Board of Directors, and, subject to
the restrictions imposed by law or the charter documents of the Corporation, the Board of Directors
may exercise all the powers of the Corporation.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of directors which shall constitute the whole Board of Directors shall be
determined from time to time by the Board of Directors (provided that no decrease in the number of
directors which would have the effect of shortening the term of an incumbent director may be made
by the Board of Directors). If the Board of Directors makes no such determination, the number of
directors shall be one. Each director shall hold office for the term for which such director is
elected, and until such director&#146;s successor shall have been elected and qualified or until such
director&#146;s earlier death, resignation or removal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided in the charter documents of the Corporation, directors need not be
shareholders nor residents of the state of incorporation of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.2</U>.
<U>Quorum; Voting</U>. Unless otherwise provided in the charter documents of the
Corporation, a majority of the number of directors fixed in
accordance with <U>Section&nbsp;3.1</U> shall
constitute a quorum for the transaction of business of the Board of Directors and the vote of a
majority of the directors present at a meeting at which a quorum is present shall be the act of the
Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.3</U>.
<U>Place of Meetings; Order of Business</U>. The directors may hold their
meetings and may have an office and keep the books of the Corporation, except as otherwise provided
by law, in such place or places, within or without the state of incorporation of the Corporation,
as the Board of Directors may from time to time determine. At all meetings of the Board of
Directors business shall be transacted in such order as shall from time to time be determined by
the Chairman of the Board (if any), or in the Chairman of the Board&#146;s absence by the President, or
in the President&#146;s absence by the Vice Chairman of the Board (if any), or by the Board of
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.4</U>.
<U>First Meeting</U>. Each newly elected Board of Directors may hold its first
meeting for the purpose of organization and the transaction of business, if a quorum is present,
immediately after and at the same place as the annual meeting of the shareholders. Notice of such
meeting shall not be required. At the first meeting of the Board of Directors in each year at which
a quorum shall be present, held after the annual meeting of shareholders, the Board of Directors
shall elect the officers of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.5</U>.
<U>Regular Meetings</U>. Regular meetings of the Board of Directors shall be
held at such times and places as shall be designated from time to time by the Chairman of the Board
(if any), or in the absence of the Chairman of the Board, by the President, or in the President&#146;s
absence, by the Vice Chairman of the Board (if any), or in the absence of the Vice Chairman of the
Board, by another officer of the Corporation. Notice of such regular meetings shall not be
required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.6</U>.
<U>Special Meetings</U>. Special meetings of the Board of Directors may be
called by the Chairman of the Board (if any), the President or the Vice Chairman of the Board (if
any) or, on the written request of any director, by the Secretary, in each case on at least
twenty-four (24)&nbsp;hours&#146; personal, written, telegraphic, cable or wireless notice to each director.
Such notice, or any waiver thereof pursuant to <U>Article&nbsp;7</U>,
<U>Section&nbsp;7.3</U> hereof, need not state the
purpose or purposes of such meeting, except as may otherwise be required by law or provided for in
the charter documents of the Corporation or these Bylaws. Meetings may be held at any time without
notice if all the directors are present or if those not present waive notice of the meeting in
writing.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.7</U>.
<U>Removal</U>. Any director or the entire Board of Directors may be removed,
with or without cause, by the holders of a majority of the shares then entitled to vote at an
election of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.8</U>.
<U>Vacancies; Increases in the Number of Directors</U>. Unless otherwise
provided in the charter documents of the Corporation, vacancies existing on the Board of Directors
for any reason may be filled by the affirmative vote of a majority of the directors then in office,
although less than a quorum, or by a sole remaining director or by the holders of a majority of the
shares then entitled to vote at an election of directors if there are no remaining directors; and
any director so chosen shall hold office until the next annual election and until such director&#146;s
successor shall have been elected and qualified, or until such director&#146;s earlier death,
resignation or removal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.9</U>.
<U>Compensation</U>. Directors and members of standing committees may receive
such compensation as the Board of Directors from time to time shall determine to be appropriate, if
any, and shall be reimbursed for all reasonable expenses incurred in attending and returning from
meetings of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.10</U>.
<U>Action Without a Meeting; Telephone Conference Meeting</U>. Unless otherwise
restricted by the charter documents of the Corporation, any action required or permitted to be
taken at any meeting of the Board of Directors or any committee designated by the Board of
Directors may be taken without a meeting if all members of the Board of Directors or committee, as
the case may be, consent thereto in writing, and the writing or writings are filed with the minutes
of proceedings of the Board of Directors or committee. Such consent shall have the same force and
effect as a unanimous vote at a meeting, and may be stated as such in any document or instrument
filed with the Secretary of State of the state of incorporation of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise restricted by the charter documents of the Corporation, subject to the
requirement for notice of meetings, members of the Board of Directors, or members of any committee
designated by the Board of Directors, may participate in a meeting of such Board of Directors or
committee, as the case may be, by means of a conference telephone connection or similar
communications equipment by means of which all persons participating in the meeting can hear each
other, and participation in such a meeting shall constitute presence in person at such meeting,
except where a person participates in the meeting for the express
purpose of objecting
to the transaction of any business on the ground that the meeting is not lawfully called or
convened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.11</U>.
<U>Approval or Ratification of Acts or Contracts by Shareholders</U>. The Board
of Directors in its discretion may submit any act or contract for approval or ratification at any
annual meeting of the shareholders, or at any special meeting of the shareholders called for the
purpose of considering any such act or contract, and any act or contract that shall be approved or
be ratified by the vote of the shareholders holding a majority of the issued and outstanding shares
of stock of the Corporation entitled to vote and present in person or by proxy at such meeting
(provided that a quorum is present) shall be as valid and as binding upon the Corporation and upon
all the shareholders as if it has been approved or ratified by every shareholder of the
Corporation. In addition, any such act or contract may be approved or ratified by the written
consent of shareholders holding a majority of the issued and outstanding shares of capital stock of
the Corporation entitled to
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">vote, and such consent shall be as valid and binding upon the Corporation and upon all the
shareholders as if it had been approved or ratified by every shareholder of the Corporation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;4
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><U>Committees</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.1</U>.
<U>Designation; Powers</U>. The Board of Directors may, by resolution passed by
a majority of the whole board, designate one or more committees, including, if they shall so
determine, an executive committee, with each such committee to consist of one or more of the
directors of the Corporation. Any such designated committee shall have and may exercise such of the
powers and authority of the Board of Directors in the management of the business and affairs of the
Corporation as may be provided in such resolution, except that no such committee shall have the
power or authority of the Board of Directors in reference to amending the charter documents of the
Corporation, adopting an agreement of merger or consolidation, recommending to the shareholders the
sale, lease or exchange of all or substantially all of the Corporation&#146;s property and assets,
recommending to the shareholders a dissolution of the Corporation or a revocation of a dissolution
of the Corporation, or amending, altering or repealing these Bylaws or adopting new bylaws for the
Corporation. Any such designated committee may authorize the seal of the Corporation to be affixed
to all papers which may require it. In addition to the above, such committee or committees shall
have such other powers and limitations of authority as may be determined from time to time by the
Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.2</U>.
<U>Procedure; Meetings; Quorum</U>. Any committee designated pursuant to this
<U>Article&nbsp;4</U> shall keep regular minutes of its actions and proceedings in a book provided for that
purpose and report the same to the Board of Directors at its meeting next succeeding such action,
shall fix its own rules or procedures, and shall meet at such times and at such place or places as
may be provided by such rules, or by such committee or the Board of Directors. Should a committee
fail to fix its own rules, the provisions of these Bylaws, pertaining to the calling of meetings
and conduct of business by the Board of Directors, shall apply as nearly as may be possible. At
every meeting of any such committee, the presence of a majority of all the members thereof shall
constitute a quorum, except as provided in <U>Section&nbsp;4.3</U> of
this <U>Article&nbsp;4</U>, and the affirmative vote
of a majority of the members present shall be necessary for the adoption by it of any resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.3</U>.
<U>Substitution and Removal of Members; Vacancies</U>. The Board of Directors
may designate one or more directors as alternate members of any committee, who may replace any
absent or disqualified member at any meeting of such committee. In the absence or disqualification
of a member of a committee, the member or members present at any meeting and not disqualified from
voting, whether or not constituting a quorum, may unanimously appoint another member of the Board
of Directors to act at the meeting in the place of the absent or disqualified member. The Board of
Directors shall have the power at any time to remove any member(s) of a committee and to appoint
other directors in lieu of the person(s) so removed and shall also have the power to fill vacancies
in a committee.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;5
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><u>Officers</u>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.1</U>.
<U>Number, Titles and Term of Office</U>. The officers of the Corporation shall
be a President, one or more Vice Presidents (any one or more of whom may be designated Executive
Vice President or Senior Vice President), a Secretary, and such other officers as the Board of
Directors may from time to time elect or appoint (including, but not limited to, a Chairman of the
Board, a Vice Chairman of the Board, a Treasurer, one or more Assistant Treasurers and one or more
Assistant Secretaries). Each officer shall hold office until such officer&#146;s successor shall be duly
elected and shall qualify or until such officer&#146;s death or until such officer shall resign or shall
have been removed. Any number of offices may be held by the same person, unless the charter
documents of the Corporation provide otherwise. No officer need be a director.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.2</U>.
<U>Powers and Duties of the President</U>. The President shall be the chief
executive officer of the Corporation. Subject to the control of the Board of Directors and the
Executive Committee (if any), the President shall have general executive charge, management and
control of the properties, business and operations of the Corporation with all such powers as may
be reasonably incident to such responsibilities; may agree upon and execute all leases, contracts,
evidences of indebtedness and other obligations in the name of the Corporation and may sign all
certificates for shares of capital stock of the Corporation; and shall have such other powers and
duties as designated in accordance with these Bylaws and as from time to time may be assigned to
the President by the Board of Directors. The President shall preside at all meetings of the
shareholders and of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.3</U>.
<U>Vice Presidents</U>. Each Vice President shall at all times possess power to
sign all certificates, contracts and other instruments of the Corporation, except as otherwise
limited in writing by the President or the Board of the Corporation. Each Vice President shall have
such other powers and duties as from time to time may be assigned to such Vice President by the
Board of Directors or the President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.4</U>.
<U>Secretary</U>. The Secretary shall keep the minutes of all meetings of the
Board of Directors, committees of the Board of Directors and the shareholders, in books provided
for that purpose; shall attend to the giving and serving of all notices; may in the name of the
Corporation affix the seal of the Corporation to all contracts and attest the affixation of the
seal of the Corporation thereto; may sign with the other appointed officers all certificates for
shares of capital stock of the Corporation; shall have charge of the certificate books, transfer
books and stock ledgers, and such other books and papers as the Board of Directors may direct, all
of which shall at all reasonable times be open to inspection of any director upon application at
the office of the Corporation during business hours; shall have such other powers and duties as
designated in these Bylaws and as from time to time may be assigned to the Secretary by the Board
of Directors or the President; and shall in general perform all acts incident to the office of
Secretary, subject to the control of the Board of Directors or the President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.5</U>.
<U>Assistant Secretaries</U>. Each Assistant Secretary shall have the usual
powers and duties pertaining to such offices, together with such other powers and duties as
designated in these Bylaws and as from time to time may be assigned to an Assistant Secretary by
the Board of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Directors, the President or the Secretary. The Assistant Secretaries shall exercise the powers
of the Secretary during that officer&#146;s absence or inability or refusal to act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.6</U>.
<U>Treasurer</U>. The Treasurer shall have responsibility for the custody and
control of all the funds and securities of the Corporation, and shall have such other powers and
duties as designated in these Bylaws and as from time to time may be assigned to the Treasurer by
the Board of Directors or the President. The Treasurer shall perform all acts incident to the
position of Treasurer, subject to the control of the Board of Directors or the President; and the
Treasurer shall, if required by the Board of Directors, give such bond for the faithful discharge
of the Treasurer&#146;s duties in such form as the Board of Directors may require.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.7</U> <U>Assistant Treasurers</U>. Each Assistant Treasurer shall have the
usual powers and duties pertaining to such office, together with such other powers and duties as
designated in these Bylaws and as from time to time may be assigned to each Assistant Treasurer by
the Board of Directors, the President, or the Treasurer. The Assistant Treasurers shall exercise
the powers of the Treasurer during that officer&#146;s absence or inability or refusal to act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.8</U> <U>Action with Respect to Securities of Other Corporations</U>. Unless
otherwise directed by the Board of Directors, the President, together with the Secretary or any
Assistant Secretary shall have power to vote and otherwise act on behalf of the Corporation, in
person or by proxy, at any meeting of security holders of or with respect to any action of security
holders of any other corporation in which this Corporation may hold securities and otherwise to
exercise any and all rights and powers which this Corporation may possess by reason of its
ownership of securities in such other corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.9</U>.
<U>Delegation</U>. For any reason that the Board of Directors may deem
sufficient, the Board of Directors may, except where otherwise provided by statute, delegate the
powers or duties of any officer to any other person, and may authorize any officer to delegate
specified duties of such office to any other person. Any such delegation or authorization by the
Board shall be effected from time to time by resolution of the Board of Directors.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;6
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><U>Capital Stock</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6.1</U>.
<U>Certificates of Stock</U>. The certificates for shares of the capital stock
of the Corporation shall be in such form, not inconsistent with that required by law and the
charter documents of the Corporation, as shall be approved by the Board of Directors. Every holder
of stock represented by certificates shall be entitled to have a certificate signed by or in the
name of the Corporation by the President and the Secretary or such other officer or officers as the
Board of Directors shall designate; <U>provided</U>, <U>however</U>, that any of or all the
signatures on the certificate may be facsimile. The stock record books and the blank stock
certificate books shall be kept by the Secretary or at the office of such transfer agent or
transfer agents as the Board of Directors may from time to time determine. In case any officer,
transfer agent or registrar who shall have signed or whose facsimile signature or signatures shall
have been placed upon any such certificate or certificates shall have ceased to be such officer,
transfer agent or registrar before such certificate is issued by the Corporation, such certificate
may nevertheless be issued by the Corporation with the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">same effect as if such person were such officer, transfer agent or registrar at the date of
issue. The stock certificates shall be consecutively numbered and shall be entered in the books of
the Corporation as they are issued and shall exhibit the holder&#146;s name and number of shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6.2</U>.
<U>Transfer of Shares</U>. The shares of stock of the Corporation shall be
transferable only on the books of the Corporation by the holders thereof in person or by their duly
authorized attorneys or legal representatives upon surrender and cancellation of certificates for a
like number of shares. Upon surrender to the Corporation or a transfer agent of the Corporation of
a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignment
or authority to transfer, it shall be the duty of the Corporation to issue a new certificate to the
person entitled thereto, cancel the old certificate and record the transaction upon its books.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6.3</U>.
<U>Ownership of Shares</U>. The Corporation shall be entitled to treat the
holder of record of any share or shares of capital stock of the Corporation as the holder in fact
thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or
interest in such share or shares on the part of any other person, whether or not it shall have
express or other notice thereof, except as otherwise provided by the laws of the state of
incorporation of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6.4</U>.
<U>Regulations Regarding Certificates</U>. The Board of Directors shall have the
power and authority to make all such rules and regulations as they may deem expedient concerning
the issue, transfer and registration or the replacement of certificates for shares of capital stock
of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6.5</U>.
<U>Lost or Destroyed Certificates</U>. The Board of Directors may determine the
conditions upon which the Corporation may issue a new certificate of stock in place of a
certificate theretofore issued by it which is alleged to have been lost, stolen or destroyed and
may require the owner of such certificate or such owner&#146;s legal representative to give bond, with
surety sufficient to indemnify the Corporation and each transfer agent and registrar against any
and all losses or claims which may arise by reason of the alleged loss, theft or destruction of any
such certificate or the issuance of such new certificate in the place of the one so lost, stolen or
destroyed.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;7
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 0pt"><U>Miscellaneous Provisions</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7.1</U>.
<U>Fiscal Year</U>. The fiscal year of the Corporation shall begin on the first
day of January of each year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7.2</U>.
<U>Corporate Seal</U>. The corporate seal shall be circular in form and shall
have inscribed thereon the name of the Corporation and the state of its incorporation, which seal
shall be in the charge of the Secretary and shall be affixed to certificates of stock, debentures,
bonds, and other documents, in accordance with the direction of the Board of Directors or a
committee thereof, and as may be required by law; however, the Secretary may, if the Secretary
deems it expedient, have a facsimile of the corporate seal inscribed on any such
certificates of stock, debentures, bonds, contract or other documents. Duplicates of the seal may
be kept for use by any Assistant Secretary.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7.3</U>.
<U>Notice and Waiver of Notice</U>. Whenever any notice is required to be given
by law, the charter documents of the Corporation or under the provisions of these Bylaws, said
notice shall be deemed to be sufficient if given (i)&nbsp;by telegraphic, cable or wireless transmission
(including by telecopy or facsimile transmission) or (ii)&nbsp;by deposit of the same in a post office
box or by delivery to an overnight courier service company in a sealed prepaid wrapper addressed to
the person entitled thereto at such person&#146;s post office address, as it appears on the records of
the Corporation, and such notice shall be deemed to have been given on the day of such transmission
or mailing or delivery to courier, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever notice is required to be given by law, the charter documents of the Corporation or
under any of the provisions of these Bylaws, a written waiver thereof, signed by the person
entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to
notice. Attendance of a person, including without limitation a director, at a meeting shall
constitute a waiver of notice of such meeting, except when the person attends a meeting for the
express purpose of objecting, at the beginning of the meeting, to the transaction of any business
because the meeting is not lawfully called or convened. Neither the business to be transacted at,
nor the purpose of, any regular or special meeting of the shareholders, directors, or members of a
committee of directors need be specified in any written waiver of notice unless so required by the
charter documents of the Corporation or these Bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7.4</U>.
<U>Facsimile Signatures</U>. In addition to the provisions for the use of
facsimile signatures elsewhere specifically authorized in these Bylaws, facsimile signatures of any
officer or officers of the Corporation may be used whenever and as authorized by the Board of
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7.5</U>.
<U>Reliance upon Books, Reports and Records</U>. A member of the Board of
Directors, or a member of any committee designated by the Board of Directors, shall, in the
performance of such person&#146;s duties, be protected to the fullest extent permitted by law in relying
upon the records of the Corporation and upon information, opinion, reports or statements presented
to the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7.6</U>.
<U>Application of Bylaws</U>. In the event that any provisions of these Bylaws
is or may be in conflict with any law of the United States, of the state of incorporation of the
Corporation or of any other governmental body or power having jurisdiction over this Corporation,
or over the subject matter to which such provision of these Bylaws applies, or may apply, such
provision of these Bylaws shall be inoperative to the extent only that the operation thereof
unavoidably conflicts with such law, and shall in all other respects be in full force and effect.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;8
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 0pt"><U>Indemnification of Officers and Directors</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8.1</U>.
<U>Indemnification</U>. Each person who at any time shall serve, or shall have
served, as a director, officer, employee or agent of the Corporation, or any person who, while a
director, officer, employee or agent of the Corporation, is or was serving at the request of the
Corporation as a director, officer, partner, venturer, proprietor, trustee, employee, agent,
member, manager or similar functionary of another foreign or domestic corporation,
partnership, limited partnership, joint venture, sole proprietorship, trust, limited liability
company, employee benefit plan
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or other
enterprise (each such person referred to herein as an
&#147;<u>Indemnitee</u>&#148;), shall be
entitled to indemnification as and to the fullest extent permitted by Chapter&nbsp;8 of the Texas
Business Organizations Code (the &#147;<U>TBOC</U>&#148;) or any successor statutory provision, as from time to time
amended. The foregoing right of indemnification shall not be deemed exclusive of any other rights
to which those to be indemnified may be entitled as a matter of law or under any agreement, other
provision of these Bylaws, vote of shareholders or directors, or other arrangement. The Corporation
may enter into indemnification agreements with its executive officers and directors that
contractually provide to them the benefits of the provisions of this
<U>Article&nbsp;8</U> and include related
provisions meant to facilitate the Indemnitees&#146; receipt of such benefits and such other
indemnification protections as may be deemed appropriate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8.2</U>.
<U>Advancement or Reimbursement of Expenses</U>. The rights of an Indemnitee
provided under the preceding section shall include, but not be limited to, the right to be
indemnified and to have expenses advanced in all proceedings to the fullest extent permitted by
Chapter&nbsp;8 of the TBOC or any successor statutory provisions, as from time to time amended. In the
event that an Indemnitee is not wholly successful, on the merits or otherwise, in a proceeding but
is successful, on the merits or otherwise, as to any claim in such proceeding, the Corporation
shall indemnify such Indemnitee against all expenses actually and reasonably incurred by such
Indemnitee or on such Indemnitee&#146;s behalf relating to each claim. The termination of a claim in a
proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to
such claim. In addition, to the extent an Indemnitee is, by reason of his corporate status, a
witness or otherwise participates in any proceeding at a time when such Indemnitee is not named a
defendant or respondent in the proceeding, he or she shall be indemnified against all expenses
actually and reasonably incurred by such Indemnitee or on such Indemnitee&#146;s behalf in connection
therewith. The Corporation shall pay all reasonable expenses incurred by or on behalf of an
Indemnitee in connection with any proceeding or claim, whether brought by the Corporation or
otherwise, in advance of any determination respecting entitlement to indemnification pursuant to
this <U>Article&nbsp;8</U> within ten (10)&nbsp;days after the receipt by the Corporation of a written request from
such Indemnitee reasonably evidencing such expenses and requesting such payment or payments from
time to time, whether prior to or after final disposition of such
proceeding or claim; <U>provided</U>
that the Indemnitee undertakes and agrees in writing that such Indemnitee will reimburse and repay
the Corporation for any expenses so advanced to the extent that it shall ultimately be determined
by a court, in a final adjudication from which there is no further right of appeal, that the
Indemnitee is not entitled to be indemnified against such expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Section&nbsp;8.3</U>
<U>Determination of Request</u>. Upon written request to the Corporation by an Indemnitee
for indemnification pursuant to these Bylaws, a determination, if required by applicable law, with
respect to such Indemnitee&#146;s entitlement thereto shall be made in accordance with Chapter&nbsp;8 of the
TBOC or any successor statutory provisions, as from time to time
amended; <U>provided</U>, <U>however</U>, that
notwithstanding the foregoing, if a change in control shall have occurred, such determination shall
be made by independent counsel selected by the Indemnitee, unless the Indemnitee shall request that
such determination be made in accordance with Chapter&nbsp;8 of the TBOC or any successor statutory
provisions, as from time to time amended. The Corporation shall pay any and all reasonable fees and
expenses of independent counsel incurred in connection with any such determination. If a change in
control shall have occurred, the Indemnitee shall be presumed (except as otherwise expressly
provided in this <U>Article&nbsp;8</U>) to be entitled to
indemnification under this <U>Article</U>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><u>8</u> upon submission of a request to the Corporation for indemnification, and
thereafter the Corporation shall have the burden of proof in overcoming that presumption in
reaching a determination contrary to that presumption. The presumption shall be used by independent
counsel, or such other person or persons determining entitlement to indemnification, as a basis for
a determination of entitlement to indemnification unless the Corporation provides information
sufficient to overcome such presumption by clear and convincing evidence or the investigation,
review and analysis of independent counselor such other person or persons convinces him, her or
them by clear and convincing evidence that the presumption should not apply.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8.4</U>
<U>Effect of Certain Proceedings</U>. The termination of any proceeding or of any
claim in a proceeding by judgment, order, settlement or conviction, or upon a plea of <I>nolo
contendere </I>or its equivalent, shall not (except as otherwise
expressly provided in this <U>Article&nbsp;8</U>)
by itself adversely affect the right of an Indemnitee to indemnification or create a presumption
that an Indemnitee did conduct himself or herself in good faith and in a manner that such
Indemnitee reasonably believed in the case of conduct in his or her official capacity, that was in
the best interests of the Corporation or, in all other cases, that was not opposed to the best
interests of the Corporation or, with respect to any criminal proceeding, such Indemnitee had
reasonable cause to believe that his conduct was unlawful and such Indemnitee shall be deemed to
have been found liable in respect of any claim only after he or she shall have been so adjudged by
a court in competent jurisdiction after exhaustion of all appeals therefrom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Section&nbsp;8.5</U>
<U>Expenses of Enforcement of Article</u>. In the event that an Indemnitee, pursuant to
this <U>Article&nbsp;8</U>, seeks a judicial adjudication to enforce such Indemnitee&#146;s rights under, or to
recover damages for breach of, rights created under or pursuant to
this <U>Article&nbsp;8</U>, such Indemnitee
shall be entitled to recover from the Corporation, and shall be indemnified by the Corporation
against, any and all expenses actually and reasonably incurred by such Indemnitee in such judicial
adjudication but only if such Indemnitee prevails therein. If it shall be determined in said
judicial adjudication that such Indemnitee is entitled to receive part but not all of the
indemnification or advancement of expenses sought, the expenses incurred by such Indemnitee in
connection with such judicial adjudication shall be reasonably prorated in good faith by counsel
for such Indemnitee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8.6</U>
<U>Insurance</U>. The Corporation may purchase and maintain insurance on behalf
of any person who is or was a director, officer, employee or agent of the Corporation or who is or
was serving at the request of the Corporation as a director, officer, partner, venturer,
proprietor, trustee, employee, agent or similar functionary of another foreign or domestic
corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or other
enterprise against any liability asserted against him or her and incurred by him or her in such
capacity or arising out of his or her status as such a person, whether or not the Corporation would
have the power to indemnify him or her against that liability under
this <U>Article&nbsp;8</U> or the TBOC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8.7</U>
<U>Amendment of the TBOC</U>. If the TBOC hereafter is amended to authorize the
further elimination or limitation of the liability of directors, then the liability of a director
of the Corporation, in addition to the limitation on personal liability provided herein, shall be
limited to the fullest extent permitted by the amended statute. Any amendment, repeal or
modification of this <U>Section&nbsp;8.7</U> shall be prospective only and shall not adversely affect any
right or protection of a director of the Corporation existing at the time of such amendment,
repeal or modification.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;9
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><u>Amendments and Miscellaneous</u>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;9.1</U>.
<U>Amendments</U>. The Board of Directors shall have the power to adopt, amend
and repeal from time to time Bylaws of the Corporation, subject to the right of the shareholders
entitled to vote with respect thereto to amend or repeal such Bylaws as adopted or amended by the
Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;9.2</U>
<U>Invalid Provisions</U>. If any provision of these Bylaws is held to be
illegal, invalid, or unenforceable under present or future laws, such provision shall be fully
severable; these Bylaws shall be construed and enforced as if such illegal, invalid, or
unenforceable provision or by its severance here from. Furthermore, in lieu of such illegal,
invalid, or unenforceable provision there shall be added automatically as a part of these Bylaws a
provision as similar in terms to such illegal, invalid, or unenforceable provision as may be
possible and be legal, valid, and enforceable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;9.3</U> <U>Headings</U>. The headings used in these Bylaws are for reference
purposes only and do not affect in any way the meaning or interpretation of these Bylaws.
</DIV>


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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.11</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATE
OF INCORPORATION<BR>
OF
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960820.gif" alt="(SEAL)">
</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">CERTIFICATE OF INCORPORATION
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">OF
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">MURCO DRILLING CORPORATION
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * * * *
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST. The name of the corporation is
MURCO DRILLING CORPORATION.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND. Its principal office in the State of Delaware is located at No.&nbsp;100 West Tenth
Street, in the City of Wilmington, County of New Castle. The name and address of its resident agent
is THE Corporation Trust Company, No.&nbsp;100 West Tenth Street,
Wilmington 99, Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD. The nature of the business, or objects or purposes to be transacted, promoted or
carried on are:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To engage in the business of drilling, boring and sinking wells for the extraction and
production of petroleum, gas and any other useful or valuable substances or products either for
itself or for others through any type of contracts or arrangements deemed beneficial to the
corporation, and
to manufacture, acquire, own, use, maintain and operate
drilling rigs, derricks, drills, bits, casing, pipe, explosives and any articles, materials,
machinery, equipment and property used for or in connection with the said business of the
corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To search, prospect and explore for petroleum and other oils, gas and any other useful or
valuable substances or products; to drill for, remove, produce, acquire by  purchase or
otherwise, own, use, store, transport, refine, distill, manufacture, process, prepare for
market, sell
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and otherwise dispose of petroleum and other oils, bitumens, bituminous substances of all
kinds, vegetable substances, minerals and gases and all products, by-products and residual
products thereof or therefrom; to drill, purchase, take, lease as
leases and otherwise acquire,
to own, use, maintain, develop, improve and operate, and to sell, convey, mortgage, pledge, lease
as lessor and otherwise dispose of oil, gas and other wells and any articles, materials,
machinery, equipment, structures or property used therefor or in connection
therewith; and to engage in any trades, businesses and occupations necessary or convenient in
connection with any business of the corporation or incidental, related or contributory thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
locate, purchase, lease, sub-lease, develop or otherwise acquire and to sell, mortgage, lease or
otherwise dispose of lands or any interests in lands containing or believed to contain petroleum,
oil or natural gas, or either of them, and to drill or prospect for or produce the same; to
purchase, lease, or otherwise acquire, and to sell, mortgage or otherwise dispose of developed or
producing oil and gas properties or the products of such oil or gas properties; to purchase,
produce, refine, sell and distribute petroleum and all of the products and by-products thereof;
to buy, sell or otherwise dispose of, and manufacture all kinds of illuminating, burning and
heating oils, and gasoline, naphtha, lubricants, greases, waxes and all other products and
byproducts of petroleum; to act as broker or agent for others in all of said acts.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
manufacture, purchase or otherwise acquire, invest in, own, mortgage, pledge, sell,
assign and transfer or otherwise dispose of, trade, deal in and deal with goods, wares
and merchandise and personal property of every class and description.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To acquire, and
pay for in cash, stock or bonds of this corporation or otherwise, the good will, rights, assets
and property, and to undertake or assume the whole or any part of the obligations or liabilities
of any person, firm, association or corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
acquire, hold, use, sell, assign, lease,
grant license, in respect of, mortgage or otherwise dispose of letters patent of the United
States or any foreign country, patent rights, licenses and
privileges, inventions, improvements
and processes, copyrights, trade-marks and trade names, relating to or useful in connection with any business of
this corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
acquire by purchase, subscription or otherwise, and to receive, hold, own, guarantee, sell, assign,
exchange, transfer, mortgage, pledge or otherwise dispose of or deal in and with any of the shares of the capital stock, or any voting trust certificates in respect of the shares of
capital stock, scrip, warrants, rights, bonds, debentures, notes, trust receipts, and other
securities, obligations, choses in action and evidences of indebtedness or interest issued or
created by any corporations, joint stock companies, syndicates, associations, firms, trusts or
persons, public or private, or by the government of the United States of America, or by any
foreign government, or by any state, territory, province, municipality or other political
subdivision or by any governmental agency, and as owner thereof
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to possess
and exercise all the rights, powers and privileges
of ownership, including the right to execute consents and
vote thereon, and to do any and all acts and things necessary or advisable for the
preservation, protection, improvement and enhancement in value thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
enter into, make and perform contracts of every
kind and description with any person, firm, association, corporation,
municipality, county, state, body politic or
government or colony or dependency thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To borrow or raise moneys for any of the purposes
of the corporation and, from time to time without limit as
to amount, to draw, make, accept, endorse, execute and issue
promissory notes, drafts, bills of exchange, warrants, bonds,
debentures and other negotiable or non-negotiable instruments and
evidences of indebtedness,
and to secure the payment of any thereof and of the interest thereon by mortgage
upon or pledge, conveyance or assignment in trust of the whole or any part of the property of
the corporation, whether at the time owned or thereafter acquired, and to sell,
pledge or otherwise dispose of such bonds or other obligations of the corporation for its corporate
purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To loan to any person, firm or corporation any of
its surplus funds, either with or without security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
purchase, hold, sell and transfer the shares of its own capital stock; provided it shall not
use its funds or property for the purchase of its own shares of capital stock when such use would
cause any impairment of its capital except as otherwise permitted by
law, and provided
further that shares of its own capital stock belonging
to it shall not be voted upon directly or indirectly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To have one or more offices, to carry on all or
any of its operations and business and without restriction or limit as
to amount to purchase or otherwise acquire,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">hold, own, mortgage, sell, convey or otherwise dispose of,
real and personal property of every class and description
in any of the States, districts, territories or colonies of the United States, and in any
and all foreign countries, subject to the laws of such state,
district, territory,
colony or country.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, to carry on any other business in
connection with the foregoing, and to have and exercise all the powers conferred by the laws
of Delaware upon corporations  formed under the General Corporation law of the State
of Delaware, and to do any or all of the things hereinbefore set forth to the same
extent as natural persons might or
could do.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The objects and purposes specified in the foregoing clauses shall, except
where otherwise expressed, be
in nowise limited or restricted by reference to, or inference from, the terms of any
other clause in this certificate of incorporation, but the objects and purposes specified in
each of the foregoing clauses of this article shall be regarded as independent objects and
purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH. The total number of shares of stock which the corporation shall have authority to
issue is one thousand (1,000); all of such shares shall be without
par value.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIFTH. The minimum amount of capital with which
the corporation will commence business is One Thousand
Dollars ($1,000.00).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIXTH. The names and places of residence of the incorporators are as follows:
</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="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">NAMES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">RESIDENCES</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">R<I>. </I>E. Westover
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wilmington, Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">H. C. Broadt
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wilmington, Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A. D. Atwell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wilmington, Delaware</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEVENTH. The corporation is to have perpetual existence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EIGHTH. The private property of the stockholders shall not be subject to the payment of
corporate debts to any extent whatever.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NINTH. In furtherance and not in limitation of
the powers conferred by statute, the board of directors is
expressly authorized:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To make, alter or repeal the by-laws of the
corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To authorize and cause to be executed mortgages
and liens upon the real and personal property of the
corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To set apart out of any of the funds of the corporation available for dividends a
reserve or reserves for any
proper purpose and to abolish any such reserve in the manner
in which it was created.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By resolution passed by a majority of the whole board, to designate one or more committees,
each committee to consist of two or more of the directors of the
corporation, which, to the extent
provided in the resolution or in the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by-laws of the corporation, shall have and may exercise the powers of the board of
directors in the management of the business and affairs of the corporation, and may authorize
the seal of the corporation to be affixed to all papers which
may require it. Such committee or committees shall have such
name or names as may be stated in the by-laws of the corporation or as may be determined from time
to time by resolution adopted by the board of directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When and as authorized by the affirmative vote of the holders of a majority of the stock
issued and outstanding having voting power given at a stockholders&#146; meeting duly called for that
purpose, or when authorized by the written consent of the holders of a majority of the voting
 stock issued and outstanding, to sell, lease or exchange all of the property and assets of the
corporation, including its good will and its corporate franchises, upon such terms and conditions
and for such consideration, which may be in whole
or in part shares of stock in, and/or other securities of,
any other corporation or corporations, as its board of directors shall deem expedient and for the best interests of
the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TENTH. Whenever a compromise or arrangement is
proposed between this corporation and its creditors or any
class of them and/or between this corporation and its stockholders or any class of them, any court
of equitable jurisdiction within the State of Delaware may, on the application in a summary way of this corporation or of any creditor or
stockholder thereof, or on the application of any receiver or receivers appointed for this
corporation under the provisiors of section 291 of Title 8 of the Delaware Code, or on the
application of trustees in dissolution or of any receiver
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or receivers appointed for this corporation under the provisions of section 279 of
Title 8 of the Delaware Code,  order a meeting of the creditors or class of creditors,  and/or of
the stockholders or class of stockholders of this
corporation, as the case may be, to be summoned in such
manner as the said court directs. If a majority in number
representing three-fourths in value of the creditors
or class of creditors, and/or of the stockholders or class of
stockholders of this corporation, as the case may be, agree
to any compromise or arrangement and to any reorganization of this corporation as consequence
of such compromise or arrangement, the said compromise or arrangement and the said reorganization
shall, if sanctioned by the court to which the said application has been made, be binding on all
the creditors or class of creditors, and/or on all the stockholders or class of stockholders, of
this corporation, as
the case may be, and also on this corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ELEVENTH. Meetings of stockholders may be held
outside the State of Delaware, if the by-laws so provide.
The books of the corporation may be kept (subject to any
provision contained in the statutes) outside the State of
Delaware at such place or places as may be designated from
time to time by the board of directors or in the by-laws of
the corporation. Elections of directors need not be by ballot unless
the by-laws of the corporation shall so provide.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TWELFTH. The corporation reserves the right to
amend, alter, change or repeal any provision contained in this certificate of incorporation,
in the manner now or hereafter prescribed by statute, and all rights conferred upon
stockholders herein are granted subject to this
reservation.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WE, THE UNDERSIGNED. being each of the incorporators hereinbefore named, for the purpose of forming a corporation pursuant
to the General Corporation Law of the State of Delaware, do make this certificate, hereby declaring and certifying that the facts
herein stated are true, and accordingly have hereunto set our hands and seals this 9th day of June A.D. 1958.
</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="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ R. E. Westover
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(SEAL)&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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ H. C. Broadt
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(SEAL)</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ A. D. Atwell
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(SEAL)&nbsp;</TD>
</TR>
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</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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">STATE OF DELAWARE
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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>&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD align="right">ss:</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">COUNTY OF NEW CASTLE
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BE
IT REMEMBERED that on this 9th day of June A.D. 1958, personally came before me, a Notary
Public for the State of Delaware, R. F. Westover, H. C. Broadt and A. D. Atwell, all of the parties to the
foregoing certificate of incorporation, known to me personally to be such, and severally
acknowledged the said certificate to be the act and deed of the signers respectively
and that the facts therein stated are truly set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIVEN under my hand and seal of office the day and year aforesaid.
</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="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Harold E. Grantland
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Notary Public
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960821.gif" alt="(SEAL)">
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.11</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><b>CERTIFICATE
OF AMENDMENT</b>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><b>OF</b>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><b>MURCO
DRILLING CORPORATION</b>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960822.gif" alt="(SEAL)">
</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">CERTIFICATE OF AMENDMENT
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">OF
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">CERTIFICATE OF INCORPORATION
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">* * * * *
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MURCO DRILLING CORPORATION, a corporation organized and existing under and by virtue of
the General corporation Law of the State of Delaware, DOES HEREBY CERTIFY.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: That the Board of Directors of said corporation, by the unanimous written consent of
its members, filed with the minutes of the board, adopted a resolution proposing and declaring
advisable the following amendment to the Certificate of Incorporation of said corporation:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">RESOLVED, that the Certificate of Incorporation of MURCO DRILLING CORPORATION be
amended by changing the Article thereof numbered &#147;Fourth&#148; so that, as amended, said
Article shall be and read as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;FOURTH: The total number of shares of stock which the corporation
shall have authority to issue is ten thousand (10,000); all of such shares
shall be without par value.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: That in lieu of a meeting and vote of stockholders, the stockholders have given
unanimous written consent to said amendment in accordance with the provisions of section 228 of The
General Corporation Law of the State of Delaware.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: That the aforesaid amendment was duly adopted in accordance with the applicable
provisions of Sections&nbsp;242 and 228 of The General Corporation Law of the State of Delaware.
</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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH: That the capital of said corporation will
not be reduced under or by reason of said amendment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, said MURCO DRILLING CORPORATION
has caused this certificate to be signed by William T. Murphy III
&nbsp;&nbsp;&nbsp;&nbsp;its&nbsp;&nbsp;&nbsp;&nbsp; President<I>, </I>and attested by
Doris Jeter &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , its &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secretary, this 14th
day of February, 1973.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MURCO DRILLING CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
/s/ William T. Murphy III&nbsp;
</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">President</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ATTEST:
</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="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960823.gif" alt="(SEAL)">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ Doris Jeter
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&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"><B>CERTIFICATE OF AMENDMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>MURCO DRILLING CORPORATION</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960824.gif" alt="(SEAL)">
</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">CERTIFICATE OF AMENDMENT
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">OF
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">CERTIFICATE OF INCORPORATION
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">* * * * * *
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MURCO DRILLING CORPORATION, a corporation organized and existing under and by virtue
of the General Corporation Law of the State of Delaware, DOES HEREBY CERTIFY:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: That the Board of Directors of said corporation, by the unanimous written consent of
its members, filed with the minutes of the board, adopted a resolution proposing and declaring
advisable the following amendment to the Certificate of Incorporation of said corporation:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4.2%">RESOLVED, that the Certificate of Incorporation of MURCO DRILLING
CORPORATION be amended by changing the Article thereof numbered &#147;FOURTH&#148;
so that, as amended, said Article shall be and read as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&#147;FOURTH: The total number of shares of stock which the
corporation shall have authority to issue is three thousand
(3,000); all of such shares shall be without par value.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: That the said amendment has been consented to and authorized by the holders of all
the issued and outstanding stock, entitled to vote, by a written consent given in accordance with
the provisions of section 228 of The General corporation Law of Delaware, and filed with the
corporation.
</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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: That the aforesaid amendment was duly adopted in accordance with the applicable
provisions of Sections&nbsp;242 and 228 of The General Corporation Law of Delaware.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH: That the capital of said corporation will not be reduced under or by reason of said
amendment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, said MURCO DRILLING CORPORATION has caused its corporate seal to be
hereunto affixed and this certificate to be signed by William T.
Murphy III, its &nbsp;&nbsp;&nbsp;&nbsp;President and
Marlin Risinger Jr., its Secretary, this 14th day of
June&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, &#91;ILLEGIBLE&#93;.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MURCO DRILLING CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ William T. Murphy, III
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">William T. Murphy, III. President                        &nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                                         /s/ Marlin Risinger Jr.
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Secretary</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960825.gif" alt="(SEAL)">
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /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="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>

</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">STATE OF LOUISIANA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SS:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PARISH OF CADDO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BE IT REMEMBERED that on this 14th day of June A.D. 1967,
personally came before&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; me
Salome H. Erickson a Notary Public in and for the Parish and State aforesaid,
William T. Murphy, III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President of MURCO DRILLING CORPORATION, a corporation of the
State of Delaware, the corporation described in and which executed the foregoing certificate, known
to me personally to be such, and he, the said William T. Murphy, III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as such&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President, duly
executed said certificate before me and acknowledged the said certificate to be his act and deed
and the act and deed of said corporation; that the signatures of the said &nbsp;&nbsp;&nbsp;&nbsp;President and of the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Secretary of said corporation to said foregoing certificate are in the handwriting of the said&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
President and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretary of said corporation respectively, and that the seal affixed to said
certificate is the common or corporate seal of said corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, I have hereunto set my hand and seal of office the day and year
aforesaid.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align=center>                  /s/ Salome H. Erickson
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">Notary public&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center">SALOME H. ERICKSON<br>
&#091;ILLEGIBLE&#093;&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960826.gif" alt="(SEAL)">
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 75%">STATE OF DELAWARE<BR>
SECRETARY OF STATE<BR>
DIVISION OF CORPORATIONS<BR>
FILED 11:00 AM 12/20/1991<BR>
913605145 &#150; 524430
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATE OF AMENDMENT<BR>
TO THE<BR>
CERTIFICATE OF INCORPORATION<BR>
OF<BR>
MURCO DRILLING CORPORATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MURCO DRILLING CORPORATION, a corporation organized and existing under and by virtue of the
General Corporation Law of the State of Delaware, does hereby certify:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: That the Board of Directors of the Corporation, by unanimous written consent, adopted
a resolution approving and adopting the following amendment to the Certificate of Incorporation
of the Corporation:
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">RESOLVED, that the Certificate of Incorporation of MURCO DRILLING
CORPORATION be amended by changing the Article thereof numbered &#147;Fourth&#148;
so that, as amended, such Article shall read in its entirety as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH. (A) <U>Authorized Capital Stock.</U> The maximum number of
shares that the corporation is authorized to have outstanding shall be
sixteen thousand (16,000) shares, classified 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ten thousand (10,000) shares shall be
Common Stock without par value (the &#147;Common Stock&#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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Five thousand (5,000) shares shall be
Class&nbsp;A Preferred Stock, of the par value of one thousand
dollars ($1,000.00) per share (the &#147;Class&nbsp;A Preferred Stock&#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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>One thousand (1,000) shares shall be Class&nbsp;B Preferred
Stock, of the par value of one thousand dollars ($1,000.00)
per share (the &#147;Class&nbsp;B Preferred Stock&#148;).</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The voting powers, preferences and relative, participating,
optional or other special rights of, and the qualifications, limitations
or restrictions on, each class of capital stock of the Corporation shall
be as set forth in this Article&nbsp;Fourth and as provided by law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <U>Dividends</U>. (i)&nbsp;The holders of the outstanding shares of
Class&nbsp;A Preferred Stock and Class&nbsp;B Preferred Stock shall be entitled to
receive, out of the funds legally available for the payment thereof, cash
dividends, whether declared by the Board of Directors or not, at the
annual dividend rate for each particular class as herein provided, but no
more, payable semi-annually on the last days of June and December of each
year following the date of their issuance, unless otherwise provided
herein (a &#147;Payment Date&#148;). With respect to each Payment Date,
the dividend payable thereon shall be paid to the shareholders of record
as of such date.
</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="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Dividends shall accrue, whether or not they have been declared and whether or not there
are earnings or funds legally available for the payment of such dividends, (a)&nbsp;from the date of
issuance, on each share of Class&nbsp;B Preferred Stock at the rate of $40.00 per share per annum, and
(b)&nbsp;from the first anniversary date of issuance, on each share of Class&nbsp;A Preferred Stock 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at the rate of $40.00 per share per annum from such
date until the Redemption Date (as hereinafter defined),
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">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if still outstanding after the Redemption Date, at the
rate of $150.00 per share per annum from such date
until the redemption of all of the outstanding Class&nbsp;A
Preferred Stock.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Dividends upon each share of Class&nbsp;A Preferred Stock and Class&nbsp;B Preferred Stock shall be
cumulative so that if at any time such dividends in respect to any previous year at the
applicable rate per annum shall not have been paid on either the Class&nbsp;A Preferred Stock or the
Class&nbsp;B Preferred Stock, the deficiency shall be fully paid on such shares before the Corporation
makes any distributions to the holders of the Common Stock, all in accordance with the provisions
hereof. The accumulations of dividends, however, shall not bear interest, whether or not payment
of dividends is made on a Payment Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The holders of the Class&nbsp;A Preferred Stock and Class&nbsp;B Preferred Stock shall not be
entitled to receive any dividends thereon other than the dividends referred to in this Section&nbsp;B
of Article&nbsp;Fourth.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In no event, so long as any shares of Class&nbsp;A Preferred Stock shall be outstanding,
shall any dividend, whether in cash or property, be paid or declared, nor shall any distribution
be made, on any shares of Common Stock, nor shall any shares of Class&nbsp;B Preferred Stock or Common
Stock be purchased, redeemed or otherwise acquired for value by the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Subject to the foregoing provisions of this Section&nbsp;B of Article&nbsp;Fourth, and the
limitations prescribed therein, the Board of Directors may declare, out of any funds legally
available therefor, dividends (payable in cash, shares or otherwise) upon the then outstanding
shares of Common Stock, and no holders of the Class&nbsp;A Preferred Stock or the Class&nbsp;B Preferred
Stock shall be entitled to share therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <U>Liquidation Preferences</U>. (i)&nbsp;In the event of a voluntary or involuntary
liquidation, dissolution or winding up of the Corporation, the holders of the Class&nbsp;A Preferred
Stock shall be subordinate to all claims of the Corporation&#146;s creditors but otherwise entitled to
receive out of the assets of the Corporation
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">available for distribution to shareholders, whether such assets are capital or surplus of any
nature, an amount equal to $1,000.00 per share of Class&nbsp;A Preferred Stock, together with an amount
equal to all accrued but unpaid dividends through that Payment Date falling on or immediately
following the date that payment is made available to the holders of the Class&nbsp;A Preferred Stock,
whichever is applicable, before any payment shall be made or any assets distributed to the holders
of the Class&nbsp;B Preferred Stock or the holders of the Common Stock. Thereafter, the holders of the
Class&nbsp;B Preferred Stock shall be entitled to receive out of the remaining assets of the
Corporation available for distribution to shareholders, whether such assets are capital or surplus
of any nature, an amount equal to $1,000.00 per share of Class&nbsp;B Preferred Stock, together with an
amount equal to all accrued but unpaid dividends through that Payment Date falling on or
immediately following the date that payment is made available to the holders of the Class&nbsp;B
Preferred Stock, before any payment shall be made or any assets distributed to the holders of the
Common Stock. Subject to all the rights of the holders of the Class&nbsp;A Preferred Stock and the
holders of the Class&nbsp;B Preferred Stock as set forth above, the holders of the Common Stock shall
be entitled to receive, ratably, all of the remaining assets of the Corporation, if any.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the assets of the Corporation are not sufficient to pay, in full, the liquidation
payments payable to the holders of outstanding shares of the Class&nbsp;A Preferred Stock, then the
holders of all such shares shall share ratably in such distribution of assets in accordance with
the amount that would be payable on such distribution if the amount to which the holders of the
outstanding shares of Class&nbsp;A Preferred Stock are entitled were paid in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;If, after payment to the holders of the Class&nbsp;A Preferred Stock, the remaining assets
of the Corporation are not sufficient to pay in full the liquidation payments payable to the
holders of the outstanding shares of the Class&nbsp;B Preferred Stock, then the holders of all such
shares shall share ratably in such distribution of the remaining assets in accordance with the
amount that would be payable on such distribution if the amount to which the holders of the
outstanding shares of the Class&nbsp;B Preferred Stock are entitled were paid in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) <U>Redemption.</U> (i)&nbsp;Provided that there are funds legally available therefor, at the
option of the Board of Directors, outstanding shares of Class&nbsp;A Preferred Stock and Class&nbsp;B
Preferred Stock may be redeemed at any time at a redemption price of $1,000.00 per share, plus
all accrued but unpaid dividends through that Payment Date falling on or immediately following
the redemption date of such shares, whichever is applicable (the &#147;Redemption Price&#148;), by the
Corporation upon 30&nbsp;days&#146; prior written notice to the holders thereof; provided, however, that
prior to the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">redemption or repurchase of any shares of Class&nbsp;B Preferred Stock, all of the outstanding shares
of Class&nbsp;A Preferred Stock shall have been redeemed at the Redemption Price set forth herein.
Shares of Common Stock may be redeemed or repurchased pursuant to applicable law, but only after
all of the outstanding shares of Class&nbsp;B Preferred Stock shall have been redeemed at the
Redemption Price set forth herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Provided that there are funds legally available for the redemption of all (or part) of
the Class&nbsp;A Preferred Stock, all of the outstanding Class&nbsp;A Preferred Stock (or such portion
thereof as may be redeemed by legally available funds) shall be redeemed no later than the third
anniversary date of the issuance of the Class&nbsp;A Preferred Stock (the &#147;Redemption Date&#148;). If any of
the outstanding Class&nbsp;A Preferred Stock remains unredeemed after the Redemption Date, then if and
when funds, totalling the lesser of (x) $50,000 or (y)&nbsp;that amount necessary to redeem all of such
remaining shares of Class&nbsp;A Preferred Stock at the Redemption Price, become legally available for
the redemption of such shares, then no later than 5&nbsp;days thereafter, the Corporation shall redeem
that many full shares of Class&nbsp;A Preferred Stock that may be equal to such funds, until all of the
outstanding shares of Class&nbsp;A Preferred Stock are redeemed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each holder of a share of preferred stock to be redeemed, shall present and surrender
its certificate or certificates representing such preferred stock to the Corporation at its
principal place of business, and thereupon the Redemption Price of such preferred stock shall be
payable to or on the order of the person whose name appears on such certificate or certificates as
the owner thereof and such surrendered certificate shall be cancelled. If less than all the shares
represented by any such surrendered certificate are redeemed, a new certificate shall be issued
representing the unredeemed shares. From and after the redemption of any share of preferred stock,
unless default is made in the payment of the Redemption Price, all rights of the holder of such
stock as a shareholder of the Corporation, except the right to receive the Redemption Price, shall
cease and terminate, and such preferred stock shall not thereafter be transferred on the books of
the Corporation or be deemed to be outstanding for any purposes whatsoever.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) <U>Voting Rights.</U> Except as otherwise provided by law,
neither the Class&nbsp;A Preferred Stock nor the Class&nbsp;B Preferred Stock
shall have any voting power nor shall the holders of such preferred
stock as such be entitled to notice of meetings of shareholders, all
rights to vote and all voting power being vested exclusively in the
holders of the Corporation&#146;s Common Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) <U>Transferability.</U> The holders of either the Class&nbsp;A
Preferred Stock or Class&nbsp;B Preferred Stock shall not transfer, assign,
sell, convey, give, donate, alienate or otherwise dispose of any
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">shares of such preferred stock without the prior written consent of the Corporation,
which shall not be unreasonably withheld. Each transferee or assignee of, or
successor in interest to, any shares of the Class&nbsp;A Preferred Stock or the Class&nbsp;B
Preferred Stock shall be bound by the restrictions on the transferability of such
shares of preferred stock set forth herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) <U>Preemptive Rights.</U> The holders of either the Class&nbsp;A Preferred
Stock or Class&nbsp;B Preferred Stock shall, in case of the proposed issuance by the
Corporation of, or the proposed granting, by the Corporation of rights or options to
purchase, its equity shares of any class or any shares of other securities
convertible into or carrying rights or options to purchase, its equity shares of any
class if the issuance of the equity shares proposed to be issued or issuable upon
exercise of such rights or options or upon conversion of such other securities would
adversely affect or effectively dilute the then current percentage of equity
holdings of such holders, have the right within 30&nbsp;days&#146; written notice of such
issuance to purchase such shares or other securities in such proportions as would,
if such preemptive right were exercised, preserve the percentage of equity holdings
of the holders at a price or prices not less favorable than the price or prices at
which such shares or other securities are proposed to be offered for sale to others.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: That the foregoing amendment has been consented to and approved by all of the
shareholders of the Corporation entitled to vote on the matter, by unanimous written consent in
accordance with the provisions of section 228 of The General Corporation Law of the State of
Delaware and filed with the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: That the aforesaid amendment was duly adopted in accordance with the applicable
provisions of Sections&nbsp;242 and 228 of The General Corporation Law of the State of Delaware.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, MURCO DRILLING CORPORATION has
caused this certificate to be signed by its duly authorized president and
attested to by its secretary, this 19<SUP style="FONT-size: 85%; vertical-align: text-top">th</sup> day of December, 1991.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MURCO DRILLING CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
/s/ Thomas H. Murphy
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ATTEST:
</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Doris E. Jeter
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(7185e)
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 75%">STATE OF DELAWARE<BR>
SECRETARY OF STATE<BR>
DIVISION OF CORPORATIONS<BR>
FILED 10:00 AM 01/20/1994<BR>
944008953 &#150; 524430
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><b>CERTIFICATE OF AMENDMENT<BR>
TO THE<BR>
CERTIFICATE OF INCORPORATION<BR>
OF<BR>
MURCO DRILLING CORPORATION</b>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MURCO DRILLING CORPORATION, a corporation organized and existing under and by virtue of
the General Corporation Law of the state of Delaware, does hereby certify:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: That the Board of Directors of the Corporation, by unanimous written consent, adopted
a resolution approving and adopting the following amendment to the Certificate of Incorporation of
the Corporation:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">RESOLVED, that the Certificate of Incorporation of MURCO DRILLING
CORPORATION be amended by changing sections (B)&nbsp;and (D)&nbsp;of the Article
thereof numbered &#147;Fourth&#148; so that, as amended, such Article shall read in
its entirety as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH. (A) <U>Authorized Capital Stock.</U> The maximum number of
shares that the corporation is authorized to have outstanding shall be
sixteen thousand (16,000) shares, classified 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ten thousand (10,000) shares shall be Common
Stock without par value (the &#147;Common Stock&#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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Five thousand (5,000) shares shall be Class
A Preferred Stock, of the par value of one thousand dollars
($1,000.00) per share (the &#147;Class&nbsp;A Preferred Stock&#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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>One thousand (1,000) shares shall be Class&nbsp;B
Preferred Stock, of the par value of one thousand dollars
($1,000.00) per share (the &#147;Class&nbsp;B Preferred Stock&#148;).</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The voting powers, preferences and relative, participating, optional or
other special rights of, and the qualifications, limitations or
restrictions on, each class of capital stock of the Corporation shall be as
set forth in this Article&nbsp;Fourth and as provided by law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <U>Dividends.</U> (i)&nbsp;The holders of the outstanding shares of
Class&nbsp;A Preferred Stock and Class&nbsp;B Preferred Stock shall be entitled to
receive, out of the funds legally available for the payment thereof, cash
dividends, whether declared by the Board of Directors or not, at the annual
dividend rate for each particular class as herein provided, but no more,
payable semi-annually on the last days of June and December of each year
following the date of their issuance, unless otherwise provided herein (a
&#147;Payment Date&#148;). With respect to each Payment Date, the dividend payable
thereon shall be paid to the shareholders of record as of such date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Dividends shall accrue, whether or not they have been declared
and whether or not there are earnings or funds legally available for the
payment of such dividends, (a)&nbsp;from
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">the date of issuance, on each share of Class&nbsp;B Preferred Stock at the rate of $40.00 per share per
annum, and (b)&nbsp;from the first anniversary date of issuance, on each share of Class A Preferred
Stock 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at the rate of $40.00 per share per annum from
such date through December&nbsp;31, 1994;</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">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at the rate of $80.00 per share per annum from
January&nbsp;1, 1995 through October&nbsp;1, 1996; 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">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at the rate of $170.00 per share per annum from
October&nbsp;2, 1996 until the redemption of all of the
outstanding Class&nbsp;A Preferred stock.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Dividends upon each share of Class&nbsp;A Preferred Stock and Class&nbsp;B Preferred Stock shall be
cumulative so that if at any time such dividends in respect to any previous year at the applicable
rate per annum shall not have been paid on either the class A Preferred Stock or the class B
Preferred Stock, the deficiency shall be fully paid on such shares before the Corporation makes
any distributions to the holders of the Common Stock, all in accordance with the provisions
hereof. The accumulations of dividends, however, shall not bear interest, whether or not payment
of dividends is made on a Payment Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The holders of the Class&nbsp;A Preferred Stock and Class&nbsp;B Preferred Stock shall not be
entitled to receive any dividends thereon other than the dividends referred to in this Section&nbsp;B
of Article&nbsp;Fourth.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In no event, so long as any shares of Class&nbsp;A Preferred Stock shall be outstanding,
shall any dividend, whether in cash or property, be paid or declared, nor shall any distribution
be made, on any shares of Common Stock, nor shall any shares of Class&nbsp;B Preferred Stock or Common
Stock be purchased, redeemed or otherwise acquired for value by the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Subject to the foregoing provisions of this Section&nbsp;B of Article&nbsp;Fourth, and the
limitations prescribed therein, the Board of Directors may declare, out of any funds legally
available therefor, dividends (payable in cash, shares or otherwise) upon the then outstanding
shares of Common Stock, and no holders of the Class&nbsp;A Preferred Stock or the Class&nbsp;B Preferred
Stock shall be entitled to share therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <U>Liquidation Preferences.</U> (i) In the event of a voluntary or involuntary
liquidation, dissolution or winding up of the Corporation, the holders of the class A Preferred
Stock shall be subordinate to all claims of the Corporation&#146;s creditors but otherwise entitled to
receive out of the assets of the Corporation available for distribution to shareholders,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">whether such assets are capital or surplus of any nature, an amount equal to $1,000.00 per
share of Class&nbsp;A Preferred Stock, together with an amount equal to all accrued but unpaid dividends
through that Payment Date falling on or immediately following the date that payment is made
available to the holders of the Class&nbsp;A Preferred Stock, whichever is applicable, before any
payment shall be made or any assets distributed to the holders of the Class&nbsp;B Preferred Stock or
the holders of the Common Stock. Thereafter, the holders of the Class&nbsp;B Preferred Stock shall be
entitled to receive out of the remaining assets of the Corporation available for distribution to
shareholders, whether such assets are capital or surplus of any nature, an amount equal to
$1,000.00 per share of Class B Preferred Stock, together with an amount equal to all accrued but
unpaid dividends through that Payment Date falling on or immediately following the date that
payment is made available to the holders of the class B Preferred Stock, before any payment shall
be made or any assets distributed to the holders of the Common Stock. Subject to all the rights of
the holders of the Class&nbsp;A Preferred Stock and the holders of the Class&nbsp;B Preferred Stock as set
forth above, the holders of the Common Stock shall be entitled to receive, ratably, all of the
remaining assets of the Corporation, if any.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the assets of the Corporation are not sufficient to pay, in full, the liquidation
payments payable to the holders of outstanding shares of the Class&nbsp;A Preferred Stock, then the
holders of all such shares shall share ratably in such distribution of assets in accordance with
the amount that would be payable on such distribution if the amount to which the holders of the
outstanding shares of class A Preferred Stock are entitled were paid in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If, after payment to the holders of the Class&nbsp;A Preferred Stock, the remaining assets
of the Corporation are not sufficient to pay in full the liquidation payments payable to the
holders of the outstanding shares of the class B Preferred Stock, then the holders of all such
shares shall share ratably in such distribution of the remaining assets in accordance with the
amount that would be payable on such distribution if the amount to which the holders of the
outstanding shares of the class B Preferred Stock are entitled were paid in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) <U>Redemption.</U> (i)&nbsp;Provided that there are funds legally available therefor, at the
option of the Board of Directors, outstanding shares of Class&nbsp;A Preferred Stock and Class&nbsp;B
Preferred stock may be redeemed at any time at a redemption price of $1,000.00 per share, plus all
accrued but unpaid dividends through that Payment Date falling on or immediately following the
redemption date of such shares, whichever is applicable (the &#147;Redemption Price&#148;), by the
Corporation upon 30&nbsp;days&#146; prior written notice to the holders
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">thereof; provided, however, that prior to the redemption or repurchase of any shares of Class
B Preferred Stock, all of the outstanding shares of Class&nbsp;A Preferred Stock shall have been
redeemed at the Redemption Price set forth herein. Shares of Common Stock may be redeemed or
repurchased pursuant to applicable law, but only after all of the outstanding shares of Class&nbsp;B
Preferred Stock shall have been redeemed at the Redemption Price set forth herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Provided that there are funds legally available for the redemption of all (or part) of
the Class&nbsp;A Preferred Stock, all of the outstanding Class&nbsp;A Preferred Stock (or such portion
thereof as may be redeemed by legally available funds) shall be redeemed no later than October&nbsp;1,
1996 (the &#147;Redemption Date&#148;). If any of the outstanding Class A Preferred Stock remains unredeemed
after the Redemption Date, then if and when funds, totalling the lesser of (x) $50,000 or (y)&nbsp;that
amount necessary to redeem all of such remaining shares of Class&nbsp;A Preferred Stock at the
Redemption Price, become legally available for the redemption of such shares, then no later than 5
days thereafter, the Corporation shall redeem that many full shares of Class&nbsp;A Preferred Stock that
may be equal to such funds, until all of the outstanding shares of Class&nbsp;A Preferred Stock are
redeemed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each holder of a share of preferred stock to be redeemed, shall present and surrender
its certificate or certificates representing such preferred stock to the Corporation at its
principal place of business, and thereupon the Redemption Price of such preferred stock shall be
payable to or on the order of the person whose name appears on such certificate or certificates as
the owner thereof and such surrendered certificate shall be cancelled. If less than all the shares
represented by any such surrendered certificate are redeemed, a new certificate shall be issued
representing the unredeemed shares. From and after the redemption of any share of preferred stock,
unless default is made in the payment of the Redemption Price, all rights of the holder of such
stock as a shareholder of the Corporation, except the right to receive the Redemption Price, shall
cease and terminate, and such preferred stock shall not thereafter be transferred on the books of
the Corporation or be deemed to be outstanding for any purposes whatsoever.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) <U>Voting Rights.</U> Except as otherwise provided by law,
neither the Class&nbsp;A Preferred Stock nor the class B Preferred
Stock shall have any voting power nor shall the holders of
such preferred stock as such be entitled to notice of meetings
of shareholders, all rights to vote and all voting power being
vested exclusively in the holders of the Corporation&#146;s Common
Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) <U>Transferability.</U> The holders of either the Class&nbsp;A
Preferred Stock or Class&nbsp;B Preferred Stock shall not transfer,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">assign, sell, convey, give, donate, alienate or otherwise dispose of
any shares of such preferred stock without the prior written consent of the
Corporation, which shall not be unreasonably withheld. Each transferee or
assignee of, or successor in interest to, any shares of the class A Preferred
Stock or the Class B Preferred Stock shall be bound by the restrictions on
the transferability of such shares of preferred stock set forth herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) <U>Preemptive Rights.</U> The holders of either the Class&nbsp;A
Preferred Stock or Class&nbsp;B Preferred Stock shall, in case of the proposed
issuance by the Corporation of, or the proposed granting, by the Corporation
of rights or options to purchase, its equity shares of any class or any
shares of other securities convertible into or carrying rights or options to
purchase, its equity shares of any class if the issuance of the equity shares
proposed to be issued or issuable upon exercise of such rights or options or
upon conversion of such other securities would adversely affect or
effectively dilute the then current percentage of equity holdings of such
holders, have the right within 30&nbsp;days&#146; written notice of such issuance to
purchase such shares or other securities in such proportions as would, if
such preemptive right were exercised, preserve the percentage of equity
holdings of the holders at a price or prices not less favorable than the
price or prices at which such shares or other securities are proposed to be
offered for sale to others.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: That the foregoing amendment has been consented to and approved by all of
the shareholders of the Corporation entitled to vote on the matter, by unanimous written
consent in accordance with the provisions of section 228 of The General Corporation Law
of the State of Delaware and filed with the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: That the aforesaid amendment was duly adopted in accordance with the
applicable provisions of Sections&nbsp;242 and 228 of The General Corporation Law of the state
of Delaware.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, MURCO DRILLING CORPORATION has caused this
certificate to be signed by its duly authorized president and attested
to by its secretary, this 1st day of December, 1993.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MURCO DRILLING CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Thomas H. Murphy
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Thomas H. Murphy&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ATTEST:
</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Doris E. Jeter
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(9913.02)
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-5-<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.12
<SEQUENCE>13
<FILENAME>o69608exv3w12.htm
<DESCRIPTION>EX-3.12
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w12</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.12</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">MURCO DRILLING CORPORATION
</DIV>


<DIV align="Center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">B Y- L A W S
</DIV>

<DIV align="Center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ARTICLE I<BR>
<BR>
OFFICES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. The principal office shall be in the City of Wilmington, County of New
Castle, State of
Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. The corporation may also have offices at such other places both within and without
the State of Delaware as the board of directors may from time to time determine or the business of
the corporation may require.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE II
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">MEETINGS OF STOCKHOLDERS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. All meetings of the stockholders for the election of directors shall be held in the
City of Shreveport, State of Louisiana, at such place
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 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">as may be fixed from time to time by the board of directors. Meetings of stockholders for any
other purpose may be held at such time and place, within or without the State of Delaware, as
shall be stated in the notice of the meeting or in a duly executed waiver of notice thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. Annual meetings of stockholders, commencing with the year 1959, shall be held on
the second Tuesday of February if not a legal holiday, and if a legal holiday, then on the next
secular day following, at 2:00 P.M., at which they shall elect by a plurality vote a board of
directors, and transact such other business as may properly be brought before the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. Written notice of the annual meeting shall be given to each stockholder
entitled to vote thereat at least ten days before the date of the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. The officer who has charge of the stock ledger of the corporation shall prepare and
make, at least ten days before every election of directors, a complete list of the stockholders
entitled
</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="left" style="font-size: 10pt; margin-top: 6pt">to vote at said election, arranged in alphabetical order, showing the address of and the number of
shares registered in the name of each stockholder. Such list shall be open to the examination of
any stockholder, during ordinary business hours, for a period of at least ten days prior to the
election, either at a place within the city, town or village where the election is to be held and
which place shall be specified in the notice of the meeting, or, if not specified, at the place
where said meeting is to be held, and the list shall be produced and kept at the time and place of
election during the whole time thereof, and subject to the inspection of any stockholder who may be
present.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. Special meetings of the stockholders, for any purpose or purposes, unless otherwise
prescribed by statute or by the certificate of incorporation, may be called by the president and
shall be called by the president or secretary at the request in writing of a majority of the board
of directors, or at the request in writing of stockholders owning a majority in amount of the
entire capital stock of the corporation issued and outstanding and entitled
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 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">to vote. Such request shall state the purpose or purposes of the proposed meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6<I>. </I>Written notice of a special meeting of stockholders, stating the time, place and
object thereof, shall he given to each stockholder entitled to vote thereat, at least five days
before the date fixed for the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7. Business transacted at any special meeting of stockholders shall be limited
to the purposes stated in the notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. The holders of fifty-one per cent of the stock issued and outstanding and entitled
to vote thereat, present in person or represented by proxy, shall constitute a quorum at all
meetings of the stockholders for the transaction of business except as otherwise provided by
statute or by the certificate of incorporation. If, however, such quorum shall not be present or
represented at any meeting of the stockholders, the stockholders entitled to vote thereat,
present in person or represented by proxy, shall have power to adjourn the meeting from time to
time, without notice other than announcement at the meeting,
</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="left" style="font-size: 10pt; margin-top: 6pt">until a
quorum shall be present or represented. At such adjourned meeting at which a quorum shall be
present or represented any business may be transacted which might have been transacted at the
meeting as originally notified.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. When a quorum is present at any meeting, the vote of the holders of a majority of
the stock having voting power present in person or represented by proxy shall decide any question
brought before such meeting, unless the question is one upon which by express provision of the
statutes or of the certificate of incorporation, a different vote is required in which case such
express provision shall govern and control the decision of such question.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10. Each stockholder shall at every meeting of the stockholders be entitled to one
vote in person or by proxy for each share of the capital stock having voting power held by such
stockholder, but no proxy shall be voted on after three years from its date, unless the proxy
provides for a longer period, and, except where the transfer books of the corporation have been
closed or a date has been fixed as a
</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="left" style="font-size: 10pt; margin-top: 6pt">record date for the determination of its stockholders entitled to vote, no share of stock shall be
voted on at any election for directors which has been transferred on the books of the corporation
within twenty days next preceding such election of directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11. Whenever the vote of stockholders at a meeting thereof is required or permitted to
be taken in connection with any corporate action by any provisions of the statutes or of the
certificate of incorporation, the meeting and vote of stockholders may be dispensed with, if all
the stockholders who would have been entitled to vote upon the action if such meeting were held,
shall consent in writing to such corporate action being taken.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE III
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DIRECTORS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. The number of directors which shall constitute the whole board shall be not less
than three nor more than nine. The first board shall consist of three directors. Thereafter, within
the limits above specified, the number of directors shall be determined by resolution of the board
of directors or by the stockholders at the annual
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 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">meeting. The directors shall be elected at the annual meeting of the stockholders, except as
provided in Section&nbsp;2 of this Article, and each director elected shall hold office until his
successor is elected and qualified. Directors need not be stockholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. Vacancies and newly created directorships resulting from any increase in the
authorized number of directors may be filled by a majority of the directors then in office, though
less than a quorum, and the directors so chosen shall hold office until the next annual election
and until their successors are duly elected and shall qualify, unless sooner displaced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. The business of the corporation shall be managed by its board of directors which
may exercise all such powers of the corporation and do all such lawful acts and things as are not
by statute or by the certificate of incorporation or by these by-laws directed or required to be
exercised or done by the stockholders.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">MEETINGS
OF THE BOARD OF DIRECTORS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. The board of directors of the
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 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">corporation may hold meetings, both regular and special, either within or without the State of
Delaware.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. The first meeting of each newly elected board of directors shall be held at such
time and place as shall be fixed by the vote of the stockholders at the annual meeting and no
notice of such meeting shall be necessary to the newly elected directors in order legally to
constitute the meeting, provided a quorum shall be present. In the event of the failure of the
stockholders to fix the time or place of such first meeting of the newly elected board of
directors, or in the event such meeting is not held at the time and place so fixed by the
stockholders, the meeting may be held at such time and place as shall be specified in a notice
given as hereinafter provided for special meetings of the board of directors, or as shall be
specified in a written waiver signed by all of the directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. Regular meetings of the board of directors may be held without notice at such time
and at such place as shall from time to time be determined by the board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. Special meetings of the board
</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="left" style="font-size: 10pt; margin-top: 6pt">may be
called by the president on two days&#146; notice to each director, either personally or by mail or
by telegram; special meetings shall be called by the president or secretary in like manner and on
like notice on the written request of two directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. At all meetings of the board a majority of the directors shall constitute a quorum
for the transaction of business and the act of a majority of the directors present at any meeting
at which there is a quorum shall be the act of the board of directors, except as may be otherwise
specifically provided by statute or by the certificate of incorporation. If a quorum shall not be
present at any meeting of the board of directors the directors present thereat may adjourn the
meeting from time to time, without notice other than announcement at the meeting, until a quorum
shall be present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. Unless otherwise restricted by the certificate of incorporation or these by-laws,
any action required or permitted to be taken at any meeting of the board of directors or of any
committee thereof may be taken without a meeting, if prior to such action a written consent thereto
is signed by
</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="left" style="font-size: 10pt; margin-top: 6pt">all members of the board or of such committee as the case may be, and such written consent
is filed with the minutes of proceeding of the board or committee.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">COMMITTEES
OF DIRECTORS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10. The board of directors may, by resolution passed by a majority of the whole board,
designate one or more committees, each committee to consist of two or more of the directors of the
corporation, which, to the extent provided in the resolution, shall have and may exercise the
powers of the board of directors in the management of the business and affairs of the corporation
and may authorize the seal of the corporation to be affixed to all papers which may require it.
Such committee or committees shall have such name or names as may be determined from time to time
by resolution adopted by the board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11. Each committee shall keep regular minutes of its meetings and report the same to
the board of directors when required.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">COMPENSATION
OF DIRECTORS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12. The directors may be paid their expenses, if any, of attendance at each meeting of
the board of directors and may be paid a fixed sum for attendance at each meeting of the board of
directors or a stated salary as director. No such payment shall preclude any director from serving
the corporation in any other capacity and receiving compensation therefor. Members of special or
standing committees may be allowed like compensation for attending committee meetings.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IV
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">NOTICES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. Notices to directors and stockholders shall be in writing and delivered personally
or mailed to the directors or stockholders at their addresses appearing on the books of the
corporation. Notice by mail shall be deemed to be given at the time when the same shall be mailed.
Notice to directors may also be given by telegram.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. Whenever any notice is required
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 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">to be
given under the provisions of the statutes or of the certificate of incorporation or of these
by-laws, a waiver thereof in writing, signed by the person or persons entitled to said notice,
whether before or after the time stated therein, shall be deemed equivalent thereto.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE V
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">OFFICERS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. The officers of the corporation shall be chosen by the board of directors
and shall be a president, a vice-president, a secretary and a
treasurer. The board of
directors may also choose additional vice-presidents, and one or more assistant secretaries
and assistant treasurers. Two or more offices may be held by the same person, except that
where the offices of president and secretary are held by the same person, such person shall
not hold any other office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. The board of directors at its first meeting after each annual meeting of
stockholders shall choose a president from among the
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 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">directors, and shall choose one or more vice-presidents, a secretary and a treasurer, none of
whom need be a member of the board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. The board of directors may appoint such other officers and agents as it shall deem
necessary who shall hold their offices for such terms and shall exercise such powers and perform
such duties as shall be determined from time to time by the board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. The salaries of all officers and agents of the corporation shall be fixed by the
board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. The officers of the corporation shall hold office until their successors are chosen
and qualify. Any officer elected or appointed by the board of directors may be removed at any time
by the affirmative vote of a majority of the board of directors. Any vacancy occurring in any
office of the corporation shall be filled by the board of directors.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE PRESIDENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. The president shall be the
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 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">chief executive officer of the corporation, shall preside at all meetings of the stockholders and
the board of directors, shall have general and active management of the business of the corporation
and shall see that all orders and resolutions of the board of directors are carried into effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. He shall execute bonds, mortgages and other contracts requiring a seal, under the
seal of the corporation, except where required or permitted by law to be otherwise signed and
executed and except where the signing and execution thereof shall be expressly delegated by the
board of directors to some other officer or agent of the corporation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE
VICE-PRESIDENTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. The vice-president, or if there shall be more than one, the vice-presidents
in the order determined by the board of directors, shall, in the absence or disability of
the president, perform the duties and exercise the powers of the president and shall perform
such other duties and have such other powers as the board of directors may from time to time
prescribe.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE SECRETARY AND ASSISTANT SECRETARIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. The secretary shall attend all meetings of the board of directors and all meetings
of the stockholders and record all the proceedings of the meetings of the corporation and of the
board of directors in a book to be kept for that purpose and shall perform like duties for the
standing committees when required. He shall give, or cause to be given, notice of all meetings of
the stockholders and special meetings of the board of directors, and shall perform such other
duties as may be prescribed by the board of directors or president, under whose supervision he
shall be. He shall keep in safe custody the seal of the corporation and, when authorized by the
board of directors, affix the same to any instrument requiring it and, when so affixed, it shall be
attested by his signature or by the signature of an assistant secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10. The assistant secretary, or if there be more than one, the assistant secretaries
in the order determined by the board of directors, shall, in the absence or disability of the
secretary,
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 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">perform the duties and exercise the powers of the secretary and shall perform such other
duties and have such other powers as the board of directors may from time to time
prescribe.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE
TREASURER AND ASSISTANT TREASURERS
</DIV>






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11. The treasurer shall have the custody of the corporate funds and securities
and shall keep full and accurate accounts of receipts and disbursements in books, belonging to the
corporation and shall deposit all moneys and other valuable effects in the name and to the credit
of the corporation in such depositories as may be designated by the board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12. He shall disburse the funds of the corporation as may be ordered by the board of
directors, taking proper vouchers for such disbursements, and shall render to the president and the
board of directors, at its regular meetings, or when the board of directors so requires, an account
of all his transactions as treasurer and of the financial condition of the corporation.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;13.
If required by the board of directors, he shall give the corporation a bond
(which shall be renewed every six years) in such sum and with such surety or sureties as shall be
satisfactory to the board of directors for the faithful performance of the duties of his office and
for the restoration to the corporation, in case of his death, resignation, retirement or removal
from office, of all books, papers, vouchers, money and other property of whatever kind in his
possession or under his control belonging to the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;14. The assistant treasurer, or if there shall be more than<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP> one, the
assistant treasurers in the order determined by the board of directors, shall, in the absence or
disability of the treasurer, perform the duties and exercise the powers of the treasurer and shall
perform such other duties and have such other powers as the board of directors may from time to
time prescribe.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VI
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CERTIFICATES
OF STOCK
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. Every holder of stock in the
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 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">corporation
shall be entitled to have a certificate, signed by, or in the name of the corporation
by, the president or a vice-president and the treasurer or an assistant treasurer, or the secretary
or an assistant secretary of the corporation, certifying the number of shares owned by him in the
corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. Where a certificate is signed (1)&nbsp;by a transfer agent or an assistant transfer
agent or (2)&nbsp;by a transfer clerk acting on behalf of the corporation and a registrar, the signature
of any such president, vice-president, treasurer, assistant treasurer, secretary or assistant
secretary may be facsimile. In case any officer or officers who have signed, or whose facsimile
signature or signatures have been used on, any such certificate or certificates shall cease to be
such officer or officers of the corporation, whether because of death, resignation or otherwise,
before such certificate or certificates have been delivered by the corporation, such certificate or
certificates may nevertheless be adopted by the corporation and be issued and delivered as though
the person or </DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 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">persons
who signed such certificate or certificates or whose facsimile signature or signatures have
been used thereon had not ceased to be such officer or officers of the corporation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">LOST CERTIFICATES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. The board of directors may direct a new certificate or certificates to be issued in
place of any certificate or certificates theretofore issued by the corporation alleged to have been
lost or destroyed, upon the making of an affidavit of that fact by the person claiming the
certificate of stock to be lost or destroyed. When authorizing such issue of a new certificate or
certificates, the board of directors may, in its discretion and as a condition precedent to the
issuance thereof, require the owner of such lost or destroyed certificate or certificates, or his
legal representative, to advertise the same in such manner as it shall require and/or to give the
corporation a bond in such sum as it may direct as indemnity against any claim that may be made
against the corporation with respect to the certificate alleged to have been lost or destroyed.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TRANSFERS OF STOCK
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.  Upon surrender to the corporation or the transfer agent of the corporation of a
certificate for shares duly endorsed or accompanied by proper evidence of succession, assignment or
authority to transfer, it shall be the duty of the corporation to issue a new certificate to the
person entitled thereto, cancel the old certificate and record the transaction upon its books.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CLOSING OF TRANSFER BOOKS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. The board of directors may close the stock transfer books of the corporation for
a period not exceeding fifty days preceding the date of any meeting of stockholders or the date
for payment of any dividend or the date for the allotment of rights or the date when any change
or conversion or exchange of capital stock shall go into effect or for a period of not exceeding
fifty days in connection with obtaining the consent of stockholders
for any purpose.
In lieu of closing the stock transfer books as aforesaid, the board of directors may fix in
advance a date, not exceeding fifty days preceding the
</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="left" style="font-size: 10pt; margin-top: 6pt">date of
any meeting of stockholders, or the date for the payment of any dividend, or the date for
the allotment of rights, or the date when any change or conversion or exchange of capital stock
shall go into effect, or a date in connection with obtaining such consent, as a record date for the
determination of the stockholders entitled to notice of, and to vote at, any such meeting, and any
adjournment thereof, or entitled to receive payment of any such dividend, or to any such allotment
of rights, or to exercise the rights in respect of any such change, conversion or exchange of
capital stock, or to give such consent, and in such case such stockholders and only such
stockholders as shall be stockholders of record on the date so fixed shall be entitled to such
notice of, and to vote at, such meeting and any adjournment thereof, or to receive payment of such
dividend, or to receive such allotment of rights, or to exercise such rights, or to give such
consent, as the case may be notwithstanding any transfer of any stock on the books of the
corporation after any such record date fixed as aforesaid.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
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<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 style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">REGISTERED STOCKHOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. The corporation shall be entitled to recognize the exclusive right of a person
registered on its books as the owner of shares to receive dividends, and to vote as such owner, and
to hold liable for calls and assessments a person registered on its books as the owner of shares,
and shall not be bound to recognize any equitable or other claim to or interest in such share or
shares on the part of any other person, whether or not it shall have express or other notice
thereof, except as otherwise provided by the laws of Delaware.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VII
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">GENERAL PROVISIONS
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DIVIDENDS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. Dividends upon the capital stock of the corporation, subject to the provisions of
the certificate of incorporation, if any, may be declared by the board of directors at any regular
or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 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">the capital stock, subject to the provisions of the certificate of incorporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. Before payment of any dividend, there may he set aside out of any funds of the
corporation available for dividends such sum or sums as the directors from time to time, in their
absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing
dividends, or for repairing or maintaining any property of the corporation, or for such other
purpose as the directors shall think conducive to the interest of the corporation, and the
directors may modify or abolish any such reserve in the manner in which it was created.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ANNUAL STATEMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. The board of directors shall present at each annual meeting, and at any special
meeting of the stockholders when called for by vote of the stockholders, a full and clear statement
of the business and condition of the corporation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CHECKS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. All checks or demands for
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 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">money and notes of the corporation shall be signed by such officer or officers or such other
person or persons as the board of directors may from time to time designate.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">FISCAL YEAR
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. The fiscal year of the corporation shall be fixed by resolution of the board of
directors.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SEAL
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. The corporate seal shall have inscribed thereon the name of the corporation, the
year of its organization and the words &#147;Corporate Seal, Delaware&#148;. The seal may be used by causing
it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VIII
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">AMENDMENTS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. These by-laws may be altered or repealed at any regular meeting of the stockholders
or of the board of directors or at any special meeting of the stockholders or of the board
</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="left" style="font-size: 10pt; margin-top: 6pt">of directors if notice of such alteration or repeal be contained in the notice of such special
meeting. No change of the time or place of the meeting for the election of directors shall be made
within sixty days next before the day on which such meeting is to be held, and in case of any
change of such time or place, notice thereof shall be given to each stockholder in person or by
letter mailed to his last known post-office address at least twenty days before the meeting is
held.
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>Exhibit </B></FONT><B>C
</B></DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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<SEQUENCE>14
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<DESCRIPTION>EX-3.13
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.13</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><I>PAGE 1</I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I><b>Delaware</b></I>
<DIV style="font-size: 1pt; border-top: 1px solid #000000; width: 15%">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt"><I>The first State</I></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, <I>JEFFREY W. BULLOCK, SECRETARY OF STATE OF THE STATE OF DELAWARE,
DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE
OF INCORPORATION OF &#147;PRECISION COMPLETION &#038; PRODUCTION SERVICES LTD.&#148;, FILED IN
THIS OFFICE ON THE THIRD DAY OF NOVEMBER, A.D. 2010, AT 10 O&#146;CLOCK A.M.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>A FILED COPY OF THIS CERTIFICATE HAS BEEN FORWARDED TO THE NEW CASTLE
COUNTY RECORDER OF DEEDS.</I>
</DIV>


<DIV align="center">
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    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
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<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="o69608o6960827.gif" alt="(SEAL)"></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ Jeffrey W. Bullock</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Jeffrey W. Bullock, Secretary of State</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>4878816 &nbsp;&nbsp; 8100</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>AUTHENTICATION: 8330713</I></TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>101053512</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>DATE: 11-04-10</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>You may verify this certificate online <BR>
at corp. delaware. gov/authver. shtml</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
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    <TD width="65%">&nbsp;</TD>
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<TR></TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><I>State of Delaware</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Secretary of State</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Division of Corporations</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Delivered 10:00 AM 11/03/2010</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>FILED 10:00 AM 11/03/2010</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>SRV 101053512 - 4878816 FILE</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATE OF INCORPORATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PRECISION COMPLETION &#038; PRODUCTION SERVICES LTD.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE ONE</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The name of the corporation is Precision Completion &#038; Production Services Ltd.
(the &#147;Corporation&#148;)</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>ARTICLE TWO</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The address of the Corporation&#146;s registered office in the State of Delaware is
1209 Orange Street, Wilmington, Delaware 19801, County of New Castle. The name of it
registered agent at such address is The Corporation Trust Company.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE THREE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nature of the business or purposes to be conducted or promoted by the
Corporation is to engage in any lawful act or activity for which corporations may be
organized under the General Corporation Law of Delaware.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE FOUR</B>
</DIV>

<DIV style="margin-top: 6pt">
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<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 Corporation is authorized to issue two classes of stock to be
designated, respectively,
the &#147;Common Stock&#148; and &#147;Preferred Stock.&#148; The total number of shares of
Capital Stock
is 200,000 shares, 50,000 shares of which shall be Common Stock, having a
par value of
$0.01 per share, and 150,000 shares of which shall be Preferred Stock,
having a par value
of $0.01 per share, all 150,000 of which shall be designated &#147;Series&nbsp;A
Preferred Stock.&#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 Board of Directors is authorized, subject to limitations
prescribed by law and the
provisions of this Article&nbsp;IV, to provide for the issuance of the shares of
Preferred stock
in series, and by filing a certificate pursuant to General Corporation Law
of Delaware, to
establish from time to time the number of shares to be included in each such
series, and to
fix the designation and relative rights and preferences of the shares of
each such series.
The authority of the Board of Directors with respect to each series shall
include, but not
be limited to, the determination of the following:</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number of shares constituting that series and the distinctive
designation of that series;</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rate of dividend, the time of payment of
dividends, whether dividends are cumulative, and the date from which any dividends shall accrue;</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether shares may be redeemed, and, if so, the
redemption price and the terms and conditions of redemption;</TD>
</TR>



</TABLE>
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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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount payable upon shares in the event of voluntary or involuntary
liquidation;</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sinking fund or other provisions, if any, for the redemption or purchase of shares;</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The terms and conditions on which shares may be converted, if the shares of
any series are issued with the privilege of conversion; 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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Voting powers, if any.</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">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The relative rights, preferences, and limitations granted to or imposed upon the
Series&nbsp;A Preferred Stock are as follows:</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Rank.</U> With regard to rights to receive dividends, redemption
payments and distributions upon liquidation, dissolution or winding up of the Corporation, the
Series&nbsp;A Preferred Stock shall rank senior to the common stock of the Corporation
(the &#147;<U>Common Stock</U>&#148;) and any other equity securities or other securities convertible
into or exercisable or exchangeable for Common Stock.</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Dividends and Distributions.</U></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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the rights of the holders of any shares of any
series of
Preferred Stock (or similar stock) ranking prior and superior to the Series
A Preferred Stock with respect to dividends, the record holders of one or
more shares of Series&nbsp;A Preferred Stock, as shown on the books and
records of the Corporation (the &#147;<U>Holders</U>&#148;), in preference to the holders
of Common Stock of the Corporation, and of any other Junior Stock (as
defined in Section 11(b)), shall be entitled to receive cumulative
dividends from the date hereof accruing at the rate of 15.1% per annum
per share of Series&nbsp;A Preferred Stock (the &#147;<U>Dividend Rate</U>&#148;), payable
quarterly in arrears out of funds legally available for the purpose in cash
on the last day of March&nbsp;31, June&nbsp;30, September&nbsp;30 and December&nbsp;31 in
each year (each such date being a &#147;<U>Quarterly Payment Date</U>&#148;),
commencing on the first Quarterly Payment Date after the date on which shares of Series&nbsp;A Preferred Stock are first issued by the Corporation (the
&#147;<U>Initial Issue Date</U>&#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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dividends on the Series&nbsp;A Preferred Stock shall accrue
whether or not
the Corporation has earnings or profits, whether or not there are funds
legally available for the payment of such dividends and whether or not
dividends are declared. Dividends will accumulate to the extent they are
not paid on the applicable Quarterly Payment Date of the period to which
they relate. Dividends paid on the shares of Series&nbsp;A Preferred Stock in
an amount less than the total amount of such dividends at the time
accrued and payable on such shares shall be allocated pro rata on a share-by-share
basis among all such shares at the time outstanding. The Board</TD>
</TR>





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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may fix a record date for determination of Holders entitled to receive payment of
a dividend or distribution declared thereon, which record date shall be not more
than 60&nbsp;days prior to the date fixed for the payment 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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Corporation shall have failed to pay any dividends on any two
consecutive Quarterly Payment Dates pursuant to Section 2(a) and (b), then the
Holders, voting separately as a class, shall have the right to designate and have
appointed immediately by the Board by resolution, or elect (if specified by the
Holders) at the next annual meeting of the stockholders of the Corporation or at any
special meeting, a director to the Board, regardless of the number of shares of
Series&nbsp;A Preferred Stock then owned by the Holders.</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Distributions Upon Liquidation, Dissolution or Winding Up.</U></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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of any voluntary or involuntary liquidation, dissolution or
other winding up of the affairs of the Corporation, before any payment or
distribution of the assets of the Corporation (whether capital or surplus)
or the proceeds thereof shall be made to or set apart for the holders of
Junior Stock, each Holder shall be entitled to receive out of the assets of
the Corporation or the proceeds thereof in cash or property at its fair
market value as determined by the Board the Liquidation Value (as
defined in Section&nbsp;11(c)) per share of the Series&nbsp;A Preferred Stock held
by such Holder, plus accrued and unpaid dividends, if any, on such share
to but excluding the date fixed for liquidation, dissolution or winding up
of the Corporation. Except as provided in this Section&nbsp;3(a), Holders shall
not be entitled to any distribution in the event of liquidation, dissolution
or winding up of the affairs 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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, upon any such liquidation, dissolution or other winding up of the
affairs of the Corporation, the assets of the Corporation or the proceeds
thereof, distributable among the Holders shall be insufficient to permit
the payment in full of the Liquidation Value per share of Series&nbsp;A
Preferred Stock plus an amount equal to all dividends accrued and
unpaid on the Series&nbsp;A Preferred Stock and liquidating payments on any
Parity Securities (as defined in Section 11(d)), then such assets, or the
proceeds thereof shall be ratably distributed among the Holders and any
other Parity Securities ratably in accordance with the respective amounts
that would be payable on such shares of Series&nbsp;A Preferred Stock and
such other Parity Securities if all amounts payable thereon were paid in
full. Neither the consolidation or merger of the Corporation into or with
another corporation or corporations, nor the sale, lease, transfer of
conveyance of all or substantially all of the assets of the Corporation to</TD>
</TR>





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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>another corporation or any other entity shall be deemed a liquidation,
dissolution or winding up of the affairs of the Corporation within the meaning
of this Section&nbsp;3.</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Redemption.</U></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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation, in its sole discretion, may redeem all or any part of the
outstanding shares of Series&nbsp;A Preferred Stock at any time by paying in
cash a redemption price in an amount equal to the Liquidation Value per
share plus all accrued and unpaid dividends up to but excluding the date
of redemption in respect of such share (the &#147;<U>Redemption Price</U>&#148;);
provided, however, the Corporation may not redeem all or any part of the
outstanding shares of the Series&nbsp;A Preferred Stock at any time prior to
the twelve anniversary of the issuance of the Series&nbsp;A Preferred Stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any redemption of the Series&nbsp;A Preferred Stock pursuant to Section 4(a)
may be made upon notice to all holders of record of the Series&nbsp;A
Preferred Stock at their respective addresses appearing on the books of
the Corporation. Such notice shall specify (i)&nbsp;the number of shares being
redeemed, (ii)&nbsp;the date of the redemption, and (iii)&nbsp;the Redemption Price.
If less than all the shares of Series&nbsp;A Preferred Stock are to be redeemed,
the Corporation shall redeem shares of Series&nbsp;A Preferred Stock from
each holder of record of Series&nbsp;A Preferred Stock pro rata based upon the
total number of shares of Series&nbsp;A Preferred Stock held by such holder
and the total number of issued and outstanding shares of Series&nbsp;A
Preferred Stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Series&nbsp;A Preferred Stock may be redeemed except with funds legally
available for the payment of the Redemption Price.</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Voting Rights.</U></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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as set forth in Section&nbsp;2(c), this Section&nbsp;5 or as otherwise
provided by law, no Holder solely by virtue of being a holder of shares
of Series&nbsp;A Preferred Stock shall be entitled to vote at any meeting of
stockholders of the Corporation (and written actions of stockholder in
lieu of meetings) on any matter presented to the stockholders of the
Corporation for their action or consideration.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>So long as the shares of Series&nbsp;A Preferred Stock are outstanding, the
Corporation shall not, without the affirmative vote of holders that own
more than 50% of the then outstanding shares of Series&nbsp;A Preferred
Stock (voting as a single class), either at a meeting of the Holders duly
called for such purpose or by written consent (i)&nbsp;amend, alter or repeal
(by merger, consolidation, combination, reclassification or otherwise) the</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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 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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>terms of the Series&nbsp;A Preferred Stock, the Articles of Incorporation or the
bylaws of the Corporation so as to adversely affect the preferences, rights or
powers of the Series&nbsp;A Preferred Stock or (ii)&nbsp;issue any shares of preferred
stock (including additional shares of Series&nbsp;A Preferred Stock) which are senior
to or pari passu with the Series&nbsp;A Preferred Stock with respect to dividend
rights, rights of redemption or rights upon liquidation, dissolution, winding up
or otherwise.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The vote required by Section 5(b) shall be in addition to any
approval of stockholders of the Corporation required by law.</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Reissuance of Shares.</U> Shares of the Series&nbsp;A Preferred Stock which have been
issued and reacquired in any manner, including shares redeemed, repurchased or
converted, shall have the status of authorized and unissued share of a class of
Preferred Stock undesignated as to series and may be redesignated and reissued
as part of any series of the Preferred Stock.</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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Mutilated or Missing Stock Certificates.</U> If any of the Series&nbsp;A Preferred Stock
certificates shall be mutilated, lost, stolen or destroyed, the Corporation shall
issue, in exchange and in substitution for and upon cancellation of the mutilated
Series&nbsp;A Preferred Stock certificate or in lieu or and substitution for the Series&nbsp;A
Preferred Stock certificate lost, stolen or destroyed, a new Series&nbsp;A Preferred
Stock certificate of like tenor and representing an equivalent amount of shares of
Series&nbsp;A Preferred Stock, but only upon receipt of evidence of such loss, theft or
destruction of such Series&nbsp;A Preferred Stock certificate and indemnity, if
requested, satisfactory to 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exclusion of Other Rights.</U> Except as may otherwise be required by law, the
shares of Series&nbsp;A Preferred Stock shall not have any voting powers, preferences
and relative, participating, optional or other special rights, other than those
specifically set forth in this Certificate of Incorporation.</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">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><u>Heading of Subdivisions.</u> The headings of the various subdivisions hereof
are for convenience of reference only and shall not affect the interpretation of
any of the provisions 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Notice.</U> All notices, requests and other communications to the Holders shall
be given at the address of such holder as shown on the books of the Corporation.
The Holders may waive any notice required hereunder by a writing signed before
or after the time required for notice or the action in question.</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">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Definitions.</U> Unless the context otherwise requires, the terms defined in this
Section&nbsp;11 shall have, for all purposes of this Article&nbsp;IV, the meanings herein
specified (with terms defined in the singular having comparable meanings when
used in the plural).</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV 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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<U>Capital Stock</U>&#148;) shall mean, with respect to any Person (as
defined in
Section 11(e)), any and all shares, interest, participations, rights
in, or
other equivalents (however designated and whether voting and/or non-voting)
of such Person&#146;s capital stock, whether outstanding on the
Initial
Issue Date or issued after the Initial Issue Date, and any and all
rights,
warrants or options exchangeable for or convertible into such capital
stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<U>Junior Stock</U>&#148; shall mean the Common Stock (or
other Capital Stock of
the Corporation) and any other series of preferred stock established
by
the Board that by its terms is junior to the Series&nbsp;A Preferred
Stock,
either as to payment of dividends or as to the distribution of assets
upon
liquidation, dissolution or winding up, or both.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<U>Liquidation Value</U>&#148; shall mean on any
determination date, with respect
to any share of Series&nbsp;A Preferred Stock, $1,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<U>Parity Securities</U>&#148; shall mean Capital Stock of
the Corporation with
which the Series&nbsp;A Preferred Stock ranks on parity (whether with
respect
to dividend rights, rights of redemption or rights upon liquidation,
dissolution, winding up or otherwise).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<U>Person</U>&#148; shall mean an individual, partnership,
corporation, limited
liability company, business trust, joint stock company,
trust,
unincorporated association, joint venture, governmental authority or
other entity of whatever nature.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE FIVE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of directors of the Corporation shall be fixed by, or in the manner provided in,
the Bylaws. Initially, the number of directors constituting the Board of Directors is three and
the names and addresses of the persons who are initially to serve as directors until the first
annual meeting of the shareholders or until such director&#146;s respective successor is elected and
qualified are:
</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="38%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Address</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gene C. Stahl
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">#600, 10370 Richmond Avenue</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">Houston, Texas</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">USA 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kenneth J. Haddad
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">#600, 10370 Richmond Avenue</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">Houston, Texas</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">USA 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert J. McNally
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">#4200, 150 &#150; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue SW</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">Calgary, Alberta</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">Canada T2P 3Y7</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE SIX</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any action required by the Delaware General Corporation Law, to be taken at any annual or
special meeting of stockholders of the Corporation, or any action that may be taken at any annual
or special meeting of stockholders of the Corporation, may be taken without a meeting, without
prior notice, and without a vote, if a consent or consents in writing, setting forth the action so
taken, shall be signed by the holder or holders of shares having not less than the minimum number
of votes that would be necessary to take such action at a meeting at which holders of all shares
entitled to vote on the action were present and voted.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE SEVEN</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The liability of the directors of the Corporation to the Corporation or its stockholders for
monetary damages for acts or omission occurring in their capacity as directors shall be limited to
the fullest extent permitted by applicable laws, as such laws now exist and to such greater extent
as they may provide in the future. Any repeal or modification of this Article shall operate
prospectively only and shall not adversely affect any limitation of liability which then exists as
a result hereof.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE EIGHT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall indemnify and advance expenses to all current and former officers of
the Corporation to the fullest extent permitted by applicable laws, as such laws now exist and to
such greater extent as they may provide in the future. Any repeal or modification of this Article
shall operate prospectively only and shall not adversely affect any limitation of liability which
then exists as a result hereof,
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE NINE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any matter for which the affirmative vote of the holders of a specified
portion of the shares entitled to vote is required by the Delaware General Corporate Law and the
act of the stockholders on that matter shall be the affirmative vote of the holders of a majority
of the shares entitled to vote on that matter, rather than the affirmative vote otherwise required
by the Delaware General Corporate Law. With respect to any matter for which the affirmative vote of
the holders of a specified portion of the shares of any class or series entitled to vote is
required by the Delaware General Corporate Law and the act of the holders of shares of that class
or series on that matter shall be the affirmative vote of the holders of a majority of the shares
of that class or series, rather than the affirmative vote of the holders of shares of that class or
series otherwise required by the Delaware General Corporate Law.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE TEN</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power to alter, amend or repeal the Corporation&#146;s Bylaws and to adopt new Bylaws shall be
vested in the Board of Directors, subject to repeal or change by the affirmative vote of the
holders of the majority of the voting power of all the then outstanding shares of capital stock of
the Corporation.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE ELEVEN</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by law, the Corporation renounces any interest or expectancy
in, or in being offered an opportunity to participate in, all business opportunities that are
presented to one or more holders of the Preferred Stock or Common Stock issued upon conversion of
or in exchange for Preferred Stock and their affiliates unless, in the case of an affiliate of
such a holder who is serving as a
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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 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">director of the Corporation, such business opportunity is expressly presented to such affiliate
solely in his or her capacity as a director of the Corporation.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE TWELVE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and mailing address of the incorporator is
as follows:
</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="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Address</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Divian Dennis
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">#4200, 150 &#150; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue SW</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">Calgary, Alberta</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">Canada T2P 3Y7</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE THIRTEEN</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation is to have perpetual existence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>I, THE UNDERSIGNED, </B>for the purpose of forming a corporation pursuant to the General
Corporation Law of Delaware, do make, file and record this Certificate, and do certify that the
facts herein stated are true, and I have accordingly, hereunto set my hand this 2<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> day
of November, 2010.
</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="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Divian Dennis
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Divian Dennis
</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">Incorporator</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.14
<SEQUENCE>15
<FILENAME>o69608exv3w14.htm
<DESCRIPTION>EX-3.14
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w14</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.14</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BY-LAWS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PRECISION COMPLETION &#038; PRODUCTION SERVICES LTD.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE I.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>OFFICES</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.1 <U>Registered Office and Agent</U>. The registered office of the Corporation in
the State of Delaware is 1209 Orange Street, in the City of Wilmington, County of New Castle. The
name of the registered agent of the Corporation at such address is The Corporation Trust Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.2 <U>Other Places</U> The Corporation may also have offices at such other places
both within and without the State of Delaware as the Board of Directors may from time to time
determine or the business of the Corporation may require.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>STOCKHOLDERS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.1 <U>Time and Place of Meetings</U>. All meetings of the stockholders for the
election of directors or for any other purpose shall be held at such time and place, within or
without the State of Delaware, as shall be designated by the Board of Directors. In the absence of
a designation of a place for any such meeting by the Board of Directors, each such meeting shall
be held at the principal office of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.2 <U>Annual Meetings</U>. An annual meeting of stockholders shall be held for the
purpose of electing directors and transacting such other business as may properly be brought before
the meeting. The date of the annual meeting shall be determined by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.3 <U>Special Meetings</U>. Special meetings of the stockholders, for any purpose or
purposes, unless otherwise prescribed by the Certificate of Incorporation or by law, (a)&nbsp;may be
called by the President and (b)&nbsp;shall be called by the Secretary (i)&nbsp;at the direction of a majority
of the Board of Directors, or (ii)&nbsp;at the request in writing delivered to the President or the
Secretary of the Corporation of stockholders owning a majority in amount of the entire capital
stock of the Corporation issued and outstanding and entitled to vote. Such request shall state the
purpose or purposes of the proposed meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.4 <U>Notice of Meetings</U>. Written notice of each meeting of the stockholders
stating the place, date and time of the meeting shall be given not less than ten (10)&nbsp;nor more
than sixty (60)&nbsp;days before the date of the meeting to each stockholder entitled to vote at such
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">meeting. The notice of any special meeting of stockholders shall state the purpose or purposes for
which the meeting is called. Business transacted at any special meeting of stockholders shall be
limited to the purpose or purposes stated in the notice. Neither the business to be transacted at
nor the purpose of an annual or special meeting of stockholders need be specified in any written
waiver of notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.5 <U>Quorum; Adjournments</U>. The holders of a majority of the stock issued and
outstanding and entitled to vote thereat, present in person or represented by proxy, shall
constitute a quorum at all meetings of the stockholders for the transaction of business, except as
otherwise required by these By-laws, the Certificate of Incorporation, or the Delaware General
Corporation Law as from time to time in effect (&#147;<U>Delaware Law</U>&#148;). If a quorum is not
represented, the holders of the stock present in person or represented by proxy at the meeting and
entitled to vote thereat shall have power, by the affirmative vote of the holders of a majority of
such stock, to adjourn the meeting to another time and/or place, without notice other than
announcement at the meeting, except as hereinafter provided, until a quorum shall be present or
represented. At such adjourned meeting, at which a quorum shall be present or represented, any
business may be transacted which might have been transacted at the original meeting. If the
adjournment is for more than thirty (30)&nbsp;days or if after the adjournment a new record date is
fixed for the adjourned meeting, which record date shall not be more than sixty (60)&nbsp;nor less than
ten (10)&nbsp;days before the date of such meeting, a notice of the adjourned meeting shall be given to
each stockholder of record entitled to vote at the meeting. Withdrawal of stockholders from any
meeting shall not cause the failure of a duly constituted quorum at such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.6 <U>Voting</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;At all meetings of the stockholders, each stockholder shall be entitled to vote, in
person, or by proxy appointed in an instrument in writing subscribed by the stockholder or
otherwise appointed in accordance with Section&nbsp;212 of the Delaware Law, each share of voting stock
owned by such stockholder of record on the record date for the meeting. Each stockholder shall be
entitled to one vote for each share of voting stock held by such stockholder, unless otherwise
provided in the Delaware Law or the Certificate of Incorporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;When a quorum is present at any meeting, the affirmative vote of the holders of a
majority of the stock having voting power present in person or represented by proxy and voting
shall decide any question brought before such meeting, unless the question is one upon which, by
express provision of law or of the Certificate of Incorporation, a different vote is required, in
which case such express provision shall govern and control the decision of such question. Any
stockholder who is in attendance at a meeting of stockholders either in person or by proxy but who
abstains from the vote on any matter, shall not be deemed present or represented at such meeting
for purposes of the preceding sentence with respect to such vote, but shall be deemed present or
represented at such meeting for all other purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.7 <U>Informal Action by Stockholders</U>. Any action required to be taken at a
meeting of the stockholders or any other action which may be taken at a meeting of the
stockholders, may be taken without a meeting, without prior notice and without a vote, if a
consent in writing, setting forth the action so taken, shall be signed by the holders of
outstanding stock having not less than the minimum number of votes that would be necessary to
authorize or
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">take such action at a meeting at which all shares entitled to vote thereon were present and voted.
Prompt notice of the taking of the corporate action without a meeting by less than unanimous
written consent shall be given to those stockholders who have not consented in writing.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>DIRECTORS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.1 <U>General Powers</U>. The business and affairs of the Corporation shall be
managed and controlled by or under the direction of its Board of Directors, which may exercise all
such powers of, and do all such acts and things as may be done by, the Corporation and do all such
lawful acts and things as are not by law or by the Certificate of Incorporation or by these
By-laws directed or required to be exercised or done solely by the stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.2 <U>Number, Qualification and Tenure</U>. The Board of Directors of the
Corporation shall consist of not less than one (1)&nbsp;member and not more than ten (10)&nbsp;members.
Within the limit above specified, the number of directors shall be determined from time to time by
resolution of the Board of Directors. The number of directors initially shall be fixed at one. The
directors shall be elected at the annual meeting of the stockholders, except as provided in the
Certificate of Incorporation or Section&nbsp;3.3 of this Article, and each director elected shall hold
office until his or her successor is elected and qualified or until his or her earlier death,
termination, resignation or removal from office. Directors need not be stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.3 <U>Vacancies and Newly-Created Directorships</U>. Vacancies and newly created
directorships resulting from any increase in the number of directors may be filled by a majority of
the directors then in office, although less than a quorum, or by a sole remaining director, and
each director so chosen shall hold office until his or her successor is elected and qualified or
until his or her earlier death, termination, resignation, retirement, disqualification or removal
from office. If there are no directors in office, then an election of directors may be held in the
manner provided by Delaware Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.4 <U>Place of Meetings</U>. The Board of Directors may hold meetings, both regular
and special, either within or without the State of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.5 <U>Meetings</U>. The Board of Directors shall hold a regular meeting, to be known
as the annual meeting, immediately following each annual meeting of the stockholders. Other regular
meetings of the Board of Directors shall be held at such time and place as shall from time to time
be determined by the Board of Directors. No notice of regular meetings need be given, other than by
announcement at the immediately preceding regular meeting. Special meetings of the Board of
Directors shall be called by the President or by the Secretary on the written request of a majority
of the Board of Directors. Notice of any special meeting of the Board of Directors shall be given
at least two (2)&nbsp;days prior thereto, either in writing, or telephonically if confirmed promptly in
writing, to each director at the address shown for such director on the records of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.6 <U>Waiver of Notice; Business and Purpose</U>. Notice of any meeting of the Board
of Directors may be waived in writing signed by the person or persons entitled to such notice
either before or after the time of the meeting. The attendance of a director at any meeting
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall constitute a waiver of notice of such meeting, except where a director attends a meeting for
the express purpose of objecting to the transaction of any business because the meeting is not
lawfully called or convened and at the beginning of the meeting records such objection with the
person acting as secretary of the meeting and does not thereafter vote on any action taken at the
meeting. Neither the business to be transacted at nor the purpose of any regular or special
meeting of the Board need be specified in the notice or waiver of notice of such meeting, unless
specifically required by Delaware Law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.7 <U>Quorum and Manner of Acting</U>. At all meetings of the Board of Directors, a
majority of the total number of directors shall constitute a quorum for the transaction of
business. If a quorum shall not be present at any meeting of the Board of Directors, the directors
present thereat may adjourn the meeting from time to time, without notice other than announcement at
the meeting, until a quorum shall be present. The act of a majority of the directors present at any
meeting at which there is a quorum shall be the act of the Board of Directors, except as may be
otherwise specifically provided by Delaware Law or by the Certificate of Incorporation. Withdrawal
of directors from any meeting shall not cause the failure of a duly constituted quorum at such
meeting. A director who is in attendance at a meeting of the Board of Directors but who abstains
from the vote on any matter shall not be deemed present at such meeting for purposes of the
preceding sentence with respect to such vote but shall be deemed present at such meeting for all
other purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.8 <U>Organization</U>. The Chairman of the Board, if elected, shall act as chairman
at all meetings of the Board of Directors. If the Chairman of the Board is not elected or, if
elected, is not present, the Vice Chairman, if any, or if no such Vice Chairman is present, a
director chosen by a majority of the directors present, shall act as chairman at such meeting of
the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.9 <U>Committees</U>. The Board of Directors, by resolution adopted by a majority of
the whole Board of Directors, may designate one or more directors to constitute an Executive
Committee. The Board of Directors, by resolution adopted by a majority of the whole Board of
Directors, may create one or more other committees and appoint one or more directors to serve on
such committee or committees. Each director appointed to serve on any such committee shall serve,
unless the resolution designating the respective committee is sooner amended or rescinded by the
Board of Directors, until the next annual meeting of the Board of Directors or until their
respective successors are designated. The Board of Directors, by resolution adopted by a
majority of the whole Board of Directors, may also designate additional directors as alternate
members of any committee to serve as members of such committee in the place and stead of any
regular member or members thereof who may be unable to attend a meeting or otherwise unavailable to
act as a member of such committee. In the absence or disqualification of a member and all alternate
members designated to serve in the place and stead of such member, the member or members thereof
present at any meeting and not disqualified from voting, whether or not such member or members
constitute a quorum, may unanimously appoint another director to act at the meeting in the place
and stead of such absent or disqualified member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive Committee shall have and may exercise all the powers and authority of the
Board of Directors in the management of the business and affairs of the Corporation between
the meetings of the Board of Directors, and any other committee may exercise the power and
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">authority of the Board of Directors to the extent specified by the resolution establishing such
committee, the Certificate of Incorporation or these By-laws; <U>provided</U>, <U>however</U>,
that no committee may take any action that is expressly required by Delaware Law, the Certificate
of Incorporation or these By-laws to be taken by the Board of Directors and not by a committee
thereof. Each committee shall keep a record of its acts and proceedings, which shall form a part
of the records of the Corporation in the custody of the Secretary, and all actions of each
committee shall be reported to the Board of Directors at the next meeting of the Board of
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings of committees may be called at any time by the Chairman of the Board, if any, the
President or the chairman of the respective committee. A majority of the members of the committee
shall constitute a quorum for the transaction of business and, except as expressly
limited by this Section&nbsp;3.9, the act of a majority of the members present at any meeting at
which there is a quorum shall be the act of such committee. Except as expressly provided in this
Section&nbsp;3.9 or in the resolution designating the committee, a majority of the members of any such
committee may select its chairman, fix its rules of procedure, fix the time and place of its
meetings and specify what notice of meetings, if any, shall be given.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.10 <U>Action without Meeting</U>. Unless otherwise specifically prohibited by the
Certificate of Incorporation or these By-laws, any action required or permitted to be taken at any
meeting of the Board of Directors or of any committee thereof, may be taken without a meeting if
all members of the Board of Directors or such committee, as the case may be, execute a consent
thereto in writing setting forth the action so taken, and the writing or writings are filed with
the minutes of proceedings of the Board of Directors or such committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.11 <U>Attendance by Telephone</U>. Members of the Board of Directors or any
committee thereof may participate in and act at any meeting of the Board of Directors, or such
committee, as the case may be, through the use of a conference telephone or other communications
equipment by means of which all persons participating in the meeting can hear each other.
Participation in such meeting shall constitute attendance and presence in person at the meeting of
the person or persons so participating.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.12 <U>Compensation</U>. Directors may be paid such compensation for their services
and such reimbursement for expenses of attendance at meetings as the Board of Directors may from
time to time determine. These payments shall not preclude any director from serving the
Corporation in any other capacity and receiving compensation therefor.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>OFFICERS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.1 <U>Enumeration</U>. The officers of the Corporation shall be chosen by the Board
of Directors and shall include a President and a Secretary and may include one or more Vice
Presidents and a Treasurer. The Board of Directors may also elect a Chairman of the Board, a Vice
Chairman, one or more Assistant Secretaries and Assistant Treasurers and such other officers and
agents as it may deem appropriate. Any number of offices may be held by the same person. No
officer need be a stockholder.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.2 <U>Term of Office</U>. The officers of the Corporation shall be elected at the
annual meeting of the Board of Directors and shall hold office until their successors are elected
and qualified, or until their earlier death, termination, resignation or removal from office. Any
officer or agent of the Corporation may be removed at any time by the Board of Directors, with or
without cause. Any vacancy in any office because of death, resignation, termination, removal,
disqualification or otherwise, may be filled by the Board of Directors for the unexpired portion
of the term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.3 <U>Chairman of the Board</U>. The Chairman of the Board, when and if elected,
shall preside at meetings of the Board of Directors and of stockholders and shall have such other
functions, authority and duties as customarily appertain to the office of the Chairman of the
Board. The Chairman of the Board, if any, shall be a member of the Board of Directors of the
Corporation. Unless the Board of Directors has appointed a Chief Executive Officer, he shall act
as the Chief Executive Officer of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.4 <U>Vice Chairman</U>. The Vice Chairman, if any, in the absence of the Chairman
of the Board or in the event of the Chairman of the Board&#146;s inability or refusal to act, shall
have the authority to perform the duties of the Chairman of the Board and such other duties as may
from time to time be prescribed by the Board of Directors or the Chairman of the Board. The Vice
Chairman, if any, shall be a member of the Board of Directors of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.5 <U>Chief Executive Officer</U>. The Chief Executive Officer, when and if elected,
shall be responsible for general supervision of the business of the Corporation and over its
several officers and be the Corporation&#146;s general manager. He may execute and deliver in the name and
on behalf of the Corporation, deeds, mortgages, leases, assignments, bonds, contracts or other
instruments authorized by the Board of Directors. He shall, unless otherwise directed by the Board
of Directors, attend in person or by substitute or by proxy appointed by him and act and vote on
behalf of the Corporation at all meetings of the stockholders of any corporation in which the
Corporation holds stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.6 <U>President</U>. During any period when there shall be an office of Chairman of
the Board and Chief Executive Officer, the President shall be the chief operating officer of the
Corporation and shall have such functions, authority and duties as may be prescribed by the Board
of Directors, the Chairman of the Board or the Chief Executive Officer. During any period when
there shall not be an office of Chairman of the Board or Chief Executive Officer, the
President shall be the Chairman of the Board or Chief Executive Officer, as the case may be, and,
as such, shall have the functions, authority and duties provided for the Chairman of the Board or
Chief Executive Officer, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.7 <U>Vice President</U>. Each Vice President shall perform such duties and have
such other powers as may from time to time be prescribed by the Board of Directors, the Chairman
of the Board, the Chief Executive Officer or the President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.8 <U>Secretary</U>. The Secretary shall (a)&nbsp;keep a record of all proceedings of
the stockholders, the Board of Directors and any committees thereof in one of more books provided
for that purpose; (b)&nbsp;give, or cause to be given, all notices that are required by law or these
By- laws to be given by the Secretary; (c)&nbsp;be custodian of the corporate records and, if the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Corporation has a corporate seal, of the seal of the Corporation; (d)&nbsp;have authority to affix the
seal of the Corporation to all instruments the execution of which requires such seal and to attest
such affixing of the seal; (e)&nbsp;keep a register of the post office address of each stockholder which
shall be furnished to the Secretary by such stockholder; (f)&nbsp;sign, with the Chairman of the Board
or the Vice Chairman, if any, Chief Executive Officer, President or any Vice President, or any
other officer thereunto authorized by the Board of Directors, any certificates for shares of the
Corporation, or any deeds, mortgages, bonds, contracts or other instruments which the Board of
Directors has authorized to be executed by the signature of more than one officer; (g)&nbsp;have general
charge of the stock transfer books of the Corporation; (h)&nbsp;have authority to certify as true and
correct, copies of the By-laws, resolutions of the stockholders, the Board of Directors and
committees thereof, and of other documents of the Corporation; and (i)&nbsp;in general, perform the
duties incident to the office of secretary and such other duties as from time to time may be
prescribed by the Board of Directors, the Chairman of the Board, the Chief Executive Officer or the
President. The Board of Directors may give general authority to any other officer to affix the seal
of the Corporation and to attest such affixing of the seal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.9 <U>Assistant Secretary</U>. The Assistant Secretary, if any, or if there shall
be more than one, each Assistant Secretary, in the absence of the Secretary or in the event of the
Secretary&#146;s inability or refusal to act, shall have the authority to perform the duties of the
Secretary, subject to such limitations thereon as may be imposed by the Board of Directors, and
such other duties as may from time to time be prescribed by the Board of Directors, the Chairman
of the Board, the Chief Executive Officer, the President or the Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.10 <U>Treasurer</U>. The Treasurer shall be the principal accounting and financial
officer of the Corporation. The Treasurer shall (a)&nbsp;have charge of, and be responsible for, the
maintenance of adequate books of account for the Corporation; (b)&nbsp;have charge and custody of all
funds and securities of the Corporation, and be responsible therefor and for the receipt and
disbursement thereof; and (c)&nbsp;perform the duties incident to the office of treasurer and such other
duties as may from time to time be prescribed by the Board of Directors, the Chairman of the Board,
the Chief Executive Officer or the President. The Treasurer may sign with the Chairman or the Vice
Chairman, if any, or the Chief Executive Officer, the President, or any Vice President, or any
other officer thereunto authorized by the Board of Directors, certificates for shares of the
Corporation. If required by the Board of Directors, the Treasurer shall give a bond for the
faithful discharge of his or her duties in such sum and with such surety or sureties as the Board
of Directors may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.11 <U>Assistant Treasurer</U>. The Assistant Treasurer, if any, or if there shall
be more than one, each Assistant Treasurer, in the absence of the Treasurer or in the event of the
Treasurer&#146;s inability or refusal to act, shall have the authority to perform the duties of the
Treasurer, subject to such limitations thereon as may be imposed by the Board of Directors, and
such other duties as may from time to time be prescribed by the Board of Directors, the Chairman
of the Board, the Chief Executive Officer, the President or the Treasurer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.12 <U>Other Officers and Agents</U>. Any officer or agent who is elected or
appointed from time to time by the Board of Directors and whose duties are not specified in these
By-laws shall perform such duties and have such powers as may from time to time be
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">prescribed by the Board of Directors, the Chairman of the Board, the Chief Executive Officer or
the President.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>CERTIFICATES OF STOCK AND THEIR TRANSFER</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.1 <U>Form</U>. The shares of the Corporation shall be represented by certificates
in such form as any officer may approve; <U>provided</U>, <U>however</U>, the Board of Directors
may provide by resolution or resolutions that some or all of any or all classes or series of the
Corporation&#146;s stock shall be uncertificated shares. Each certificate for shares shall be
consecutively numbered or otherwise identified. Certificates of stock in the Corporation shall be
signed by or in the name of the Corporation by (i)&nbsp;the Chairman of the Board, the Chief Executive
Officer, the President or a Vice President and by (ii)&nbsp;the Treasurer or an Assistant Treasurer, or the Secretary or an
Assistant Secretary of the Corporation. Where a certificate is countersigned by a transfer agent,
other than the Corporation or an employee of the Corporation, or by a registrar, the signatures of
one or more officers of the Corporation may be facsimiles. In case any officer, transfer agent or
registrar who has signed or whose facsimile signature has been placed upon a certificate shall have
ceased to be such officer, transfer agent or registrar before such certificate is issued, the
certificate may be issued by the Corporation with the same effect as if such officer, transfer
agent or registrar were such officer, transfer agent or registrar at the date of its issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.2 <U>Transfer</U>. Upon surrender to the Corporation or the transfer agent of the
Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of
succession, assignment or authority to transfer, it shall be the duty of the Corporation to
issue a new certificate of stock or uncertificated shares in place of any certificate theretofore
issued by the Corporation to the person entitled thereto, cancel the old certificate and record the
transaction in its stock transfer books.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.3 <U>Replacement</U>. In case of the loss, destruction, mutilation or theft of a
certificate for any stock of the Corporation, a new certificate of stock or uncertificated shares
in place of any certificate theretofore issued by the Corporation may be issued upon the surrender
of the mutilated certificate or, in the case of loss, destruction or theft of a certificate, upon
satisfactory proof of such loss, destruction or theft and upon such terms as the Board of
Directors may prescribe. The Board of Directors may in its discretion require the owner of the
lost, destroyed or stolen certificate, or his
legal representative, to give the Corporation a bond, in such sum and in such form and with
such surety or sureties as it may direct, to indemnify the Corporation against any claim that may
be made against it with respect to the certificate alleged to have been lost, destroyed or stolen.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>INDEMNIFICATION OF DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.1 <U>Third Party Actions</U>. The Corporation shall indemnify any person who was
or is a party or is threatened to be made a party to any threatened, pending, or completed action,
suit or proceeding, whether civil, criminal, administrative, or investigative, including all
appeals (other than an action, suit or proceeding by or in the right of the Corporation) by reason
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of the fact that he is or was a director or officer of the Corporation (and the Corporation, in
the discretion of the Board of Directors, may so indemnify a person by reason of the fact that he
is or was an employee or agent of the Corporation or is or was serving at the request of the
Corporation in any other capacity for or on behalf of the Corporation), to the fullest extent
permitted by law, including indemnifying such person against expenses (including attorneys&#146; fees),
judgments, decrees, fines, penalties, and amounts paid in settlement actually and reasonably
incurred by him in connection with such action, suit or proceeding if he acted in good faith and
in a manner which he reasonably believed to be in or not opposed to the best interests of the
Corporation and, with respect to any criminal action or proceeding, had no reasonable cause to
believe his conduct was unlawful; <U>provided</U>, <U>however</U>, the Corporation shall be
required to indemnify an officer or director
in connection with an action, suit or proceeding initiated by such person only if such action,
suit or proceeding was authorized by the Board of Directors. The termination of any action, suit
or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its
equivalent, shall not, of itself, create a presumption that the person did not act in good faith
or in a manner which he reasonably believed to be in or not opposed to the best interests of the
Corporation and, with respect to any criminal action or proceeding, had reasonable cause to
believe that his conduct was unlawful.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.2 <U>Actions By or in the Right of the Corporation</U>. The Corporation shall
indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending, or completed action or suit, including all appeals, by or in the right of the Corporation
to procure a judgment in its favor by reason of the fact that he is or was a director or officer of the
Corporation (and the Corporation, in the discretion of the Board of Directors, may so indemnify a
person by reason of the fact that he is or was an employee or agent of the Corporation or is or was
serving at the request of the Corporation in any other capacity for or on behalf of the
Corporation), to the fullest extent permitted by law, including indemnifying such person against
expenses (including attorneys&#146; fees) actually and reasonably incurred by him in connection with the
defense or settlement of such action or suit if he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the Corporation, except that
no indemnification shall be made in respect of any claim, issue or matter as to which such person
shall have been finally adjudged to be liable for negligence or misconduct in the performance of
his duty to the Corporation unless and only to the extent that the court in which such action or suit was
brought, or any other court of competent jurisdiction, shall determine upon application that,
despite the adjudication of liability but in view of all the circumstances of the case, such person
is fairly and reasonably entitled to indemnity for such expenses as such court shall deem proper.
Notwithstanding the foregoing, the Corporation shall be required to indemnify an officer or
director in connection with an action, suit or proceeding initiated by such person only if such
action, suit or proceeding was authorized by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.3 <U>Indemnity if Successful</U>. To the extent that a present or former director,
officer, employee or agent of the Corporation has been successful on the merits or otherwise in
defense of any action, suit or proceeding referred to in Section&nbsp;6.1 or 6.2 of this Article, or in
defense of any claim, issue or matter therein, he shall be indemnified against expenses (including
attorneys&#146; fees) actually and reasonably incurred by him in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.4 <U>Standard of Conduct</U>. Except in a situation governed by Section&nbsp;6.3 of
this Article, any indemnification under Section&nbsp;6.1 or 6.2 of this Article (unless ordered by a
court)
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall be made by the Corporation only as authorized in the specific case upon a determination that
indemnification of the present or former director, officer, employee or agent is proper in the
circumstances because he has met the applicable standard of conduct set forth in Section&nbsp;6.1 or
6.2, as applicable, of this Article. Such determination shall be made, with respect to a person
who is a director or officer at the time of such determination: (i)&nbsp;by a majority vote of
directors who are not parties to such action, suit or proceeding, even though less than a quorum;
(ii)&nbsp;by a committee of such directors designated by majority vote of such directors, even though
less than a quorum; (iii)&nbsp;if there are no such directors, or if such directors so direct, by
independent legal counsel in a written opinion; or (iv)&nbsp;by the stockholders. The determination to
be made that indemnification is proper with respect to a person who is a former director or
officer, or an employee or agent of the Corporation, shall be made by a majority of the board of directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.5 <U>Expenses</U>. Expenses (including attorneys&#146; fees) of each officer and
director hereunder indemnified actually and reasonably incurred in defending any civil, criminal,
administrative or investigative action, suit or proceeding or threat thereof shall be paid by the
Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of
an undertaking by or on behalf of such person to repay such amount if it shall ultimately be
determined that he is not entitled to be indemnified by the Corporation as authorized in this
Article. Such expenses (including attorneys&#146; fees) incurred by former directors, officers,
employees, and agents may be so paid upon the receipt of the aforesaid undertaking and such terms
and conditions, if any, as the Board of Directors deems appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.6 <U>Nonexclusivity</U>. The indemnification and advancement of expenses provided
by, or granted pursuant to, other Sections of this Article shall not be deemed exclusive of any
other rights to which those seeking indemnification or advancement of expenses may now or
hereafter be entitled under any law, by-law, agreement, vote of stockholders or disinterested
directors or otherwise, both as to action in his official capacity and as to action in another
capacity while holding such office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.7 <U>Insurance</U>. The Corporation may purchase and maintain insurance on behalf
of any person who is or was a director, officer, employee or agent of the Corporation, or is or was
serving at the request of the Corporation as a director, officer, employee or agent of another
Corporation, partnership, joint venture, trust or other enterprise against any liability asserted
against him and incurred by him in any such capacity, or arising out of his status as such,
whether or not the Corporation would have the power to indemnify him against such liability under
the provisions of the Delaware Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.8 <U>Definitions</U>. For purposes of this Article, references to &#147;the
Corporation&#148; shall include, in addition to the resulting corporation, any constituent corporation
(including any constituent of a constituent) absorbed in a consolidation or merger which, if its
separate existence had continued, would have had the power and authority to indemnify any or all
of its directors, officers, employees and agents, so that any person who was a director, officer,
employee or agent of such constituent corporation, or was serving at the request of such
constituent corporation in any other capacity, shall stand in the same position under the
provisions of this Article with respect to the resulting or surviving corporation as such
person would have had with respect to such
constituent corporation if its separate existence had continued as such corporation was
constituted immediately prior to such merger.
</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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Article, references to &#147;other capacities&#148; shall include serving as a
trustee or agent for any employee benefit plan; references to &#147;fines&#148; shall include any excise
taxes assessed on a person with respect to an employee benefit plan; and references to &#147;serving at
the request of the Corporation&#148; shall include any service as a director, officer, employee or
agent of the Corporation which imposes duties on, or involves services by such director, officer,
employee, or agent with respect to an employee benefit plan, its participants, or beneficiaries. A
person who acted in good faith and in a manner he or she reasonably believed to be in the best
interests of the participants and beneficiaries of an employee benefit plan shall be deemed to
have acted in a manner &#147;not opposed to the best interests of the Corporation&#148; as referred to in
this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.9 <U>Severability</U>. If any provision hereof is invalid or unenforceable in any
jurisdiction, the other provisions hereof shall remain in full force and effect in such
jurisdiction, and the remaining provisions hereof shall be liberally construed to effectuate the
provisions hereof, and the invalidity of any provision hereof in any jurisdiction shall not affect
the validity or enforceability of such provision in any other jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.10 <U>Amendment</U>. The right to indemnification conferred by this Article shall
be deemed to be a contract between the Corporation and each person referred therein until amended
or repealed, but no amendment to or repeal of these provisions shall apply to or have any effect
on the right to indemnification of any person with respect to any liability or alleged liability
of such person for or with respect to any act or omission of such person occurring prior to such
amendment or repeal.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>GENERAL PROVISIONS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.1 <U>Fiscal Year</U>. The fiscal year of the Corporation shall be fixed from time
to time by resolution of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.2 <U>Corporation Seal</U>. The corporate seal, if any, of the Corporation shall be
in such form as may be approved from time to time by the Board of Directors. The seal may be used
by causing it or a facsimile thereof to be impressed or affixed or in any other manner reproduced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.3 <U>Notices and Mailing</U>. Except as otherwise provided in Delaware Law, the
Certificate of Incorporation or these By-laws, all notices required to be given by any provision of
these By-laws shall be deemed to have been given (i)&nbsp;when received, if given in person, (ii)&nbsp;on the
date of acknowledgment of receipt, if sent by telex, facsimile or other wire transmission,
(iii)&nbsp;one day after delivery, properly addressed, to a reputable courier for same day or overnight
delivery or (iv)&nbsp;three (3)&nbsp;days after being deposited, properly addressed, in the U.S. Mail,
certified or registered mail, postage prepaid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.4 <U>Waiver of Notice</U>. Whenever any notice is required to be given under the
Delaware Law or the provisions of the Certificate of Incorporation or these By-laws, a waiver
thereof in writing, signed by the person or persons entitled to said notice, whether before or
after the time stated therein, shall be deemed equivalent to notice.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.5 <U>Interpretation</U>. In these By-laws, unless a clear contrary intention
appears, the singular number includes the plural number and <U>vice versa</U>, and reference to
either gender includes the other gender.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>AMENDMENTS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These By-laws may be altered, amended or repealed or new By-laws may be adopted by the Board
of Directors. The fact that the power to amend, alter, repeal or adopt the By-laws has been
conferred upon the Board of Directors shall not divest the stockholders of the same powers.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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<DOCUMENT>
<TYPE>EX-3.15
<SEQUENCE>16
<FILENAME>o69608exv3w15.htm
<DESCRIPTION>EX-3.15
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w15</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.15</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="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Corporations Section
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="white-space: nowrap">Hope Andrade</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">P.O.Box 13697
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="white-space: nowrap">Secretary of State</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Austin, Texas 78711-3697</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960816.gif" alt="(SEAL)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Office of the Secretary of State</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE OF FILING<BR>
OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Precision Directional Services,
Inc. <BR>File Number: 801396161
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned, as Secretary of State of Texas, hereby certifies that a Certificate of
Formation for the above named Domestic For-Profit Corporation has been received in this office
and has been found to conform to the applicable provisions of law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ACCORDINGLY, the undersigned, as Secretary of State, and by virtue of the authority vested in
the secretary by law, hereby issues this certificate evidencing filing effective on the date
shown below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The issuance of this certificate does not authorize the use of a name in this state in
violation of the rights of another under the federal Trademark Act of 1946, the Texas
trademark law, the Assumed Business or Professional Name Act, or the common law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated: 03/11/2011

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective: 03/11/2011

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960817.gif" alt="(SEAL)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="o69608o6960818.gif" alt="(SIGNATURE)"><BR><BR>

<DIV style="margin-left:45px; text-indent:-0px">Hope Andrade <BR>Secretary of State</div></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>
</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="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap"><I>Come visit us on the internet at http://www.sos.state.tx.us/</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Phone: (512) 463-5555
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Fax: (512) 463-5709
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Dial: 7-1-1 for Relay Services</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Prepared by: Jean Marchione
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">TID: 10306
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Document: 358856330002</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Corporations Section
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Hope Andrade</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">P.O.Box 13697
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Secretary of State</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Austin, Texas 78711-3697</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960816.gif" alt="(SEAL)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Office of the Secretary of State</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">March&nbsp;11, 2011

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Capitol Services Inc<BR>
P O Box 1831<BR>
Austin, TX 78767 USA

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RE: Precision Directional Services, Inc.<BR>
 File Number: 801396161

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It has been our pleasure to file the certificate of formation and issue the enclosed
certificate of filing evidencing the existence of the newly created domestic for-profit
corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless exempted, the entity formed is subject to state tax laws, including franchise tax
laws. Shortly, the Comptroller of Public Accounts will be contacting the entity at its
registered office for information that will assist the Comptroller in setting up the
franchise tax account for the entity. Information about franchise tax, and contact
information for the Comptroller&#146;s office, is available on their web site at
<U>http://window.state.tx.us/taxinfo/franchise/index.html.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The entity formed does not file annual reports with the Secretary of State. Documents will
be filed with the Secretary of State if the entity needs to amend one of the provisions in
its certificate of formation. It is important for the entity to continuously maintain a
registered agent and office in Texas. Failure to maintain an agent or office or file a
change to the information in Texas may result in the involuntary termination of the entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If we can be of further service at any time, please let
us know.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sincerely,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Corporations Section<BR>
Business &#038; Public Filings Division<BR>
(512) 463-5555

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Enclosure

</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="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap"><I>Come visit us on the internet at http://www.sos.state.tx.us/</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Phone: (512) 463-5555
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Fax: (512) 463-5709
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Dial: 7-1-1 for Relay Services</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Prepared by: Jean Marchione
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">TID: 10285
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Document: 358856330002</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">







</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960828.gif" alt="(STAMP)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE OF FORMATION<BR>
OF<BR>
PRECISION DIRECTIONAL SERVICES, INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned person, acting as organizer of a corporation
(&#147;<B><I>Company</I></B>&#148;) under the Texas Business
Organizations Code (as amended, the &#147;<B><I>TBOC</I></B>&#148;),
hereby adopts the following Certificate of Formation for the Company:
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE I<BR>
NAME</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the Company is Precision Directional Services, Inc.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE II <BR>
ENTITY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The filing entity being formed is a corporation.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE III<BR>
PURPOSE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose for which the Company is organized is for the transaction of
any and all lawful business for which corporations may be organized under the TBOC.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE IV<BR>
DURATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The period of the duration of the Company is perpetual.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE V<BR>
INITIAL REGISTERED OFFICE AND AGENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s initial registered agent is CT Corporation System, and the
mailing address of its registered office is 350 N. St. Paul Street, Suite&nbsp;2900,
Dallas, Texas 75201.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE VI<BR>
ORGANIZER</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and address of the organizer is as follows:
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Michael G. Payne<BR>
Porter Hedges LLP<BR>
1000 Main Street, 36<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor<BR>
Houston, Texas 77002
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII<BR>
CAPITAL STOCK</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate number of shares of all classes of stock which the Company shall have
the authority to issue is 1,000 shares of common stock, par value $0.01 per share.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE VIII <BR>
BOARD OF DIRECTORS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of directors constituting the initial board of directors is three (3)&nbsp;and
each subsequent board of directors of the Company shall be fixed by, or in the manner provided in,
the Company&#146;s bylaws. None of the directors need to be a shareholder or a resident of the State of
Texas. Elections of directors need not be by written ballot unless the Company&#146;s bylaws provide
otherwise. Except as otherwise provided by law, the business and affairs of the Company shall be
managed by, or under the direction of, its board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and address of each person who will serve as an initial director until the first
annual meeting of shareholders and until such director&#146;s successor is elected and qualified is:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Address</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gene C. Stahl
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 &#150; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.</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">Calgary, AB T2P 3Y7, Canada</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kenneth J. Haddad
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10350 Richmond Ave., Suite&nbsp;700</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">Houston, Texas 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert J. McNally
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10350 Richmond Ave., Suite&nbsp;700</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">Houston, Texas 77042</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE IX<BR>
SHAREHOLDER ACTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any action required to be taken at any annual or special meeting of the shareholders of
the Company, or any action which may be taken at an annual or special meeting of such shareholders,
may be taken without a meeting, without prior notice and without a vote, if a consent or consents
setting forth the action so taken is signed by the holders of outstanding shares having not less
than the minimum number of votes that would be necessary to authorize or take such action at a
meeting at which all the shares entitled to vote thereon were present and voted. Prompt notice of
the taking of any action by shareholders without a meeting by less than unanimous written consent
shall be given to those shareholders who did not consent to the taking of such action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise required by law, special meetings of the shareholders of the Company may
be called only by the Chairman, the Chief Executive Officer or the President and shall be called
by any of the foregoing or the Secretary at the written request of a majority of the entire board
of directors, or upon written request of shareholders owning at least fifty percent (50%) of the
entire capital stock of the Company issued and outstanding and entitled to vote,
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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 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">stating the purpose of such meeting delivered to the Chairman, the Chief Executive Officer, the
President or Secretary.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE X<BR>
INDEMNIFICATION AND INSURANCE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person who at any time is or was a director or officer of the Company, and who
was, is or is threatened to be made a party to any proceeding (as defined in the TBOC), by reason
of the fact that such person is or was a director or officer of the Company, or is or was a
director or officer of the Company serving at the request of the Company as a director, officer,
partner, venturer, proprietor, trustee, employee, agent or similar functionary of another foreign
or domestic corporation, partnership, joint venture, sole proprietorship, trust, employee benefit
plan or other enterprise shall be indemnified by the Company to the fullest extent that an
enterprise is permitted to indemnify and advance expenses to such a person under the TBOC, or any
amendment thereto or enactment of other applicable law as may from time to time be in effect (but,
in the case of any such amendment or enactment, only to the extent that such amendment or law
permits the Company to provide broader indemnification rights than such law prior to such amendment
or enactment permitted the Company to provide), against judgments, penalties (including excise and
similar taxes), fines, settlements and reasonable expenses (including court costs and attorneys&#146;
fees) actually incurred by such person in connection with such proceeding. The Company&#146;s
obligations under this Article include, but are not limited to, the convening of any meeting, and
the consideration of any matter thereby, required by statute in order to determine the eligibility
of any person for indemnification. Expenses incurred in defending a proceeding shall be paid by the
Company in advance of the final disposition of such proceeding to the fullest extent permitted by
the TBOC or any other applicable laws as may from time to time be in effect. The Company&#146;s
obligation to indemnify and advance expenses shall arise, and all rights granted hereunder shall
vest, at the time of the occurrence of the transaction or event to which such proceeding relates,
or at the time that the action or conduct to which such proceeding relates was first taken or
engaged in (or omitted to be taken or engaged in), regardless of when such proceeding is first
threatened, commenced or completed. Notwithstanding any other provision of this Certificate of
Formation or the bylaws of the Company, no action taken by the Company, either by amendment of this
Certificate of Formation or the bylaws of the Company or otherwise, shall diminish or adversely
affect any rights to indemnification or prepayment of expenses granted under this Article which
shall have become vested as aforesaid prior to the date that such amendment or other corporate
action is taken. The rights to indemnification and prepayment of expenses which are conferred upon
the Company&#146;s directors and officers by this Article may be conferred upon any employee or agent of
the Company if, and to the extent, authorized by its board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may purchase and maintain insurance or make other arrangements, at its expense,
to protect itself and any such director, officer, employee, agent or person as specified in this
Certificate of Formation and bylaws of the Company, against any such expense, liability or loss,
whether or not the Company would have the power to indemnify him against such expense, liability
or loss under the TBOC.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE XI<BR>
EXONERATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the greatest extent permitted by applicable law in effect from time to time, a director or
officer of the Company shall not be liable to the Company or its shareholders for monetary damages
for an act or omission in the director&#146;s or officer&#146;s capacity as a director or officer of the
Company except to the extent that the director or officer is found to be liable under applicable
law for: (a)&nbsp;a breach of the person&#146;s duty of loyalty, if any, to the Company or its shareholders;
(b)&nbsp;an act or omission not committed in good faith that (i)&nbsp;constitutes a breach of a duty owed by
the person to the Company or its shareholders or (ii)&nbsp;involves intentional misconduct or a knowing
violation of law; (c)&nbsp;a transaction from which the person received an improper benefit, regardless
of whether the benefit resulted from an action taken within the scope of the person&#146;s duties; or
(d)&nbsp;an act or omission for which the liability of the person is expressly provided by an
applicable statute.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Certificate of Formation or the bylaws of the
Company, no action taken by the Company, either by amendment of this Certificate of Formation or
the bylaws of the Company or otherwise, shall diminish or adversely affect any right or protection
granted under this Article for or, with respect to, any acts or omissions of the director or
officer occurring prior to the date that such amendment or other corporate action is taken.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned, being the
organizer designated in <I><B>Article&nbsp;VI</B></I>,
executes this Certificate of Formation subject to the penalties imposed by law for the submission
of a materially false or fraudulent instrument.
</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="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ORGANIZER:</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Michael G. Payne
<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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael G. Payne</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">Dated: March&nbsp;9, 2011</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.16
<SEQUENCE>17
<FILENAME>o69608exv3w16.htm
<DESCRIPTION>EX-3.16
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w16</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.16</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BYLAWS</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>PRECISION DIRECTIONAL SERVICES, INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">(a Texas corporation)
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ADOPTED</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>MARCH 11, 2011</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Table of Contents</B></U>
</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="92%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE I OFFICES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.1 Registered Office and Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.2 Other Offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE II SHAREHOLDERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.1 Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.2 Annual Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.3 Special Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.4 Fixing Record Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.5 Notice of Shareholders&#146; Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.6 Voting List</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.7 Voting Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.8 Quorum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.9 Majority/Plurality Vote</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.10 Action by Shareholders Without Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.11 Telephonic Meeting and Alternative Forms of Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE III DIRECTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.1 Board of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.2 Number of Directors; Election; Term; Qualification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.3 Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.4 Removal of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.5 Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.6 First Meeting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.7 Regular Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.8 Special Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.9 Quorum; Majority Vote</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.10 Consent of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.11 Actions by Telephone or Electronic Communications System</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.12 Committees of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.13 Compensation of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.14 Resignation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.15 Conflict of Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IV NOTICES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.1 Method of Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.2 Waiver of Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE V OFFICERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.1 Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.2 Election</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.3 Term; Removal; Resignation; Vacancies; Compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.4 Chairman of the Board</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
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</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
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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="92%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.5 President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.6 Vice Presidents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.7 Controller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.8 Secretary and Assistant Secretaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.9 Treasurer and Assistant Treasurers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VI CERTIFICATES AND SHAREHOLDERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.1 Certificates of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.2 Transfer of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.3 Registered Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.4 Lost Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VII INDEMNIFICATION; INSURANCE; EXONERATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.1 Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.2 Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.3 Exoneration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VIII GENERAL PROVISIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.1 Distributions and Share Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.2 Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.3 Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.4 Annual Statement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.5 Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.6 Books and Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.7 Checks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.8 Fiscal Year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.9 Seal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IX BYLAWS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.1 Amendment, Alteration; Repeal of Bylaws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.2 Construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.3 Table of Contents; Headings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BYLAWS</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>PRECISION DIRECTIONAL SERVICES, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>(the </B><B><I>&#147;Company&#148;)</I></B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE I<BR>
OFFICES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.1 <U>Registered Office and Agent</U>. The registered office and registered agent of
the Company shall initially be listed in the Certificate of Formation of the Company (the
<B><I>&#147;Certificate of Formation&#148;). </I></B>The Company may change the registered office or registered agent by
filing the appropriate documents with the office of the Secretary of State of the State of Texas in
accordance with Section&nbsp;5.202 of the Texas Business Organizations Code, as amended (the <B><I>&#147;TBOC).</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.2 <U>Other Offices</U>. The Company may also have offices at such other places
both within and without the State of Texas as the Board of Directors may from time to time
determine or the business of the Company may require or as may be desirable.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II<BR>
SHAREHOLDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.1 <U>Meetings</U>. All meetings of shareholders for any purpose shall be held at
such times and places, within or without the State of Texas, as shall be stated in the notices of
the meetings or in executed waivers of notice thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.2 <U>Annual Meetings</U>. The annual meeting of shareholders shall be held
annually at such date, time, and place as shall be designated from time to time by the Board of
Directors and stated in the notice of meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.3 <U>Special Meetings</U>. Special meetings of the shareholders, for any purpose
or purposes, unless otherwise prescribed by law or by the Certificate of Formation or by these
Bylaws, may be called by the Chairman of the Board (if one has been elected) or the President and
shall be called by the Chairman of the Board (if one has been elected), the President or Secretary
at the request in writing of a majority of the Board of Directors, or at the request in writing of
shareholders owning at least fifty (50)&nbsp;percent of all shares of stock entitled to vote at such
meeting. A request for a special meeting shall state the purpose or purposes of the proposed
meeting. The person receiving the written request shall within five (5)&nbsp;days from the date of its
receipt cause notice of the meeting to be given in the manner provided in <B><I>Section&nbsp;2.5. </I></B>If the
person does not give notice of the meeting within five (5)&nbsp;days after the date of receipt of
written request, the person or persons calling the meeting may fix the time of meeting and give
notice in the manner provided in <B><I>Section </I></B><I><B>2.5.</B></I> Business transacted at any special meeting of
shareholders shall be limited to the purposes stated in the notice of such meeting or in an
executed waiver of notice thereof.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.4 <U>Fixing Record Date</U>. For the purpose of determining shareholders entitled
to notice of, or to vote at, any meeting of shareholders or any adjournment thereof, or entitled to
receive a distribution (other than a distribution involving a purchase or redemption by the Company
of any of its shares) or a share dividend, or in order to make a determination of shareholders for
any other proper purpose (other than determining shareholders entitled to consent to action by
shareholders proposed to be taken without a meeting), the Board of Directors may provide that the
stock transfer books shall be closed for a stated period but not to exceed, in any case, sixty (60)
days. If the stock transfer books shall be closed for the purpose of determining shareholders
entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at
least ten (10)&nbsp;days immediately preceding such meeting. In lieu of closing the stock transfer
books, the Board of Directors may fix in advance a date as a record date for the determination of
shareholders, such date to be not more than sixty (60)&nbsp;days and, in the case of a meeting of
shareholders, not less than ten (10)&nbsp;days prior to the date on which the particular action
requiring such determination of shareholders is to be taken. If the stock transfer books are not
closed and no record date is fixed for the determination of shareholders entitled to notice of or
to vote at a meeting of shareholders, or shareholders entitled to receive a distribution (other
than a distribution involving a purchase or redemption by the Company of any of its own shares) or
a share dividend, the date on which notice of the meeting is mailed or the date on which the
resolution of the Board of Directors declaring such distribution or share dividend is adopted, as
the case may be, shall be the record date for such determination of shareholders. When a
determination of shareholders entitled to vote at any meeting of shareholders has been made as
provided in this <B><I>Section&nbsp;2.4, </I></B> such determination shall be applied to any adjournment thereof except
when the determination has been made through the closing of the stock transfer books and the stated
period of closing has expired, in which case the Board of Directors shall make a new determination
as provided above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever action by shareholders is proposed to be taken by consent in writing without a
meeting of shareholders, the Board of Directors may fix a record date for the purpose of
determining shareholders entitled to consent to that action, which record date shall neither
precede nor be more than ten (10)&nbsp;days after the date upon which the resolution fixing the record
date is adopted by the Board of Directors; provided, however, that the Board of Directors may not
so fix a record date if a record date shall have previously been fixed or determined pursuant to
the provisions of this paragraph below. If no record date has been fixed by the Board of Directors
and the prior action of the Board of Directors is not required by the TBOC, the record date for
determining shareholders entitled to consent to action in writing without a meeting shall be the
first date on which a signed written consent setting forth the action taken or proposed to be
taken is delivered to the Company by delivery to its registered office, registered agent,
principal place of business, transfer agent, registrar, exchange agent, or an officer or agent of
the Company having custody of the books in which proceedings of meetings of shareholders are
recorded. Delivery shall be by hand or by certified or registered mail, return receipt requested.
Delivery to the Company&#146;s principal place of business shall be addressed to the President or the
principal executive officer of the Company. If no record date shall have been fixed by the Board
of Directors and prior action of the Board of Directors is required by the TBOC, the record date
for determining shareholders entitled to consent to action in writing without a meeting shall be
at the close of business on the date on which the Board of Directors adopts a resolution taking
such prior action.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.5 <U>Notice of Shareholders&#146; Meetings</U>. Written notice stating the place
(unless the meeting is to be held entirely by remote communication), day and hour of the meeting,
the means of any remote communications by which shareholders may be considered present and may
vote at the meeting, and, in case of a special meeting (or if otherwise required by law), the
purpose or purposes for which it is called, shall be delivered (unless otherwise required by law)
not less than ten (10)&nbsp;nor more than sixty (60)&nbsp;days before the date of the meeting, personally,
by consented-to form of electronic transmission, or by mail, by or at the direction of the
President, the Secretary, or the officer or person calling the meeting, to each shareholder of
record entitled to vote at such meeting. If a meeting is to be held by remote communication, the
notice shall also include information on how to access the list of shareholders entitled to vote
at the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice required to be given to any shareholder, under any provision of the TBOC, the
Certificate of Formation or these Bylaws, need not be given to the shareholder if (i)&nbsp;notice of two
consecutive annual meetings and all notices of meetings held during the period between those annual
meetings, if any, or (ii)&nbsp;all (but in no event less than two) payments (if sent by first class
mail) of distributions or interest on securities during a twelve-month period, have been mailed to
that person, addressed at his address as shown on the records of the Company, and have been
returned undeliverable. If such a person delivers to the Company a written notice setting forth his
then current address, the requirement that notice be given to that person shall be reinstated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.6 <U>Voting List</U>. The officer or agent who has charge of the stock transfer
books for shares shall make, at least eleven (11)&nbsp;days before every meeting of shareholders, a
complete list of the shareholders entitled to vote at the meeting or any adjournment thereof,
arranged in alphabetical order, and showing the address of each shareholder and the type and
number of shares held by each shareholder. Such list shall be kept on file at the registered
office or the principal place of business of the Company and shall be subject to the inspection of
any shareholder during usual business hours, for a period of at least eleven (11)&nbsp;days prior to
the meeting. Alternatively, the list of the shareholders may be kept on a reasonably accessible
electronic network, if the information required to gain access to the list is provided with the
notice of the meeting. The list shall also be produced and kept open at the time and place of the
meeting during the whole time thereof, and may be inspected by any shareholder. If the meeting is
held by means of remote communication, the list must be open to the examination by any shareholder
for the duration of the meeting on a reasonably accessible electronic network, and the information
required to access the list shall be provided to the shareholders with the notice of the meeting.
The original stock transfer books shall be prima facie evidence as to the shareholders entitled to
examine such list or transfer books and the shareholders entitled to vote at any meeting of the
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.7 <U>Voting Shares</U>. Each outstanding share, regardless of class, shall be
entitled to one vote on each matter submitted to a vote at a meeting of shareholders, except (i)
to the extent that the Certificate of Formation provides for more or less than one vote per share
or limit or deny voting rights to the holders of the shares of any class or series or (ii)&nbsp;as
otherwise provided by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any meeting of shareholders, a shareholder having the right to vote may vote either in
person or by proxy executed in writing by the shareholder. A telegram, telex, cablegram, or other
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">form of electronic transmission, including telephone transmission, by the shareholder, or a
photographic, photostatic, facsimile, or similar reproduction of a writing executed by the
shareholder, shall be treated as an execution in writing for purposes
of this <B><I>Section&nbsp;2.7. </I></B> Any
electronic transmission must contain or be accompanied by information from which it can be
determined that the transmission was authorized by the shareholder. No proxy shall be valid after
eleven (11)&nbsp;months from the date of its execution, unless otherwise provided in the proxy. Each
proxy shall be revocable unless the proxy form conspicuously states that the proxy is irrevocable
and the proxy is coupled with an interest. Any vote may be taken by voice or show of hands unless
a shareholder entitled to vote, either in person or by proxy, objects, in which case written
ballots shall be used.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury shares, shares of the Company&#146;s own stock owned by another corporation (the majority
of the voting stock of which is owned or controlled by the Company) and shares of the Company&#146;s own
stock held by a corporation in a fiduciary capacity shall not be voted (directly or indirectly) at
any meeting and shall not be counted in determining the total number of outstanding shares at any
given time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.8 <U>Quorum</U>. The holders of a majority of the shares issued and outstanding
and entitled to be voted, present in person or represented by proxy, shall be requisite and shall
constitute a quorum at all meetings of shareholders except as otherwise provided by law or by the
Certificate of Formation or by these Bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a quorum is present at a meeting of shareholders, the shareholders represented in person
or by proxy at the meeting may conduct such business as may be properly brought before the meeting
until it is adjourned, and the subsequent withdrawal from the meeting of any shareholder or the
refusal of any shareholder represented in person or by proxy to vote shall not affect the presence
of a quorum at the meeting, except as may otherwise be provided by the Certificate of Formation or
by these Bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, however, a quorum shall not be present or represented at a meeting of the shareholders,
the holders of a majority of the shares represented in person or by proxy and entitled to vote
shall have the power, unless otherwise provided in the Certificate of Formation or these Bylaws,
to adjourn the meeting from time to time and to such place, without notice other than announcement
at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which
a quorum shall be present or represented, any business may be transacted which might have been
transacted at the meeting as originally called.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.9 <U>Majority/Plurality Vote</U>. When a quorum is present at any meeting of
shareholders, the act of the shareholders with respect to any matter (other than the election of
directors, or in cases where a different vote is required by the TBOC, the Certificate of
Formation or these Bylaws, in which cases such express provision shall govern and control the
decision of such matters) shall be decided by the affirmative vote of the holders of a majority of
the shares entitled to vote on that matter and represented in person or by proxy at the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors shall be elected by a plurality of the votes cast by the holders of shares entitled
to vote in the election of directors at a meeting of shareholders at which a quorum is present,
unless otherwise provided in the Certificate of Formation or these Bylaws.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.10 <U>Action by Shareholders Without Meeting</U>. Any action required to be taken
at an annual or special meeting of shareholders of the Company, or any action which may be taken at
an annual or special meeting of shareholders, may be taken without a meeting, without prior notice,
and without a vote, if a consent or consents in writing, setting forth the action so taken, shall
be signed by the holder or holders of shares having not less than the minimum number of votes that
would be necessary to take such action at a meeting at which the holders of all shares entitled to
vote thereon were present and voted. Prompt written notice of the taking of the corporate action
without a meeting by less than unanimous written consent shall be given to those shareholders who
did not consent in writing and who would be entitled to vote thereon at a meeting. The consent may
be in more than one counterpart so long as each shareholder signs one of the counterparts. A
telegram, telex, cablegram, or other electronic transmission by a shareholder consenting to an
action to be taken is considered to be written, signed and dated for
the purposes of this <B><I>Section 2.10 </I></B> if the transmission sets forth or is delivered with information from which the Company can
determine that the transmission was transmitted by the shareholder and the date on which the
shareholder transmitted the transmission. The date of transmission is the date on which the consent
was signed. Consent given by telegram, telex, cablegram, or other electronic transmission may be
delivered to the principal place of business of the Company or to an officer or agent of the
Company having custody of the book in which proceedings of shareholder meetings are recorded to the
extent and in the manner provided by resolution of the Board of Directors of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any action by shareholders is taken by written consent, any article or documents filed
with the Secretary of State of Texas as a result of the taking of the action shall state, in lieu
of any statement required by the TBOC concerning any vote of shareholders, that written consent
has been given in accordance with the provisions of Section&nbsp;6.202 of the TBOC and that any written
notice required by such section has been given.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.11 <U>Telephonic Meeting and Alternative Forms of Meeting</U>. Unless otherwise
restricted by the Certificate of Formation, subject to the provisions required or permitted by the
TBOC and these Bylaws for notice of meetings, shareholders may participate in and hold a meeting
by means of conference telephone or similar communications equipment, or another suitable
electronic communications systems, by means of which all persons participating in the meeting can
hear each other. The Board of Directors may authorize that the shareholders not physically present
at a meeting of shareholders, by means of remote communication: (i)&nbsp;may participate in a meeting
of shareholders; and (ii)&nbsp;may be considered present in person and may vote at a meeting of
shareholders held at a designated place or held solely by means of remote communication if: (a)
the Company implements reasonable measures to verify that each person considered present and
permitted to vote at the meeting by means of remote communication is a shareholder; (b)&nbsp;the
Company implements reasonable measures to provide the shareholders at the meeting by means of
remote communication a reasonable opportunity to participate in the meeting and to vote on matters
submitted to the shareholders, including an opportunity to read or hear the proceedings of a
meeting substantially concurrently with the proceedings; and (c)&nbsp;the Company maintains a record of
any shareholder vote or other action taken at the meeting by means of remote communication.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participation in a meeting by such means shall constitute presence in person at the meeting,
except where a person participates in the meeting for the express purpose of objecting
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to the transaction of any business on the ground that the meeting is not lawfully called or
convened.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III<BR>
DIRECTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.1 <U>Board of Directors</U>. The powers of the Company shall be exercised by or
under the authority of, and the business and affairs of the Company shall be managed under the
direction of, the Board of Directors who may exercise all such powers of the Company and do all
such lawful acts and things as are not by law, by the Certificate of Formation or by these Bylaws
directed or required to be exercised or done by the shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the discharge of any duty imposed or power conferred upon a director of the Company,
including as a member of a committee, the director may in good faith and ordinary care rely upon
the statements, valuations or information referred to in Section&nbsp;21.314 of the TBOC or upon other
information, opinions, reports, or statements, including financial statements and other financial
data, concerning the Company or another person, that were prepared or presented by (i)&nbsp;one or more
officers or employees of the Company; (ii)&nbsp;legal counsel, public accountants, investment bankers,
or other persons as to matters the Director reasonably believes are within the person&#146;s
professional or expert competence; or (iii)&nbsp;a committee of the Board of Directors of which the
Director is not a member. A Director is not relying in good faith within the meaning of the
preceding sentence if the Director has knowledge concerning the matter in question that makes
reliance otherwise permitted by the above sentence unwarranted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.2 <U>Number of Directors; Election; Term; Qualification</U>. The initial Board of
Directors shall consist of the number of Directors named in the Certificate of Formation.
Thereafter, the number of Directors to be elected shall be fixed and determined by resolution
adopted by the Board of Directors from time to time or by the shareholders at the annual meeting.
The number of Directors may be increased or decreased from time to time as provided in these
Bylaws, but no decrease shall have the effect of shortening the term of any incumbent director.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
directors shall be elected in accordance with the provisions of
<I><B>Sections&nbsp;3.7</B></I> and <I><B>3.9 </B></I>of
these Bylaws at each annual meeting of the shareholders by the holders of shares entitled to vote
in the election of directors, except as provided in <B><I>Section&nbsp;3.3, </I></B> and each director elected shall
hold office until the next succeeding annual meeting of shareholders and until his successor is
elected and qualified or until his earlier death, resignation, retirement, disqualification or
removal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors need not be residents of the State of Texas or shareholders of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.3 <U>Vacancies</U>. Vacancies occurring on the Board of Directors may be filled by
election at an annual or special meeting of shareholders called for that purpose, or by a majority
of the remaining directors, though less than a quorum. A director elected to fill the vacancy
shall be elected for the unexpired term of his predecessor in office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any directorship to be filled by reason of any increase in the number of directors may be
filled by election at an annual or special meeting of shareholders called for that purpose, or by
the Board of Directors for a term of office continuing only until the next election of one or more
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">directors by the shareholders, provided that the Board of Directors may not fill more than two such
directorships during the period between any two successive annual meetings of shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, whenever the holders of any class or series of shares, or
group of classes or series of shares, of stock of the Company are entitled to elect one or more
directors by the provisions of the Certificate of Formation, any vacancies in such directorships
and any newly created directorships of such class or series to be filled by reason of an increase
in the number of such directors may be filled by the affirmative vote of a majority of the
directors elected by such class or series, or by such group, then in office, or by a sole
remaining director so elected, or by the vote of the holders of the outstanding shares of such
class or series, or of such group, and such directorships shall not in any case be filled by the
vote of the remaining directors or the holders of the outstanding shares as a whole unless
otherwise provided in the Certificate of Formation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.4 <U>Removal of Directors</U>. Except to the extent limited by law, the
Certificate of Formation or these Bylaws, at any meeting of shareholders called expressly for that
purpose, any director or the entire Board of Directors may be removed, with or without cause, by
the holders of a majority of shares entitled to vote at an election of the director or directors.
Whenever the holders of any class or series of shares, or any group of classes or series of
shares, of stock of the Company are entitled to elect one or more directors by the provisions of
the Certificate of Formation, only the holders of shares of that class or series or group shall be
entitled to vote for or against the removal of any directors elected by the holders of that class
or series or group. If the Certificate of Formation should be amended so as to permit cumulative
voting and if less than the entire Board of Directors is to be removed, no one of the directors
may be removed if the votes cast against his removal would be sufficient to elect him if then
cumulatively voted at an election of the entire Board of Directors, or if there be classes of
directors, at an election of the class of directors of which he is a part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.5 <U>Meetings</U>. The Board of Directors of the Company may hold meetings, both
regular and special, within or without the State of Texas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.6 <U>First Meeting</U>. The first meeting of each newly elected Board of Directors
shall be held without further notice immediately following the annual meeting of shareholders, and
at the same place, unless by the unanimous consent of the directors, then elected and serving,
such time or place shall he changed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.7 <U>Regular Meetings</U>. Regular meetings of the Board of Directors may be held,
with or without notice, at such time and place (unless the meeting is to be held solely by
electronic communication) as shall from time to time be determined by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.8 <U>Special Meetings</U>. Special meetings of the Board of Directors may be
called by the Chairman of the Board or by the President on not less than three (3)&nbsp;days&#146; notice by
telephone, by mail, by telecopy, or by consented-to form of electronic transmission to each
director. Special meetings shall be called by the Chairman of the Board, the President or
Secretary in like manner and on like notice at the written request of any two of the directors,
unless the Board consists of only one director, in which case special meetings shall be called by
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Chairman of the Board, the President or Secretary in like manner and on like notice on the
written request of the sole director.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise required by law, the Certificate of Formation or these Bylaws, neither the
business to be transacted at, nor the purpose of, any special meeting of the Board of Directors
need be specified in the notice or waiver of notice of such meeting. Attendance of a director at
any meeting shall constitute a waiver of notice of such meeting, except when a director attends
for the express purpose of objecting to the transaction of any business on the ground that the
meeting is not lawfully called or convened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.9 <U>Quorum; Majority Vote</U>. At all meetings of the Board of Directors, a
majority of the number of directors fixed in the manner provided in these Bylaws shall constitute
a quorum for the transaction of business, and the act of a majority of the directors present at
any meeting at which there is a quorum shall be the act of the Board of Directors, except as may
be otherwise specifically provided by law, the Certificate of Formation or these Bylaws; provided,
however, that if a Board of one director shall be authorized, then one director shall constitute a
quorum and the act of that one director shall be the act of the Board of Directors. If a quorum
shall not be present at any meeting of the Board of Directors, the directors present may adjourn
the meeting from time to time, without notice other than announcement at the meeting, until a
quorum shall be present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.10 <U>Consent of Directors</U>. Unless otherwise restricted by the Certificate of
Formation or these Bylaws, any action required or permitted to be taken at any meeting of the Board
of Directors or of any committee thereof may be taken without a meeting if all members of the Board
of Directors or the committee, as the case may be, execute a written consent setting forth the
action so taken. Such consent shall have the same force and effect as a unanimous vote at a
meeting. The consent may be in more than one counterpart so long as each director signs one of the
counterparts. A telegram, telex, cablegram, or other electronic transmission by a director
consenting to an action to be taken and transmitted by a director is considered written, signed,
and dated for the purposes of this <I><B>Section&nbsp;3.10 </B></I>if the transmission sets forth or is delivered with
information from which the Company can determine that the transmission was transmitted by the
director and the date on which the director transmitted the transmission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.11 <U>Actions by Telephone or Electronic Communications System</U>. Unless
otherwise restricted by the Certificate of Formation, subject to the provisions required or
permitted by law or these Bylaws for notice of meetings, members of the Board of Directors, or any
committee designated by the Board of Directors, may participate in and hold a meeting of the Board
of Directors, or such committee, by means of conference telephone or similar communications
equipment or another suitable electronic communications systems (such as a videoconferencing
system or the internet), or any combination thereof, that permits each person participating in the
meeting to communicate with all other persons participating in the meeting. Participation in a
meeting by such means shall constitute presence in person at the meeting, except where a person
participates in the meeting for the express purpose of objecting to the transaction of any
business on the ground that the meeting is not lawfully called or convened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.12 <U>Committees of Directors</U>. The Board of Directors may from time to time
designate from among the members of the Board of Directors one or more committees. Each
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">committee shall consist of one or more members of the Board of Directors. The Board of Directors
may designate one or more of its members as alternate members of any committee, who may, subject to
limitations imposed by the Board of Directors, replace absent or disqualified members at any
meeting of that committee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as limited by law, the Certificate of Formation, these Bylaws or the resolution
establishing such committee, each committee shall have and may exercise all of the authority of
the Board of Directors as the Board of Directors may determine and specify in the respective
resolutions appointing each such committee. The designation of any committee and the delegation of
any authority to the committee shall not operate to relieve the Board of Directors, or any member
of the Board of Directors of any responsibility imposed by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A majority of all the members of any such committee may fix the time and place of its
meetings, unless the Board of Directors shall otherwise provide, and meetings of any committee may
be held upon such notice, or without notice, as shall from time to time be determined by the
members of any such committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At all meetings of any committee, a majority of its members shall constitute a quorum for the
transaction of business, and the act of a majority of the members present shall be the act of any
such committee, unless otherwise specifically provided by law, the Certificate of Formation, the
Bylaws or the resolution establishing such committee. The Board of Directors shall have power at
any time, subject as aforesaid, to change the number and members of any such committee, to fill
vacancies and to discharge any such committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.13 <U>Compensation of Directors</U>. By resolution of the Board of Directors, the
directors may be paid their expenses, if any, of attendance at each meeting of the Board of
Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors or
a stated salary as director. No such payment shall preclude any director from serving the Company
in any other capacity and receiving compensation therefore. Members of committees may be allowed
like compensation for attending committee meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.14 <U>Resignation</U>. Unless otherwise provided by the Certificate of Formation
or these Bylaws, a director may resign at any time by giving notice in writing or by electronic
transmission to the Company. Any such resignation shall take effect at the date of receipt of such
notice or at such other time as may be specified therein, and, unless otherwise specified therein,
the acceptance of such resignation shall not be necessary to make it effective. Any director who
does not, for any reason, stand for election at any meeting of shareholders called for such
purpose shall be conclusively deemed to have resigned, effective as of the date of such meeting,
for all purposes, and the Company need not receive any written notice to evidence such
resignation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.15 <U>Conflict of Interest</U>. Any contract or other transaction between the
Company and one or more of its directors, or between the Company and any firm of which one or more
of its directors are members or employees, or in which they are interested, or between the Company
and any corporation or association of which one or more of its directors are shareholders,
members, directors, officers or employees, or in which they are interested, shall be valid for all
purposes, notwithstanding the presence of such director or directors at the meeting of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Board of Directors of the Company which acts upon or in reference to such contracts or
transaction, and notwithstanding his or their participation in such action, if the fact of such
interest shall be disclosed or known to the Board of Directors, and the Board of Directors shall,
nevertheless, authorize, approve and/or ratify such contract or transaction by a vote of the
majority of the directors present, such interested director or directors to be counted in
determining whether a quorum is present, but not to be counted in calculating a majority of such
quorum necessary to carry such a vote.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Section shall not be construed to invalidate any contract or other transaction which
would otherwise be valid under the common and statutory law applicable thereto.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV<BR>
NOTICES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.1 <U>Method of Notice</U>. Whenever by law, the Certificate of Formation, or these
Bylaws, notice is required to be given to any committee member, director, or shareholder, it shall
not be construed to mean personal notice, but any such notice may be given (i)&nbsp;in writing, by mail,
postage prepaid, addressed to such member, director or shareholder at his address as it appears on
the records of the Company; (ii)&nbsp;on consent of any committee member, director or Shareholder, by
electronic transmission; or (iii)&nbsp;any other method permitted by law (including, but not limited to,
by telegram, telex, cablegram and, in the case of directors, by telephone).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice required or permitted to be given by mail shall be deemed to be delivered and
given at the time when the same is deposited in the United States mail as aforesaid. Any notice
required or permitted to be given by telegram, telex or cablegram shall be deemed to be delivered
and given at the time transmitted with all charges prepaid and addressed as aforesaid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of the TBOC, notice by electronic transmission is deemed given when
the notice is: (i)&nbsp;transmitted to a facsimile number provided by the committee member, director,
or shareholder for the purpose of receiving notice; (ii)&nbsp;transmitted to an electronic mail address
provided by the committee member, director, or shareholder for the purpose of receiving notice;
(iii)&nbsp;posted on an electronic network and a message is sent to the committee member, director, or
shareholder at the address provided by him or her for the purpose of alerting him or her of a
posting; or (iv)&nbsp;communicated to the committee member, director, or shareholder by any other form
of electronic transmission consented to by the committee member, director, or shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The committee member, director, or shareholder may specify the form of electronic
transmission to be used to communicate notice. The committee member, director, or shareholder may
revoke this consent by written notice to the Company. The consent is deemed to be revoked if the
Company is unable to deliver by electronic transmission two consecutive notices and the secretary
of the Company or other person responsible for delivering the notice on behalf of the Company
knows that the delivery of these two electronic transmissions was unsuccessful. The inadvertent
failure to treat the unsuccessful transmissions as a revocation of the committee member, director
or shareholder&#146;s consent does not invalidate a meeting or other action.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.2 <U>Waiver of Notice</U>. Whenever any notice is required to be given under the
provisions of law, of the Certificate of Formation or of these Bylaws, a waiver thereof in
writing, signed by the person or persons entitled to said notice, or a waiver by electronic
transmission by the person entitled to notice, whether before or after the time stated therein,
shall be deemed equivalent thereto. Attendance of a person at a meeting shall constitute a waiver
of notice of such meeting, except when the person attends a meeting for the express purpose of
objecting, at the beginning of the meeting, to the transaction of any business because the meeting
is not lawfully called or convened.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V<BR>
OFFICERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.1 <U>Officers</U>. The officers of the Company shall be chosen by the Board of
Directors and shall consist of a President and a Secretary, and may consist of such other officers
and agents as the Board of Directors may deem necessary, including one or more Vice Presidents
(and, in the case of each Vice President, with such descriptive title, if any, as the Board of
Directors shall determine), a Treasurer, a Controller, and one or more Assistant Secretaries and
Assistant Treasurers. Two or more offices may be held by the same person. Chairman of the Board (if
the Board of Directors shall determine the election of such officer to be appropriate) shall not be
an officer of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the discharge of any duty imposed or power conferred upon an officer of the Company, the
officer may in good faith and ordinary care rely on information, opinions, reports, or statements,
including financial statements and other financial data, concerning the Company or another person,
that were prepared or presented by (i)&nbsp;one or more other officers or employees of the Company
including members of the Board of Directors or (ii)&nbsp;legal counsel, public accountants, investment
bankers, or other persons as to matters the officer reasonably believes are within the person&#146;s
professional or expert competence. An officer is not relying in good faith within the meaning of
the preceding sentence if the officer has knowledge concerning the matter in question that makes
reliance otherwise permitted by the above sentence unwarranted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the officers need be a director or a shareholder of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.2 <U>Election</U>. Without limiting the right of the Board of Directors to choose
officers of the Company at any time when vacancies occur or when the number of officers is
increased, the Board of Directors, at its first regular meeting after each annual meeting of
shareholders or as soon thereafter as conveniently practicable, shall elect the officers of the
Company and such agents as the Board of Directors shall deem necessary or desirable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.3 <U>Term; Removal; Resignation; Vacancies; Compensation</U>. The officers of the
Company shall hold office until their successors are elected or appointed and qualified, or until
their earlier death, resignation, retirement, disqualification or removal. Any officer or agent
elected or appointed by the Board of Directors may be removed at any time with or without cause by
the affirmative vote of a majority of the Board of Directors whenever, in its judgment, the best
interests of the Company shall be served thereby, but any such removal shall be without prejudice
to the contractual rights, if any, of the person so removed. Any officer may resign at
any time by giving written notice to the Company. Any such resignation shall take effect at
the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">date of the receipt of such notice or at such other time specified therein, and unless otherwise
specified therein, the acceptance of such resignation shall not be necessary to make it effective.
Election or appointment of an officer or agent shall not of itself create contract rights. Any
vacancy occurring in any office of the Company may be filled by the Board of Directors for the
unexpired portion of the term.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The compensation of all officers and agents of the Company shall be fixed from time to time
by the Board of Directors or pursuant to its direction. No officer shall be prevented from
receiving such compensation by reason of his also being a director.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.4 <U>Chairman of the Board</U>. The Chairman of the Board (if one is elected and
serving) shall be the chairman of the Board of Directors. He shall preside at all meetings of
shareholders and the Board of Directors, and shall have such other authority and perform such other
duties as may be prescribed by the Board of Directors or these Bylaws. The Chairman of the Board
shall not be an officer of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.5 <U>President</U>. The President shall be the chief executive officer of the
Company and, subject to the direction of the Board of Directors, shall have and exercise direct
charge of and general supervision over the business affairs and employees of the Company. He shall
also have such other authority and perform such other duties as may be prescribed from time to
time by the Board of Directors or these Bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.6 <U>Vice Presidents</U>. Vice Presidents shall have such authority and perform
such duties as may be delegated, permitted or assigned from time to time by the President or the
Board of Directors and, in the event of the absence, unavailability or disability of the
President, or in the event of his inability or refusal to act, shall, in the order of their
seniority, perform the duties and have the authority and exercise the powers of the President,
unless otherwise determined by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.7 <U>Controller</U>. If a Controller is appointed, the Controller shall have
charge of the Company&#146;s books of account, records and auditing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.8 <U>Secretary and Assistant Secretaries</U>. The Secretary shall have the duty of
recording the proceedings of the meetings of shareholders and Board of Directors in a minute book
to be kept for that purpose and shall perform all like duties for any committees. The Secretary
shall give or cause to be given notice, as required by these Bylaws or by law, of all meetings of
the shareholders and all meetings of the Board of Directors and shall perform such other duties as
may be prescribed by these Bylaws or by the Board of Directors or President, under whose
supervision the Secretary shall be. The Secretary, or an Assistant Secretary, shall have safe
custody of the seal of the Company and he, or an Assistant Secretary, when authorized and directed
by the Board of Directors, shall affix the same to any instrument requiring it and when so
affixed, it shall be attested by his signature or by the signature of an Assistant Secretary or of
the Treasurer or an Assistant Treasurer. The Secretary also shall perform such other duties and
have such other powers as may be permitted by law or as the Board of Directors or the President
may from time to time prescribe or authorize.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Assistant Secretaries, if any, in the order of their seniority, unless otherwise
determined by the Board of Directors shall, in the absence or disability of the Secretary, perform
the duties and exercise the powers of the Secretary and shall perform such other duties and have
such other powers as may be permitted by law or as the Board of Directors or the President may
from time to time prescribe, authorize or delegate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the absence of the Secretary or an Assistant Secretary, the minutes of all meetings of the
Board of Directors and of shareholders shall be recorded by such person as shall be designated by
the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.9 <U>Treasurer and Assistant Treasurers</U>. If a Treasurer is designated as an
officer of the Company by the Board of Directors, the Treasurer shall have the custody of the
corporate funds and securities and shall keep, or cause to be kept, full and accurate accounts and
records of receipts and disbursements and other transactions in books belonging to the Company and
shall deposit, or see to the deposit of, all moneys and other valuable effects in the name and to
the credit of the Company in such depositories as may be designated by or under the authority of
the Board of Directors. He shall: (i)&nbsp;endorse or cause to be endorsed in the name of the Company
for collection the bills, notes, checks or other negotiable instruments received by the Company;
(ii)&nbsp;sign or cause to be signed all checks issued by the Company; and (iii)&nbsp;pay out or cause to be
paid out money as the Company may require, taking vouchers therefore. In addition, he shall
perform such other duties as may be permitted by law or as the Board of Directors or the President
may from time to time prescribe, authorize or delegate. The Board of Directors may by resolution
delegate, with or without power to re-delegate, any or all of the foregoing duties of the
Treasurer to other officers, employees or agents of the Company, and to provide that other
officers, employees and agents shall have the power to sign checks, vouchers, orders or other
instruments on behalf of the Company. The Treasurer shall render to the Board of Directors,
whenever they may require it, an account of his transactions as Treasurer and of the financial
condition of the Company. If required by the Board of Directors, he shall give the Company a bond
of such type, character and amount as the Board of Directors may require.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Treasurer is not designated as an officer of the Company, the functions of the Treasurer
shall be performed by the President, the Secretary or such other officer or officers of the
Company as shall be designated by the Board of Directors at any time or from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Assistant Treasurers, if any, in the order of their seniority, unless otherwise
determined by the Board of Directors, shall, in the absence or disability of the Treasurer,
perform the duties and exercise the powers of the Treasurer and shall perform such other duties
and have such other powers as may be permitted by law or as the Board of Directors or the
President may from time to time prescribe, authorize or delegate. If required by the Board of
Directors, the Assistant Treasurers shall give the Company a bond of such type, character and
amount as the Board of Directors may require.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI<BR>
CERTIFICATES AND SHAREHOLDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.1 <U>Certificates of Shares</U>. The Company shall deliver certificates
representing shares to which shareholders are entitled or the shares of a Company may be
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">uncertificated shares. Certificates representing shares shall be numbered and shall be entered in
the books of the Company as they are issued. They shall be signed by the President or any Vice
President, and by the Secretary or any Assistant Secretary or by the Treasurer (if any) or any
Assistant Treasurer, and may be sealed with the seal of the Company or facsimile thereof. Any or
all of the officer signatures upon the certificates may be facsimiles. If any officer or officers
who have signed or whose facsimile signature or signatures have been used on any such certificate
or certificates cease to be such officer or officers of the Company before said certificate or
certificates shall have been issued, such certificate or certificates may nevertheless be issued
by the Company with the same effect as though the person or persons who signed such certificates
or whose facsimile signature or signatures shall have been used thereon had been such officer or
officers at the date of its issuance. Certificates for shares shall be in such form as shall be in
conformity to law and as may be prescribed from time to time by the Board of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Company is authorized to issue shares of more than one class or series, each
certificate representing shares issued by the Company (i)&nbsp;shall conspicuously set forth on the face
or back of the certificate a full statement of all the designations, preferences, limitations and
relative rights of the shares of each class or series to the extent they have been fixed and
determined and the authority of the Board of Directors to fix and determine the designations,
preferences, limitations, and relative rights of subsequent series or (ii)&nbsp;shall conspicuously
state on the face or back of the certificate that (a)&nbsp;such a statement is set forth in the
Certificate of Formation on file in the office of the Secretary of State of the State of Texas and
(b)&nbsp;the Company will furnish a copy of such statement to the record holder of the certificate
without charge on written request to the Company at its principal place of business or registered
office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All certificates surrendered to the Company for transfer shall be canceled and no new
certificate shall be issued until the former certificate for a like number of shares shall have
been surrendered and canceled, except that in the cases of a lost, stolen, destroyed or mutilated
certificate a new one may be issued therefore pursuant to the
provisions of <B><I>Section&nbsp;6.4.</I></B>
Certificates shall not be issued representing fractional shares of stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.2 <U>Transfer of Shares</U>. Upon surrender to the Company or the transfer agent
of the Company of a certificate representing shares of stock or other securities of the Company
duly endorsed or accompanied by proper evidence of succession, assignment or authority to
transfer, and otherwise meeting all legal requirements for transfer, a new certificate shall be
issued to the person entitled thereto and the old certificate canceled and the transaction
recorded upon the books of the Company. Transfers of shares or other securities shall be made only
on the books of the Company by the registered holder thereof, or by such holder&#146;s attorney
thereunto authorized by power of attorney and filed with the Secretary of the Company or the
transfer agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.3 <U>Registered Shareholders</U>. The Company shall be entitled to recognize the
exclusive right of a person registered on its books as the owner of shares to receive
distributions or share dividends, to vote, to receive notifications, and otherwise exercise all
the rights and powers of an owner, and shall not be bound to recognize any equitable or other
claim to or interest in such share or shares on the part of any other person, whether or not it
shall have express or other notice thereof, except as otherwise provided by law.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.4 <U>Lost Certificates</U>. The Board of Directors may direct a new certificate or
certificates to be issued in place of any certificate or certificates theretofore issued by the
Company alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that
fact by the person claiming the certificate of shares to be lost, stolen or destroyed. When
authorizing such issue of a new certificate, the Board of Directors, in its discretion and as a
condition precedent to the issuance thereof, may prescribe such terms and conditions as it deems
expedient and may require such sureties, assurances or indemnities as it deems adequate to protect
the Company from any claim that may be made against it with respect to any such certificate
alleged to have been lost or destroyed.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII<BR>
INDEMNIFICATION; INSURANCE; EXONERATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.1 <U>Indemnification</U>. Each person who at any time is or was a director or
officer of the Company, and who was, is or is threatened to be made a party to any proceeding (as
defined in the TBOC), by reason of the fact that such person is or was a director or officer of the
Company, or is or was a director or officer of the Company serving at the request of the Company as
a director, officer, partner, venturer, proprietor, trustee, employee, agent or similar functionary
of another foreign or domestic corporation, partnership, joint venture, sole proprietorship, trust,
employee benefit plan or other enterprise shall be indemnified by the Company to the fullest extent
that an enterprise is permitted to indemnify and advance expenses to such a person under the TBOC,
or any amendment thereto or enactment of other applicable law as may from time to time be in effect
(but, in the case of any such amendment or enactment, only to the extent that such amendment or law
permits the Company to provide broader indemnification rights than such law prior to such amendment
or enactment permitted the Company to provide), against judgments, penalties (including excise and
similar taxes), fines, settlements and reasonable expenses (including court costs and attorneys&#146;
fees) actually incurred by such person in connection with such proceeding. The Company&#146;s
obligations under this Article include, but are not limited to, the convening of any meeting, and
the consideration of any matter thereby, required by statute in order to determine the eligibility
of any person for indemnification. Expenses incurred in defending a proceeding shall be paid by the
Company in advance of the final disposition of such proceeding to the fullest extent permitted by
the TBOC or any other applicable laws as may from time to time be in effect. The Company&#146;s
obligation to indemnify and advance expenses shall arise, and all rights granted hereunder shall
vest, at the time of the occurrence of the transaction or event to which such proceeding relates,
or at the time that the action or conduct to which such proceeding relates was first taken or
engaged in (or omitted to be taken or engaged in), regardless of when such proceeding is first
threatened, commenced or completed. The rights to indemnification and prepayment of expenses which
are conferred upon the Company&#146;s directors and officers by this Article may be conferred upon any
employee or agent of the Company if, and to the extent, authorized by its Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.2 <U>Insurance</U>. The Company may purchase and maintain insurance or make other
arrangements, at its expense, to protect itself and any such director, officer, employee, agent or
person as specified in these Bylaws or the Certificate of Formation of the Company, against any
such expense, liability or loss, whether or not the Company would have the power to indemnify him
against such expense, liability or loss under the TBOC.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.3 <U>Exoneration</U>. To the greatest extent permitted by applicable law in effect
from time to time, a director or officer of the Company shall not be liable to the Company or its
shareholders for monetary damages for an act or omission in the director&#146;s or officer&#146;s capacity
as a director or officer of the Company except to the extent that the director or officer is found
to be liable under applicable law for: (a)&nbsp;a breach of the person&#146;s duty of loyalty, if any, to
the Company or its shareholders; (b)&nbsp;an act or omission not committed in good faith that (i)
constitutes a breach of a duty owed by the person to the Company or its shareholders or (ii)
involves intentional misconduct or a knowing violation of law; (c)&nbsp;a transaction from which the
person received an improper benefit, regardless of whether the benefit resulted from an action
taken within the scope of the person&#146;s duties; or (d)&nbsp;an act or omission for which the liability
of the person is expressly provided by an applicable statute.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII<BR>
GENERAL PROVISIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.1 <U>Distributions and Share Dividends</U>. Subject to the provisions of the
Certificate of Formation relating thereto, if any, and the restrictions imposed by applicable law,
distributions and/or share dividends on the Company&#146;s outstanding shares may be declared from time
to time by the Board of Directors, in its discretion, at any regular or special meeting, pursuant
to law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.2 <U>Reserves</U>. Before payment of any distribution or share dividend, the Board
of Directors by resolution from time to time, in their absolute discretion, may create a reserve
or reserves out of the Company&#146;s surplus, or designate or allocate any part or all of such surplus
in any manner for any proper purpose, including, without limitation, a reserve or reserves for
meeting contingencies, equalizing dividends, repairing or maintaining any property of the Company,
or for such other purpose as the directors deem beneficial to the interests of the Company, and
the Board of Directors may modify or abolish any such reserve, designation or allocation in the
manner in which it was created.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.3
<U>Contracts</U>. Subject to the provisions of <I><B>Article&nbsp;V, </B></I>the Board of Directors
may authorize any officer, officers, agent or agents to enter into any contract or agreement of
any nature whatsoever, including, without limitation, any contract, deed, bond, mortgage,
guaranty, deed of trust, security agreement, pledge agreement, act of pledge, collateral mortgage,
collateral chattel mortgage or any other document or instrument of any nature whatsoever, and to
execute and deliver any such contract, agreement, document or other instrument of any nature
whatsoever for and in the name of and on behalf of the Company, and such authority maybe general
or confined to specific instances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.4 <U>Annual Statement</U>. On request, the Board of Directors shall present at each
annual meeting, and at any special meeting of the shareholders, a full and clear statement of the
business and condition of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.5 <U>Deposits</U>. All funds of the Company not otherwise employed shall be
deposited from time to time to the credit of the Company in such banks, trust companies or other
depositories as the Board of Directors may select.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.6 <U>Books and Records</U>. The Company shall keep correct and complete books and
records of account and shall keep minutes of the proceedings of its shareholders, Board of
Directors and each committee of its Board of Directors, and shall keep at its registered office or
principal place of business, or at the office of its transfer agent or registrar, a record of the
original issuance of shares issued by the Company and a record of each transfer of those shares
that has been presented to the Company for registration of transfer. Such original issuance and
transfer records shall contain the names and addresses of all past and current shareholders of the
Company and the number and class or series of shares held by each. Any books, records, minutes and
share transfer records may be in written form or in any other form capable of being converted into
written paper form within a reasonable time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.7 <U>Checks</U>. All checks or demands for money and notes of the Company shall be
signed by such officer or officers or such other person or persons as the Board of Directors may
from time to time designate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.8 <U>Fiscal Year</U>. The fiscal year of the Company shall be fixed by resolution
of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.9 <U>Seal</U>. The corporate seal shall be in such form as may be prescribed by
the Board of Directors. The seal may be used by causing it or a facsimile thereof to be impressed
or affixed or in any manner reproduced.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX<BR>
BYLAWS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.1 <U>Amendment, Alteration; Repeal of Bylaws</U>. The power to alter, amend, or
repeal these Bylaws or adopt new Bylaws, subject to repeal or change by action of the
shareholders, shall be vested in Board of Directors unless reserved to the shareholders by law or
the Certificate of Formation. These Bylaws may be altered, amended or repealed or new Bylaws may
be adopted, subject to repeal or change by action of the shareholders, at any regular or special
meeting of the Board of Directors, without prior notice, by resolution adopted thereat.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.2 <U>Construction</U>. Whenever the context so requires, the masculine shall
include the feminine and neuter, and the singular shall include the plural, and conversely. If any
portion of these Bylaws shall be invalid or inoperative, then, so far as is reasonable and
possible:
</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 remainder of these Bylaws shall be considered valid and
operative, and</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The effect shall be given to the intent manifested by the
portion held invalid or inoperative.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.3 <U>Table of Contents; Headings</U>. The table of contents and headings are for
organization, convenience and clarity. In interpreting these Bylaws, the table of contents and
headings shall be subordinated in importance to the other written material.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /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="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, the undersigned, being the President of the Company DO HEREBY CERTIFY THAT the foregoing
are the bylaws of said Company as adopted by the Company on March&nbsp;11, 2011.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Gene C. Stahl
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Gene C. Stahl, President
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>Certification to the Bylaws of Precision Directional Services, Inc.</I>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.17
<SEQUENCE>18
<FILENAME>o69608exv3w17.htm
<DESCRIPTION>EX-3.17
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w17</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><b>Exhibit&nbsp;3.17</b>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORPORATE ACCESS NUMBER: 2012531964</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="o69608o6960801.gif" alt="(ALBERTA LOGO)">
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BUSINESS CORPORATIONS ACT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INCORPORATION</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>1253196 ALBERTA LTD.</B><BR>
WAS INCORPORATED IN ALBERTA ON 2006/06/30.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960802.gif" alt="(SEAL)">
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Incorporate Alberta Corporation &#151; Registration Statement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Alberta Registration Date: 2006/06/30</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Corporate Access Number: 2012531964</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="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Service Request
Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;8855936</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>Alberta Corporation
Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Numbered Alberta Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;1253196 ALBERTA LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Equivalent
Name:</B></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"><B>Nuans Number:</B></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"><B>Nuans Date:</B></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"><B>French Nuans Number:</B></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"><B>French Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>REGISTERED ADDRESS</B></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"><B>Street:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;1000, 400 THIRD AVENUE SW</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Description:</B></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"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;T2P 4H2</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RECORDS ADDRESS
Street:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;1000, 400 THIRD AVENUE SW</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Description:</B></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"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;T2P 4H2</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>ADDRESS FOR
SERVICE BY MAIL</B></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"><B>Post Office Box:</B></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"><B>City:</B></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"><B>Province:</B></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"><B>Postal Code:</B></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"><B>Internet Mail ID:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Share Structure:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;SCHEDULE &#147;A&#148; ATTACHED</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Share Transfers
Restrictions:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NO SECURITIES OF THE CORPORATION SHALL BE
TRANSFERRED WITHOUT THE APPROVAL OF THE BOARD
OF DIRECTORS.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Number of Directors:</B></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"><B>Min Number Of
Directors:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;1</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Max Number Of
Directors:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;11</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business Restricted To:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;NONE</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business Restricted
From:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;NONE</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Other Provisions:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;SCHEDULE &#147;B&#148; ATTACHED</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>Professional
Endorsement
Provided:</B></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"><B>Future Dating
Required:</B></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"><B>Registration Date:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;2006/06/30</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Director</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;ROBERTS</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;BRIAN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;E.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;1000, 400 THIRD AVENUE SW</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;T2P 4H2</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></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"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Y</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Attachment</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Attachment Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Microfilm Bar Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date Recorded</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Share Structure
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2006/06/30</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Other Rules or Provisions
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2006/06/30</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Registration Authorized By:</B></TD>
    <TD>&nbsp;</TD>
    <TD>BRIAN E. ROBERTS<BR>
AGENT OF CORPORATION</TD>
</TR>
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.17</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORPORATE ACCESS NUMBER: 2012531964</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="o69608o6960801.gif" alt="(ALBERTA LOGO)">
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BUSINESS CORPORATIONS ACT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF <BR>
<BR style="font-size: 6pt">AMENDMENT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>1253196 ALBERTA LTD.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 0pt">CHANGED ITS NAME TO <B>PRECISION DRILLING LIMITED </B>ON 2008/09/17.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960802.gif" alt="(SEAL)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 70%">This is to certify that this is
an original Certificate produced by <u>&#091;ILLEGIBLE&#093;</U>,
of Namequest Corporate Services Inc.
who is an accredited user of the
Corporate Registry system.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><b>Name Change Alberta Corporation &#151; Registration Statement</b>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><b>Alberta Amendment Date: 2008/09/17</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="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Service Request Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;12094125</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Corporate
Access Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;2012531964</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;1253196 ALBERTA LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Equivalent Name:</B></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"><B>Legal Entity
Status:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Active</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Alberta Corporation Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Named Alberta Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>New Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;PRECISION DRILLING LIMITED</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>New French Equivalent Name:</B></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"><B>Nuans Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;94144333</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Nuans Date:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;2008/09/16</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Nuans Number:</B></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"><B>French Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Professional Endorsement Provided:</B></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"><B>Future Dating Required:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Annual Return</B></DIV></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="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>File Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date Filed</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2008
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2008/05/27</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2007
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2007/07/11</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Attachment</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="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Attachment Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Microfilm Bar Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date Recorded</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Share Structure
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2006/06/30</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Other Rules or Provisions
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2006/06/30</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Registration Authorized By:</B></TD>
    <TD>&nbsp;</TD>
    <TD>DARREN J. RUHR<BR>
SECRETARY</TD>
</TR>
</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960829.gif" alt="(STAMP)">
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960830.gif" alt="(ALBERTA LOGO)">
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: -18pt"><B>Articles of Amendment</B><BR><BR style="font-size: 6pt">
Business Corporations Act<BR>
Section&nbsp;29 or 177
</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="66%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">1. <B>Name of Corporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2. <B>Corporate Access Number</B></TD>
</TR>
<TR style="font-size: 10pt"><TD>&nbsp;</TD></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">125319.6 Alberta Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2012531964</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><b>Item number 1 of the Articles of the above named corporation are amended in accordance
with Section&nbsp;173(1)(A) of the Business Corporations Act.</b></TD>
</TR>

</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">With respect to Article&nbsp;1 of the Articles of Incorporation dated 2006/06/30 and filed with the
Registrar of Companies on the 30<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of June&nbsp;2006, the name of the Corporation
shall be changed from 1253196 Alberta Ltd. to:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt">&#147;PRECISION DRILLING LIMITED&#148;
</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="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Darren J. Ruhr
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Darren J. Ruhr
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2008/09/16</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Authorized Signature<BR>
<I>(applicable for societies only)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Name of Person Authorizing <I>(please print)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Date</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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">DL#97628-259
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Corporate Secretary</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Identification
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Title <I>(please print)</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(not applicable for societies)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><I>This Information is being collected for the purposes of corporate registry
records in accordance with the Business Corporations Act. Questions about the
collection of this Information can be directed to the Freedom of
Information and
Protection of Privacy Coordinator for the Alberta Government, Box 3140,
Edmonton, Alberta T5J 2G7, (760)&nbsp;427-7013.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">REG3054 (2003/05)
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960829.gif" alt="(STAMP)">
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CORPORATE ACCESS NUMBER: 2012531964</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="o69608o6960801.gif" alt="(ALBERTA LOGO)">
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BUSINESS CORPORATIONS ACT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE <BR>
<BR style="font-size: 6pt">OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMENDMENT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PRECISION
DRILLING LIMITED</b><BR>
CHANGED ITS NAME TO <b>PRECISION DIVERSIFIED OILFIELD SERVICES CORP. </B>ON
2009/04/06.
</DIV>
<!-- link2 "<IMG src="o6960802.gif" alt="(REGISTRAR OF CORPORATIONS STAMP)">" -->

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960802.gif" alt="(SEAL)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 70%">This
is to certify that this is
an original Certificate produced by <U>&#091;ILLEGIBLE&#093;</U>, of Namequest Corporate Services
Inc. who is an accredited user of
the Corporate Registry system.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Name Change Alberta Corporation &#151; Registration Statement</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Alberta Amendment Date: 2009/04/06</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="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Service Request Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;12963663</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Corporate Access Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;2012531964</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;PRECISION DRILLING LIMITED</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Equivalent Name:</B></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"><B>Legal Entity Status:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Active</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Alberta Corporation Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Named Alberta Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>New Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;PRECISION DIVERSIFIED OILFIELD SERVICES CORP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>New French Equivalent Name:</B></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"><B>Nuans Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;95667111</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Nuans Date:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;2009/03/09</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Nuans Number:</B></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"><B>French Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Professional Endorsement
Provided:</B></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"><B>Future
Dating Required:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Annual Return</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="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>File Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date Filed</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2008
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2008/05/27</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2007
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2007/07/11</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Attachment</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="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Attachment Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Microfilm Bar Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date Recorded</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Share Structure
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2006/06/30</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Other Rules or Provisions
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2006/06/30</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Registration Authorized By:</B></TD>
    <TD>&nbsp;</TD>
    <TD>JOANNE L. ALEXANDER<BR>
SECRETARY</TD>
</TR>
</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960829.gif" alt="(STAMP)">
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960830.gif" alt="(ALBERTA LOGO)">
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: -18pt"><B>Articles of Amendment</B><BR>
<BR style="font-size: 6pt">
Business Corporations Act<BR>
Section&nbsp;29 or 177
</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>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">1. <B>Name of Corporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2. <B>Corporate Access Number</B></TD>
</TR>
<TR style="font-size: 10pt"><TD>&nbsp;</TD></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">Precision Drilling Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2012531964</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Item number 1 of the Articles of the above named corporation are amended in accordance
with Section&nbsp;173(1)(A) of the Business Corporations Act.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0%">With respect to Article&nbsp;1 of the Articles of Incorporation
dated 2006/06/30 and filed with the Registrar of Companies on the
30<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of June&nbsp;2006, the name of the Corporation
shall be changed from
Precision Drilling Limited to
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt">&#147;PRECISION DIVERSIFIED OILFIELD SERVICES CORP.&#148;
</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="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Joanne L. Alexander
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Joanne L. Alexander
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2009/04/06</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Authorized Signature
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Name of Person Authorizing <I>(please print)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Date</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(applicable for societies only)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">DL#138235-445
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Corporate Secretary</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Identification
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Title <I>(please print)</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(not applicable for societies)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><I>This information is being collected for the purposes of corporate registry
records in accordance with the Business Corporations Act. Questions about the
collection of this Information can be directed to the Freedom of Information and
Protection of Privacy Coordinator for the Alberta Government, Box 3140,
Edmonton, Alberta T5J 2G7, (780)&nbsp;427-7013.</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">REG3054 (2003/05)
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.18
<SEQUENCE>19
<FILENAME>o69608exv3w18.htm
<DESCRIPTION>EX-3.18
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w18</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.18</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BY-LAW NO. 1</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 3px double #000000; FONT-size: 1px">&nbsp;</DIV><BR>
A by-law relating generally to the transaction of the business and affairs<BR><BR style="font-size: 6pt">

of<BR><BR style="font-size: 6pt">
<B>1253196 ALBERTA LTD.<BR><BR style="font-size: 6pt">
&#091;PRIVATE&#093;</B><BR><BR style="font-size: 6pt">
<DIV style="width: 100%; border-bottom: 3px double #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>CONTENTS</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="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Section&nbsp;1
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151; Interpretation</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Section&nbsp;2
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151; Business of the Corporation</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Section&nbsp;3
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151; Borrowing and Securities</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Section&nbsp;4
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151; Directors</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Section&nbsp;5
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151; Committees</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Section&nbsp;6
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151; Officers</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Section&nbsp;7
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151; Protection of Directors, Officers and Others</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Section&nbsp;8
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151; Shares</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Section&nbsp;9
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151; Dividends and Rights</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Section&nbsp;10
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151; Meetings of Shareholders</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Section&nbsp;11
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151; Divisions and Departments</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Section&nbsp;12
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151; Notices</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Section&nbsp;13
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151; Effective Date</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BE IT ENACTED </B>as a by-law of the Corporation as follows:
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 1</B><BR>
<U><B>INTERPRETATION</B></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.01 <U><B>Definitions</B></U> &#151; In the by-laws of the Corporation, unless the context otherwise
requires:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;Act&#148;</B> means the <I>Business Corporations Act, </I>R.S.A. 2000, c. B-9, and any statute
that may be substituted therefor, as from time to time amended;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;appoint&#148; </B>includes <B>&#147;elect&#148; </B>and vice versa;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;articles&#148; </B>means the original or restated articles of incorporation, articles of
amendment, articles of amalgamation, articles of continuance, articles of
reorganization, articles of arrangement, articles of dissolution or articles of
revival and includes an amendment to any of them;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;Board&#148; </B>means the board of directors of the Corporation;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;2&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;by-laws&#148; </B>means this by-law and all other by-laws of the Corporation from time to
time in force and effect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;Corporation&#148; </B>means the corporation incorporated by a Certificate of Incorporation
under the Act and named:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>1253196 ALBERTA LTD.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;meeting of shareholders&#148; </B>means an annual meeting of shareholders and a special
meeting of shareholders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;non-business day&#148; </B>means Saturday, Sunday and any other day that is a holiday as
defined in <I>The Interpretation Act, </I>2000, c. 1-8 and any statute that may be
substituted therefor, as from time to time amended;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;recorded address&#148; </B>means in the case of a shareholder his address as recorded in
the securities register of the Corporation; and in the case of joint shareholders
the address appearing in the securities register in respect of such joint holding
or the first address so appearing if there are more than one; and in the case of a
director, officer, auditor or member of a committee of the Board, his latest
address as recorded in the records of the Corporation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;signing officer&#148; </B>means, in relation to any instrument, any person authorized to
sign the same on behalf of the Corporation by Section&nbsp;2.02 or by a resolution
passed pursuant thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;special meeting of shareholders&#148; </B>means a special meeting of all shareholders
entitled to vote at an annual meeting of shareholders; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;unanimous shareholder agreement&#148; </B>means (i)&nbsp;a written agreement to which all the
shareholders of a corporation are or are deemed to be parties, whether or not any
other person is also a party, or (ii)&nbsp;a written declaration by a person who is the
beneficial owner of all of the issued shares of a corporation, that provides for
any matters enumerated in the Act, as amended from time to time;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">save as aforesaid, words and expressions defined in the Act have the same meanings when used
herein; and words importing the singular number include the plural and vice versa; words importing
gender include the masculine, feminine and neuter genders; and words importing persons include
individuals, bodies corporate, partnerships, trusts and unincorporated organizations.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;3&nbsp;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 2</B><BR>
<U><B>BUSINESS OF THE CORPORATION</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.01 <U><B>Registered Office</B></U> &#151; Until changed in accordance with the Act, the registered office of
the
Corporation shall be at the City of Calgary in the Province of Alberta and at such location therein
as the Board may from time to time determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.02 <U><B>Execution of Instruments</B></U> &#151; Contracts, documents or instruments in writing requiring
execution by the Corporation may be signed by any one director or officer and all contracts,
documents or instruments in writing so signed shall be binding upon the Corporation without any
further authorization or formality. The Board is authorized from time to time by resolution to
appoint any officer or officers or any other person or persons on behalf of the Corporation to sign
and deliver either contracts, documents or instruments in writing generally or to sign either
manually or by facsimile signature and/or counterpart signature and deliver specific contracts,
documents or instruments in writing. The term &#147;contracts, documents or instruments in writing&#148;
as used in this by-law shall include deeds, mortgages, charges, conveyances, powers of attorney,
transfers and assignments of property of all kinds (including specifically, but without limitation,
transfers and assignments of shares, warrants, bonds, debentures or other securities), share
certificates, warrants, bonds, debentures and other securities or security instruments of the
Corporation and all paper writings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.03 <U><B>Banking Arrangements</B></U> &#151; The banking business of the Corporation including, without
limitation, the borrowing of money and the giving of security therefor, shall be transacted with
such banks, trust companies or other bodies corporate or organizations as may from time to time
be designated by or under the authority of the Board. Such banking business or any part thereof
shall be transacted under such agreements, instructions and delegations of powers as the Board
may from time to time prescribe or authorize.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.04 <U><B>Voting Rights in Other Bodies Corporate</B></U> &#151; The signing officers of the Corporation
may execute and deliver proxies and arrange for the issuance of voting certificates or other
evidence of the right to exercise the voting rights attaching to any securities held by the
Corporation. Such instruments, certificates or other evidence shall be in favour of such person or
persons as may be determined by the officers executing such proxies or arranging for the
issuance of voting certificates or such other evidence of the right to exercise such voting rights.
In addition, the Board may from time to time direct the manner in which and the person or
persons by whom any particular voting rights or class of voting rights may or shall be exercised.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.05 <U><B>Withholding Information from Shareholders</B></U> &#151; Subject to the provisions of the Act, no
shareholder shall be entitled to discovery of any information respecting any details or conduct of
the Corporation&#146;s business which, in the opinion of the Board, would be inexpedient in the
interests of the shareholders or the Corporation to communicate to the public. The Board may
from time to time determine whether and to what extent and at what time and place and under
what conditions or regulations the accounts, records and documents of the Corporation or any of
them shall be open to the inspection of shareholders and no shareholder shall have any right of
inspecting any account, record or document of the Corporation except as conferred by the Act or
authorized by the Board or by resolution passed at a general meeting of shareholders.
</DIV>


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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;4&nbsp;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 3</B><BR>
<U><B>BORROWING AND SECURITIES</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.01 <U><B>Borrowing Power</B></U> &#151; Without limiting the borrowing powers of the Corporation as set
forth in the Act, the articles, the by-laws or any unanimous shareholder agreement, the Board
may from time to 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>borrow money upon the credit 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue, reissue, sell or pledge debt obligations 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the provisions of the Act give a guarantee on behalf of the
Corporation
to secure performance of an obligation of any person; 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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>mortgage, hypothecate, pledge or otherwise create an interest in all or any
property of the Corporation, owned or subsequently acquired, to secure any
obligation of the Corporation.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing in this Section limits or restricts the borrowing of money by the Corporation on bills of
exchange or promissory notes made, drawn, accepted or endorsed by or on behalf of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.02 <U><B>Delegation</B></U> &#151; The Board may from time to time delegate to such one or more of the
directors and officers of the Corporation as may be designated by the Board all or any of the
powers conferred on the Board by Section&nbsp;3.01 or by the Act to such extent and in such manner
as the Board shall determine at the time of each such delegation.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 4</B><BR>
<U><B>DIRECTORS</B></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.01 <U><B>Number of Directors and Quorum</B></U> &#151; Until changed in accordance with the Act, the
Board shall consist of not fewer than one (1)&nbsp;and not more than eleven (11)&nbsp;directors. Subject to
Section&nbsp;4.08, the quorum for the transaction of business at any meeting of the Board shall consist
of a majority of the number of directors then elected or appointed, or such greater or lesser
number of directors as the Board may from time to time determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.02 <U><B>Qualification</B></U> &#151; No person shall be qualified for election as a director if he (i)&nbsp;is
less than
18&nbsp;years of age; (ii)&nbsp;is a dependent adult as defined in <I>The Dependent Adults Act </I>or is the subject
of a certificate of incapacity under that Act and any statute that may be substituted therefor, as
from time to time amended; (iii)&nbsp;is a formal patient as defined in <I>The Mental Health Act </I>and any
statute that may be substituted therefor, as from time to time amended; (iv)&nbsp;is the subject of an
order under <I>The Mentally Incapacitated Persons Act </I>and any statute that may be substituted
therefor, as from time to time amended, appointing a committee of his person or estate or both;
(v)&nbsp;has been found to be a person of unsound mind by a court elsewhere than in Alberta; (vi)&nbsp;is
not an individual; (vii)&nbsp;has the status of a bankrupt. Subject to the articles, a director need not
be
a shareholder. At least one-quarter of the directors must be resident Canadians.
</DIV>


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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;5&nbsp;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.03 <U><B>Election and Term</B></U> &#151; The election of directors shall take place at the first meeting of
shareholders and at each annual meeting of shareholders and all the directors then in office shall
retire but, if qualified, shall be eligible for re-election. The number of directors to be elected
at
any such meeting shall be the number of directors then in office unless the shareholders
otherwise determine. The election shall be by ordinary resolution. If an election of directors is
not held at the proper time, the incumbent directors shall continue in office until their
successors
are elected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.04 <U><B>Removal of Directors</B></U> &#151; Subject to the provisions of the Act, the shareholders may by
ordinary resolution passed at a special meeting remove any director from office and the vacancy
created by such removal may be filled at the same meeting failing which it may be filled by the
directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.05 <U><B>Vacation of Office</B></U> &#151; A director ceases to hold office when he dies; he is removed from
office by the shareholders; he ceases to be qualified for election as a director; or his written
resignation is sent or delivered to the Corporation, or if a time is specified in such resignation,
at
the time so specified, whichever is later.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.06 <U><B>Vacancies</B></U> &#151; Subject to the Act, the articles and any unanimous shareholder agreement, a
quorum of the Board may fill a vacancy in the Board, except a vacancy resulting from an
increase in the number or minimum number of directors or from a failure of the shareholders to
elect the minimum number of directors. In the absence of a quorum of the Board, or if the
vacancy has arisen from a failure of the shareholders to elect the minimum number of directors,
the Board shall forthwith call a special meeting of shareholders to fill the vacancy. If the Board
fails to call such meeting or if there are no such directors then in office, any shareholder may
call
the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.07 <U><B>Action by the Board</B></U> &#151; Subject to any unanimous shareholder agreement, the Board shall
manage or supervise the management of the business and affairs of the Corporation. Subject to
Sections&nbsp;4.08 and 4.09, the powers of the Board may be exercised by resolution passed at a
meeting at which a quorum is present or by resolution in writing signed in part or in counterpart
by all the directors entitled to vote on that resolution at a meeting of the Board. Where there is
a
vacancy in the Board, the remaining directors may exercise all the powers of the Board so long
as a quorum remains in office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.08 <U><B>Residence</B></U> &#151; Unless otherwise permitted by the Act, the Board shall not transact
business
at a meeting, other than filling a vacancy in the Board, unless at least one-quarter of the
directors
present are resident Canadians, except where:
</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>a resident Canadian director who is unable to be present approves in writing or
by telephone or other communications facilities the business transacted at the
meeting; 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 number of resident Canadian directors present at the meeting together with
any resident Canadian director who gives his approval under clause (a), totals at
least one-quarter of the directors present at the meeting.</TD>
</TR>





</TABLE>
</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 align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;6&nbsp;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.09 <U><B>Meetings by Telephone</B></U> &#151; If all the directors consent, a director may participate
in a
meeting of the Board or of a committee of the Board by electronic means, telephone or other
communication facilities as permit all persons participating in the meeting to hear each other,
and a director participating in such a meeting by such means is deemed to be present at the
meeting. Any such consent shall be effective whether given before or after the meeting to which
it relates and may be given with respect to all meetings of the Board and of committees of the
Board held while a director holds office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.10 <U><B>Place of Meeting</B></U> &#151; Meetings of the Board may be held at any place in or outside
Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.11 <U><B>Calling of Meeting</B></U> &#151; Meetings of the Board shall be held from time to time and at such
place as the chairman of the Board, the managing director, the president or any two directors
may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.12 <U><B>Notice of Meeting</B></U> &#151; Notice of the time and place of each meeting of the Board shall be given
in the manner provided in Section 12.01 to each director not less than 48 hours before the time when the meeting is to be held. A notice of a meeting of directors need not specify the
purpose of or the business to be transacted at the meeting except where the Act requires such
purpose or business to be specified, including any proposal 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>submit to the shareholders any question or matter requiring approval of the
shareholders;</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>appoint additional directors;</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>fill a vacancy among the directors or in the office of auditor;</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>issue 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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>declare dividends;</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>purchase, redeem or otherwise acquire shares issued by 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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pay a commission for the sale of shares;</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>approve a prospectus or management proxy circular;</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>approve a take-over bid circular or directors&#146; circular;</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>approve any annual financial statements; 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">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adopt, amend or repeal by-laws.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A director may in any manner waive notice of or otherwise consent to a meeting of the Board,
and attendance of a director at a meeting constitutes a waiver of notice, unless the director is
attending for the express purpose of objecting to the transaction of any business on the grounds
that the meeting is not lawfully called.
</DIV>





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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;7&nbsp;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.13 <U><B>First Meeting of New Board</B></U> &#151; Provided a quorum of directors is present, each
newly
elected Board may, without notice, hold its first meeting immediately following the meeting of
shareholders at which such Board is elected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.14 <U><B>Adjourned Meeting</B></U> &#151; Notice of an adjourned meeting of the Board is not required if the
time and place of the adjourned meeting is announced at the original meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.15 <U><B>Regular Meetings</B></U> &#151; The Board may appoint a day or days in any month or months for
regular meetings of the Board at a place and hour to be named. A copy of any resolution of the
Board fixing the place and time of such regular meetings shall be sent to each director forthwith
after being passed, but no other notice shall be required for any such regular meeting except
where the Act requires the purpose thereof or the business to be transacted thereat to be
specified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.16 <U><B>Chairman</B></U> &#151; The chairman of any meeting of the Board shall be the first mentioned of
such of the following officers as have been appointed and who is a director and is present at the
meeting: chairman of the Board, managing director, president, or a vice-president. If no such
officer is present, the directors present shall choose one of their number to be chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.17 <U><B>Votes to Govern</B></U> &#151; At all meetings of the Board every question shall be decided by a
majority of the votes cast on the question of those directors entitled to vote. In case of an
equality of votes the chairman of the meeting shall not be entitled to a second or casting vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.18 <U><B>Conflict of Interest</B></U> &#151; A director or officer who is a party to, or who is a director
or
officer of or has a material interest in any person who is a party to, a material contract or
material
transaction or proposed material contract or proposed material transaction with the Corporation
shall disclose the nature and extent of his interest at the time and in the manner provided by the
Act. Any such contract or transaction or proposed contract or transaction shall be referred to the
Board or shareholders for approval in accordance with the Act, even if such contract or
transaction is one that in the ordinary course of the Corporation&#146;s business would not require
approval by the Board or shareholders, and a director interested in a contract or transaction so
referred to the Board shall not vote on any resolution to approve the same except as provided by
the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.19 <U><B>Remuneration and Expenses</B></U> &#151; Subject to the articles and any unanimous shareholder
agreement, the directors shall be paid such remuneration for their services as the Board may from
time to time determine. The directors shall also be entitled to be reimbursed for travelling and
other expenses properly incurred by them in attending meetings of the Board or any meetings of
the Board or any committee thereof. Nothing herein contained shall preclude any director from
serving the Corporation in any other capacity and receiving remuneration in that capacity.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;8&nbsp;
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION
5</B><BR>
<U><B>COMMITTEES</B></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.01 <U><B>Committee of Directors</B></U> &#151; Unless otherwise permitted by the Act, the Board may appoint
a managing director who must be a resident Canadian or a committee of directors, however
designated, and delegate to such committee any of the powers of the Board except those which,
under the Act, a managing director or a committee of directors has no authority to exercise. At least one-quarter of the members of such committee shall be resident Canadians.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.02 <U><B>Transaction of Business</B></U> &#151; Subject to the provisions of Section&nbsp;4.09, the powers of a
committee of directors may be exercised by a meeting at which a quorum is present or by
resolution in writing signed by all the members of such committee who would have been entitled
to vote on that resolution at a meeting of the committee. Meetings of such committee may be
held at any place in or outside Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.03 <u><B>Advisory Committees</B></u>  &#151; The Board may from time to time appoint such other
committees as it may deem advisable, but the functions of any such other committees shall be
advisory only.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.04 <B><U>Procedure</U></B> &#151; Unless otherwise determined by the Board, each committee shall have the
power to fix its quorum at not less than a majority of its members, to elect its chairman and to
regulate its procedure.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 6<BR>
<U>OFFICERS</U></B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.01 <U><B>Appointment</B></U> &#151; Subject to the articles and any unanimous shareholder agreement,
the
Board may from time to time appoint a president, chief executive officer, chief financial officer,
one or more vice-presidents (to which title may be added words indicating seniority or function),
a secretary, a treasurer and such other officers as the Board may determine, including one or
more assistants to any of the officers so appointed. The Board may specify the duties of and, in
accordance with this by-law and subject to the provisions of the Act, the articles, and any
unanimous shareholder agreement, delegate to such officers powers to manage the business and
affairs of the Corporation. Subject to Sections&nbsp;6.02 and 6.03, an officer may but need not be a
director and one person may hold more than one office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.02 <U><B>Chairman of the Board</B></U> &#151; The Board may from time to time also appoint a chairman of
the Board who shall be a director. If appointed, the Board may assign to him any of the powers
and duties that are by any provision of this by-law assigned to the managing director or to the
president; and he shall, subject to the provisions of the Act, have such other powers and duties as
the Board may specify. During the absence or disability of the chairman of the Board, his duties
shall be performed and his powers exercised by the managing director, if any, or by the
president.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.03 <U><B>Managing Director</B></U> &#151; The Board may from time to time appoint a managing director who
shall be a director. If appointed, he shall have such powers and duties as the Board may specify.
</DIV>




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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;9&nbsp;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.04 <U><B>President</B></U> &#151; If appointed, the president shall be the chief operating officer and,
subject to
the authority of the Board, shall have general supervision of the business of the Corporation; and
he shall have such other powers and duties as the Board may specify. During the absence or
disability of the president, or if no president has been appointed, the managing director shall
also
have the powers and duties of that office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.05 <U><B>Vice-President</B></U> &#151; A vice-president shall have such powers and duties as the Board or the
chief executive officer may specify.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.06 <U><B>Secretary</B></U> &#151; The secretary shall attend and be the secretary of all meetings of the
Board,
shareholders and committees of the Board and shall enter or cause to be entered in records kept
for that purpose minutes of all proceedings thereat; he shall give or cause to be given, as and
when instructed, all notices to shareholders, directors, officers, auditors and members of
committees of the board; he shall be the custodian of the stamp or mechanical device generally
used for affixing the corporate seal of the Corporation and of all books, papers, records,
documents and instruments belonging to the Corporation, except when some other officer or
agent has been appointed for that purpose; and he shall have such other powers and duties as the
Board or the chief executive officer may specify.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.07 <U><B>Treasurer</B></U> &#151; The treasurer shall keep proper accounting records in compliance with the
Act and shall be responsible for the deposit of money, the safekeeping of securities and the
disbursement of the funds of the Corporation; he shall render to the Board whenever required an
account of all his transactions as treasurer and of the financial position of the Corporation; and
he shall have such other powers and duties as the Board or the chief executive officer may specify.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.08 <U><B>Powers and Duties of Other Officers</B></U> &#151; The powers and duties of all other officers shall
be such as the terms of their engagement call for or as the Board or the chief executive officer
may specify. Any of the powers and duties of an officer to whom an assistant has been
appointed may be exercised and performed by such assistant, unless the Board or the chief
executive officer otherwise directs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.09 <U><B>Variation of Powers and Duties</B></U> &#151; The Board may from time to time and subject to the
provisions of the Act, vary, add to or limit the powers and duties of any officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.10 <u><B>Term of Office</B></u> &#151; The Board, in its discretion, may remove any officer of the
Corporation, without prejudice to such officer&#146;s rights under any employment contract.
Otherwise, each officer appointed by the Board shall hold office until his successor is appointed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.11 <U><B>Terms of Employment and Remuneration </B></U> &#151; The terms of employment and the
remuneration of officers appointed by the Board shall be settled by the Board from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.12 <U><B>Conflict of Interest</B></U> &#151; An officer shall disclose his interest in any material contract
or material transaction or proposed material contract or proposed material transaction with the
Corporation in accordance with Section&nbsp;4.18.
</DIV>





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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;10&nbsp;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.13 <U><B>Agents and Attorneys</B></U> &#151; The Board shall have power from time to time to appoint agents
or attorneys for the Corporation in or outside Canada with such powers of management or
otherwise (including the power to sub-delegate) as may be thought fit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.14 <U><B>Fidelity Bonds</B></U> &#151; The Board may require such officers, employees and agents of the
Corporation as the Board deems advisable to furnish bonds for the faithful discharge of their
powers and duties, in such form and with such surety as the Board may from time to time
determine.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 7</B><BR>
<U><B>PROTECTION OF DIRECTORS, OFFICERS AND OTHERS</B></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.01 <U><B>Limitation of Liability</B></U> &#151; No director or officer shall be liable for the acts,
receipts,
neglects or defaults of any other director or officer or employee, or for joining in any receipt or
other act for conformity, or for any loss, damage or expense happening to the Corporation
through the insufficiency or deficiency of title to any property acquired for or on behalf of the
Corporation, or for the insufficiency or deficiency of any security in or upon which any of the
moneys of the Corporation shall be invested, or for any loss or damage arising from the
bankruptcy, insolvency or tortious acts of any person with whom any of the moneys, securities or
effects of the Corporation shall be deposited, or for any loss occasioned by any error of judgment
or oversight on his part, or for any other loss, damage or misfortune whatever which shall happen
in the execution of the duties of his office or in relation thereto, unless the same are occasioned
by his own wilful neglect or default; provided that nothing herein shall relieve any director or
officer from the duty to act in accordance with the Act and the regulations thereunder or from
liability for any breach thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.02 <U><B>Indemnity</B></u><B> &#151; </B>Subject to the limitations contained in the Act, the Corporation shall
indemnify a director or officer, or a former director or officer, or a person who acts or acted at
the Corporation&#146;s request as a director or officer of a body corporate of which the Corporation is
or was a shareholder or creditor (or a person who undertakes or has undertaken any liability on
behalf of the Corporation or any such body corporate) and his heirs and legal representatives,
against all costs, charges and expenses, including an amount paid to settle an action or satisfy a
judgment, reasonably incurred by him in respect of any civil, criminal or administrative action or
proceeding to which he is made a party by reason of being or having been a director or officer of
the Corporation or such body corporate, if
</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>he acted honestly and in good faith with a view to the best interests of the
Corporation; 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>in the case of a criminal or administrative action or proceeding that is
enforced by a monetary penalty, he had reasonable grounds for believing that his conduct was
lawful.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;11&nbsp;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.03 <U><B>Insurance</B></U> &#151; Subject to the limitations contained in the Act, the Corporation may
purchase and maintain such insurance for the benefit of its directors and officers as such, as the
Board may from time to time determine.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 8</B><BR>
<U><B>SHARES</B></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.01 <U><B>Allotment</B></U> &#151; Subject to the Act, the articles and any unanimous shareholder agreement,
the Board may from time to time allot or grant options to purchase the whole or any part of the
authorized and unissued shares of the Corporation at such times and to such persons and for such
consideration as the Board shall determine, provided that no share shall be issued until it is
fully
paid as prescribed by the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.02 <U><B>Commissions</B></U> &#151; The Board may from time to time authorize the Corporation to pay a
reasonable commission to any person in consideration of his purchasing or agreeing to purchase
shares of the Corporation, whether from the Corporation or from any other person, or procuring
or agreeing to procure purchasers for any such shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.03 <U><B>Registration of Transfer</B></U> &#151; Subject to the provisions of the Act, no transfer of shares
shall be registered in a securities register except upon presentation of the certificate
representing
such shares with a transfer endorsed thereon or delivered therewith duly executed by the
registered holder or by his attorney or successor duly appointed, together with such reasonable
assurance or evidence of signature, identification and authority to transfer as the Board may from
time to time prescribe, upon payment of all applicable taxes and any fees prescribed by the
Board, upon compliance with such restrictions on transfer as are authorized by the articles and
upon satisfaction of any lien referred to in Section&nbsp;8.05.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.04 <U><B>Transfer Agents and Registrars</B></U> &#151; The Board may from time to time appoint a registrar
to maintain the securities register and a transfer agent to maintain the register of transfers and
may also appoint one or more branch registrars to maintain branch securities registers and one or
more branch transfer agents to maintain branch registers of transfers, but one person may be
appointed both registrar and transfer agent. The Board may at any time terminate any such
appointment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.05 <U><B>Lien for Indebtedness</B></U> &#151; If the articles provide that the Corporation shall have a lien
on shares registered in the name of a shareholder indebted to the Corporation, such lien may be
enforced, subject to any other provision of the articles and to any unanimous shareholder
agreement, by the sale of the shares thereby affected or by any other action, suit, remedy or
proceeding authorized or permitted by law or by equity and, pending such enforcement, may
refuse to register a transfer of the whole or any part of such shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.06 <U><B>Non-Recognition of Trusts</B></U> &#151; Subject to the provisions of the Act, the Corporation shall
treat as absolute owner of any share the person in whose name the share is registered in the
securities register as if that person had full legal capacity and authority to exercise all rights
of
</DIV>



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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;12&nbsp;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ownership, irrespective of any indication to the contrary through knowledge or notice or
description on the Corporation&#146;s records or on the share certificate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.07 <U><B>Security Certificates</B></U> &#151; Every holder of one or more securities of the Corporation shall
be
entitled, at his option, to a security certificate, or to a non-transferable written
acknowledgement
of his right to obtain a security certificate, stating the number and class or series of securities
held by him as shown on the securities register. Security certificates and acknowledgements of a
shareholder&#146;s right to a security certificate, respectively, shall be in such form as the Board
shall
from time to time approve. Any security certificate shall be signed in accordance with
Section&nbsp;2.02 and need not be under the corporate seal; provided that, unless the Board otherwise
determines, certificates representing securities in respect of which a transfer agent and/or
registrar has been appointed shall not be valid unless countersigned by or on behalf of such
transfer agent and/or registrar. The signature of one of the signing officers or, in the case of
security certificates which are not valid unless countersigned by or on behalf of the transfer
agent
and/or registrar, the signatures of both signing officers, may be printed or mechanically
reproduced in facsimile upon share certificates and every such facsimile signature shall for all
purposes be deemed to be the signature of the officer whose signature it reproduces and shall be
binding upon the Corporation. A security certificate executed as aforesaid shall be valid
notwithstanding that one or both of the officers whose facsimile signature appear thereon no
longer holds office at the date of issue of the certificate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.08 <U><B>Replacement of Security Certificates</B></U> &#151; The Board or any officer or agent designated by
the Board may in its or his discretion direct the issue of a new security certificate in lieu of
and
upon cancellation of a security certificate that has been mutilated or in substitution for a
security
certificate claimed to have been lost, destroyed or wrongfully taken on payment of such fee, not
exceeding Three Dollars ($3.00), and on such terms as to indemnity, reimbursement of expenses
and evidence of loss and of title as the Board may from time to time prescribe, whether generally
or in any particular case.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.09 <U><B>Joint Securityholders</B></U> &#151; If two or more persons are registered as joint holders of any
security, the Corporation shall not be bound to issue more than one certificate in respect thereof,
and delivery of such certificate to one of such persons shall be sufficient delivery to all of
them.
Any one of such persons may give effectual receipts for the certificate issued in respect thereof
or for any dividend, bonus, return of capital or other money payable or warrant issuable in
respect of such security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.10 <u><B>Deceased Shareholder</B></u> &#151; In the event of the death of a holder, or of one of the joint
holders, of any security, the Corporation shall not be required to make any entry in the securities
register in respect thereof or to make payment of any dividends thereon except upon production
of all such documents as may be required by law and upon compliance with the reasonable
requirements of the Corporation and its transfer agents.
</DIV>




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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;13&nbsp;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 9</B><BR>
<U><B>DIVIDENDS AND RIGHTS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.01 <U><B>Dividends</B></U> &#151; Subject to the provisions of the Act, the Board may from time to
time declare dividends payable to the shareholders according to their respective rights and interests in
the Corporation. Dividends may be paid in money or property or by issuing fully paid shares of
the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.02 <U><B>Dividend Cheques</B></U> &#151; A dividend payable in cash shall be paid by cheque drawn on the
Corporation&#146;s bankers or one of them to the order of each registered holder of shares of the class
or series in respect of which it has been declared and mailed by prepaid ordinary mail to such
registered holder at his recorded address, unless such holder otherwise directs. In the case of
joint holders the cheque shall, unless such joint holders otherwise direct, be made payable to the
order of all of such joint holders and mailed to them at their recorded address. The mailing of
such cheque as aforesaid, unless the same is not paid on due presentation, shall satisfy and
discharge the liability for the dividend to the extent of the sum represented thereby plus the
amount of any tax which the Corporation is required to and does withhold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.03 <U><B>Non-Receipt of Cheques</B></U> &#151; In the event of non-receipt of any dividend cheque by the
person to whom it is sent as aforesaid, the Corporation shall issue to such person a replacement
cheque for a like amount on such terms as to indemnity, reimbursement of expenses and
evidence of non-receipt and of title as the Board may from time to time prescribe, whether
generally or in any particular case.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.04 <u><B>Record Date for Dividends and Rights</B></u> &#151; The Board may fix in advance a date,
preceding by not more than 50&nbsp;days the date for the payment of any dividend or the date for the
issue of any warrant or other evidence of right to subscribe for securities of the Corporation, as
a record date for the determination of the persons entitled to receive payment of such dividend or
to exercise the right to subscribe for such securities and if the Corporation is a distributing
corporation, as defined in the Act, provided that notice of any such record date is given, not less
than 7&nbsp;days before such record date, by newspaper advertisement in the manner provided in the
Act. Where no record date is fixed in advance as aforesaid, the record date for the determination
of the persons entitled to receive payment of any dividend or to exercise the right to subscribe
for securities of the Corporation shall be at the close of business on the day on which the resolution
relating to such dividend or right to subscribe is passed by the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.05 <U><B>Unclaimed Dividends</B></U> &#151; Any dividend unclaimed after a period of 6&nbsp;years from the date
on which the same has been declared to be payable shall be forfeited and shall revert to the
Corporation.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 10</B><BR>
<U><B>MEETINGS OF SHAREHOLDERS</B></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.01 <U><B>Annual Meeting</B></U> &#151; The annual meeting of shareholders shall be held at such
time in each year and, subject to Section&nbsp;10.03, at such place as the Board, the chairman of the
Board, the managing director or the president may from time to time determine, for the purpose of
considering the financial statements and reports required by the Act to be placed before the
</DIV>


<DIV style="margin-top: 6pt">
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</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;14&nbsp;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">annual meeting, electing directors, appoint auditors and for the transaction of such other
business as may properly be brought before the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.02 <U><B>Special Meetings</B></U> &#151; The Board, the chairman of the Board, the managing director or the
president shall have power to call a special meeting of shareholders at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.03 <U><B>Place of Meetings</B></U> &#151; Meetings of shareholders shall be held at the registered office of
the Corporation or elsewhere in the municipality in which the registered office is situate or, if the
Board shall so determine, at some other place within Alberta or, if all the shareholders entitled
to vote at the meeting so agree, at some place outside the Province of Alberta.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.04 <U><B>Notice of Meetings</B></U> &#151; Notice of the time and place of each meeting of shareholders
shall be given in the manner provided in Section&nbsp;12.01 not less than 21 nor more than 50&nbsp;days before
the date of the meeting to each director, to the auditor and to each shareholder who at the close
of business on the record date for notice, if any, is entered in the securities register as the holder
of one or more shares carrying the right to vote at the meeting. Notice of a meeting of shareholders
called for any purpose other than consideration of the financial statements and auditors report,
election of directors and appointment of auditors shall state the nature of such business in
sufficient detail to permit the shareholder to form a reasoned judgment thereon and shall state the
text of any special resolution to be submitted to the meeting. A shareholder may in any manner
waive notice of or otherwise consent to a meeting of shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.05 <u><B>List of Shareholders Entitled to Notice</B></U> &#151; The Corporation shall prepare a list of
shareholders entitled to receive notice of the meeting, arranged in alphabetical order and showing
the number of shares entitled to vote at the meeting held by each shareholder. If a record date for
the meeting is fixed pursuant to Section&nbsp;10.06, the shareholders listed shall be those registered
at the close of business on a day not later than 10&nbsp;days after such record date and the list shall be
prepared no later than 10&nbsp;days after the record date. If no record date is fixed, the shareholders
listed shall be those registered at the close of business on the day immediately preceding the day
of which notice of the meeting is given, or where no such notice is given the day on which the
meeting is held. The list shall be available for examination by any shareholder during usual
business hours at the registered office of the Corporation or at the place where the securities
register is kept and at the place where the meeting is held.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.06 <U><B>Record Date for Notice</B></U> &#151; The Board may fix in advance a record date, preceding the
date of any meeting of shareholders by not more than 50&nbsp;days and not less than 21&nbsp;days, for the
determination of the shareholders entitled to notice of or to vote at the meeting, provided that
notice of any such record date is given, not less than 7&nbsp;days before such record date, by
newspaper advertisement in the manner provided in the Act. If no record date is so fixed, the
record date for the determination of the shareholders entitled to notice of or to vote at the
meeting shall be the close of business on the last business day immediately preceding the day on
which the notice is sent, or, if no notice is sent, the day on which the meeting is held.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.07 <U><B>Meetings Without Notice</B></U> &#151; A meeting of shareholders may be held without notice at any
time and place permitted by the Act (a)&nbsp;if all the shareholders entitled to vote thereat are
present
</DIV>



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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;15&nbsp;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in person or represented by proxy or if those not present or represented by proxy waive notice of
or otherwise consent to such meeting being held, and (b)&nbsp;if the auditors and the directors are
present or waive notice of or otherwise consent to such meeting being held. At such a meeting any
business may be transacted which the Corporation at a meeting of shareholders may transact. If the
meeting is held at a place outside Alberta, shareholders not present or represented by proxy, but
who have waived notice of or otherwise consented to such meeting, shall also be deemed to have
consented to the meeting being held at such place.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.08 <U><B>Chairman, Secretary and Scrutineers</B></U> &#151; The chairman of any meeting of shareholders
shall be the first mentioned of such of the following officers as have been appointed and who is
present at the meeting: president, managing director, chairman of the Board, or a vice-president
who is a shareholder. If no such officer is present within 15 minutes after the time fixed for the
commencement of the meeting, the persons present and entitled to vote shall choose one of their
number to be chairman. If the secretary of the Corporation is absent, the chairman shall appoint
some person, who need not be a shareholder, to act as secretary of the meeting. If desired, one or
more scrutineers, who need not be shareholders, may be appointed by a resolution or by the
chairman with the consent of the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.09 <U><B>Persons Entitled to be Present</B></U> &#151; The only persons entitled to be present at a meeting
of shareholders shall be those entitled to vote thereat, the directors and auditors of the Corporation
and others who, although not entitled to vote, are entitled or required under any provision of the
Act or the articles or by-laws to be present at the meeting. Any other person may be admitted
only on the invitation of the chairman of the meeting or with the consent of the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.10 <u><B>Quorum</B></u> &#151; Subject to the requirements of the Act, a quorum for the transaction of
business at any meeting of the shareholders, irrespective of the number of persons actually
present at the meeting, shall be one person present in person being a shareholder entitled to vote
thereat or a duly appointed representative or proxyholder for an absent shareholder so entitled,
and holding or representing in the aggregate not less than a majority of the outstanding shares of
the Corporation entitled to vote at the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a quorum is not present at the opening of any meeting of shareholders, the shareholders
present may adjourn the meeting to a fixed time and place, but may not transact any other
business. If a meeting of shareholders is adjourned by one or more adjournments for an aggregate
of less than 30&nbsp;days it is not necessary to give notice of the adjourned meeting other than by
announcement at the time of an adjournment. If a meeting of shareholders is adjourned by one or
more adjournments for an aggregate of more than 29&nbsp;days and not more than 90&nbsp;days, notice of the
adjourned meeting shall be given as for an original meeting but the management of the Corporation
shall not be required to send a form of proxy in the form prescribed by the Act to each
shareholder who is entitled to receive notice of the meeting. Those shareholders present at any
duly adjourned meeting shall constitute a quorum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.11 <U><B>Right to Vote</B></U> &#151; Subject to the provisions of the Act as to authorized representatives
of any other body corporate, at any meeting of shareholders in respect of which the Corporation has
prepared the list referred to in Section&nbsp;10.05, every person who is named in such list shall be
</DIV>






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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;16&nbsp;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">entitled to vote the shares shown thereon opposite his name except, where the Corporation has
fixed a record date in respect of such meeting pursuant to Section&nbsp;10.06, to the extent that such
person has transferred any of his shares after such record date and the transferee, upon producing
properly endorsed certificates evidencing such shares or otherwise establishing that he owns such
shares, demands not later than 10&nbsp;days before the meeting that his name be included to vote the
transferred shares at the meeting. In the absence of a list prepared as aforesaid in respect of a
meeting of shareholders, every person shall be entitled to vote at the meeting who at the time is
entered in the securities register as the holder of one or more shares carrying the right to vote
at such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.12 <U><B>Proxies</B></U> &#151; Every shareholder entitled to vote at a meeting of shareholders may appoint
a proxyholder, or one or more alternate proxyholders, who need not be shareholders, to attend and
act at the meeting in the manner and to the extent authorized and with the authority conferred by
the proxy. A proxy shall be in writing executed by the shareholder or his attorney and shall
conform with the requirements of the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.13 <U><B>Time for Deposit of Proxies</B></U> &#151; The Board may specify in a notice calling a meeting of
shareholders a time, preceding the time of such meeting by not more than 48 hours exclusive of
non-business days, before which time proxies to be used at such meeting must be deposited. A
proxy shall be acted upon only if, prior to the time so specified, it shall have been deposited
with the Corporation or an agent thereof specified in such notice or, if no such time is specified in
such notice, unless it has been received by the secretary of the Corporation or by the chairman of
the meeting or any adjournment thereof prior to the time of voting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.14 <U><B>Joint Shareholders</B></U> &#151; If two or more persons hold shares jointly, any one of them
present in person or represented by proxy at a meeting of shareholders may, in the absence of the other
or others, vote the shares; but if two or more of those persons are present in person or
represented by proxy and vote, they shall vote as one on the shares jointly held by them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.15 <U><B>Votes to Govern</B></U> &#151; At any meeting of shareholders every question shall, unless
otherwise required by the Act, be determined by the majority of the votes cast on the question. In case of
an equality of votes either upon a show of hands or upon a poll, the chairman of the meeting
shall not be entitled to a second or casting vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.16 <u><B>Show of Hands</B></u> &#151; Subject to the provisions of the Act, any question at a meeting of
shareholders shall be decided by a show of hands or any other manner permitted by the Act
unless a ballot thereon is required or demanded as hereinafter provided. Upon a show of hands
every person who is present and entitled to vote shall have one vote. Whenever a vote by show
of hands shall have been taken upon a question, unless a ballot thereon is so required or
demanded, a declaration by the chairman of the meeting that the vote upon the question has been
carried or carried by a particular majority or not carried and an entry to that effect in the
minutes of the meeting shall be prima facie evidence of the fact without proof of the number or
proportion of the votes recorded in favour of or against any resolution or other proceeding in
respect of the said question, and the result of the vote so taken shall be the decision of the
shareholders upon the said question.
</DIV>




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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;17&nbsp;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.17 <U><B>Ballots</B></U> &#151; On any question proposed for consideration at a meeting of shareholders,
and whether or not a show of hands or other form of voting has been taken thereon, any shareholder
or proxyholder entitled to vote at the meeting may require or demand a ballot. A ballot so
required or demanded shall be taken in such manner as the chairman shall direct. A requirement
or demand for a ballot may be withdrawn at any time prior to the taking of the ballot. If a ballot
is taken each person present shall be entitled, in respect of the shares which he is entitled to
vote at the meeting upon the question, to that number of votes provided by the Act or the articles, and
the result of the ballot so taken shall be the decision of the shareholders upon the said question.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.18 <U><B>Adjournment</B></U> &#151; If a meeting of shareholders is adjourned for less than 30&nbsp;days, it
shall not be necessary to give notice of the adjourned meeting, other than by announcement at the
earliest meeting that it is adjourned. If a meeting of shareholders is adjourned by one or more
adjournments for an aggregate of 30&nbsp;days or more, notice of the adjourned meeting shall be
given as for an original meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.19 <u><B>Resolution in Writing</B></u> &#151; A resolution in writing signed in counterpart or in one
instrument by all the shareholders entitled to vote on that resolution at a meeting of shareholders
is as valid as if it had been passed at a meeting of the shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.20 <U><B>Only One Shareholder</B></U> &#151; Where the Corporation has only one shareholder or only one
holder of any class or series of shares, the shareholder present in person or by proxy constitutes
a meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.21 <u><B>Meetings by Telephone</B></u> &#151; Subject to any limitations or requirements set out in the
regulations to the Act, if any, a shareholder or any other person entitled to attend a meeting of
shareholders may participate in the meeting by electronic means, telephone or other
communication facilities that permit all persons participating in the meeting to hear or otherwise
communicate with each other.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 11</B><BR>
<U><B>DIVISIONS AND DEPARTMENTS</B></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.01 <U><B>Creation and Consolidation of Divisions</B></U> &#151; The Board may cause the business and
operations of the Corporation or any part thereof to be divided or to be segregated into one or
more divisions upon such basis, including without limitation, character or type of operation,
geographical territory, product manufactured or service rendered, as the Board may consider
appropriate in each case. The Board may also cause the business and operations of any such
division to be further divided into sub-units and the business and operations of any such
divisions or sub-units to be consolidated upon such basis as the Board may consider appropriate
in each case.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.02 <U><B>Name of Division</B></U> &#151; Any division or its sub-units may be designated by such name as the
Board may from time to time determine and may transact business, enter into contracts, sign
cheques and other documents of any kind and do all acts and things under such name. Any such
contracts, cheque or document shall be binding upon the Corporation as if it had been entered
into or signed in the name of the Corporation.
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;18&nbsp;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.03 <U><B>Officers of Divisions</B></U> &#151; From time to time the Board or, if authorized by the Board,
the chief executive officer, may appoint one or more officers for any division, prescribe their
powers and duties and settle their terms of employment and remuneration. The Board or, if
authorized by the Board, the chief executive officer, may remove at its or his pleasure any officer
so appointed, without prejudice to such officer&#146;s rights under any employment contract. Officers of
divisions or their sub-units shall not, as such, be officers of the Corporation.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 12 </B><BR>

<U><B>NOTICES</B></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.01 <U><B>Method of Giving Notices</B></U> &#151; Any notice (which term includes any communication or
document) to be given (which term includes sent, delivered or served) pursuant to the Act, the
regulations thereunder, the articles, the by-laws or otherwise to a shareholder, director, officer,
auditor or member of a committee of the Board shall be sufficiently given if delivered personally
to the person to whom it is to be given or if delivered to his recorded address or if mailed to him
at his recorded address by prepaid ordinary or air mail or if sent to him at his recorded address
by any means of prepaid transmitted or recorded communication or by electronic means in
accordance with the provisions of the Electronic Transaction Act. A notice so delivered shall be
deemed to have been given when it is delivered personally or to the recorded address as
aforesaid; a notice so mailed shall be deemed to have been given when deposited in a post office
or public letter box; and a notice so sent by any means of transmitted or recorded communication
shall be deemed to have been given when dispatched or delivered to the appropriate
communication company or agency or its representative for dispatch. The secretary may change
or cause to be changed the recorded address of any shareholder, director, officer, auditor or
member of a committee of the Board in accordance with any information believed by him to be
reliable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.02 <U><B>Notice to Joint Shareholders</B></U> &#151; If two or more persons are registered as joint holders
of any share, any notice shall be addressed to all of such joint holders but notice to one of such
persons shall be sufficient notice to all of them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.03 <U><B>Computation of Time</B></U> &#151; In computing the date when notice must be given under any
provisions requiring a specified number of days notice of any meeting or other event, the date of
giving the notice shall be excluded and the date of the meeting or other event shall be included.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.04 <U><B>Undelivered Notices</B></U> &#151; If any notice given to a shareholder pursuant to Section&nbsp;12.01
is returned on two consecutive occasions because he cannot be found, the Corporation shall not be
required to give any further notices to such shareholder until he informs the Corporation in
writing of his new address.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.05 <U><B>Omissions and Errors</B></U> &#151; The accidental omission to give any notice to any shareholder,
director, officer, auditor or member of a committee of the Board or the non-receipt of any notice
by any such person or any error in any notice not affecting the substance thereof shall not
invalidate any action taken at any meeting held pursuant to such notice or otherwise founded
thereon.
</DIV>



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<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;19&nbsp;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.06 <U><B>Persons Entitled by Death or Operation of Law</B></U> &#151; Every person who, by operation of
law, transfer, death of a shareholder or any other means whatsoever, shall become entitled to any
share, shall be bound by every notice in respect of such share which shall have been duly given
to the shareholder from whom he derives his title to such share prior to his name and address
being entered on the securities register (whether such notice was given before or after the
happening of the event upon which he became so entitled) and prior to his furnishing to the
Corporation the proof of authority or evidence of his entitlement prescribed by the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.07 <U><B>Waiver of Notice</B></u> &#151; Any shareholder (or his duly appointed proxyholder), director,
officer, auditor or member of a committee of the Board may at any time waive any notice, or
waive or abridge the time for any notice, required to be given to him under any provision of the
Act, the regulations thereunder, the articles, the by-laws or otherwise and such waiver or
abridgement shall cure any default in the giving or in the time of such notice, as the case may be.
Any such waiver or abridgement shall be in writing except a waiver of notice of a meeting of
shareholders or of the Board which may be given in any manner.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 13</B><BR>
<U><B>EFFECTIVE DATE</B></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.01 <U><B>Effective Date</B></U> &#151; This by-law shall come into force upon the passing of same by the
Board, subject to confirmation of the by-law by the shareholders of the Corporation as required by
the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CONSENTED </B>to by the first director of the Corporation, as  evidenced by the signature hereto.
</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="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Brian E. Roberts</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>
</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>BRIAN E. ROBERTS</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CONFIRMED </B>by the voting shareholder of the Corporation, as evidenced by the signatures hereto.
</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="60%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Per:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Darren J. Ruhr</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>
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</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>DATED, </B>this 30<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of June, 2006.
</DIV>



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<DOCUMENT>
<TYPE>EX-3.19
<SEQUENCE>20
<FILENAME>o69608exv3w19.htm
<DESCRIPTION>EX-3.19
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w19</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.19</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>REGISTER LIMITED PARTNERSHIP &#151; Proof of Filing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Alberta Registration Date: 2009/01/02</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Registration Number: LP14452965</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="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Service Request Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;12533752</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Limited Partnership Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;PRECISION DRILLING CANADA LIMITED PARTNERSHIP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Home Jurisdiction:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;ALBERTA</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>General Partner</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>General Partner Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Legal Entity</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Corporate Access Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;2012531964</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name / Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;PRECISION DRILLING LIMITED</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;4200,150 &#151; 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;T2P 3Y7</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Attachment</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="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Attachment Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Microfilm Bar Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date Recorded</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certificate of Limited Partnership
(AB)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10000801000210574</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2009/01/02</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Registration Authorized By:</B></TD>
    <TD>&nbsp;</TD>
    <TD>JON C. TRUSWELL<br>
SOLICITOR</TD>
</TR>
</TABLE>
</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"><B>IN THE MATTER OF<BR>
PRECISION DRILLING CANADA LIMITED PARTNERSHIP<BR>
AND IN THE MATTER OF<BR>
SECTION 52 OF THE </B><B><I>PARTNERSHIP ACT </I></B><B>(ALBERTA), AS AMENDED (THE &#147;ACT&#148;)</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>CERTIFICATE</B></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned wish to form a limited partnership (the <B>&#147;Limited Partnership&#148;</B>) in compliance with
Part&nbsp;2 of the Act and have entered into a limited partnership agreement made as of the 2<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> day of January, 2009 (the <B>&#147;Limited Partnership Agreement&#148;</B>) and, in respect thereof, HEREBY
CERTIFY 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="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The firm name under which the Limited Partnership is to be conducted is &#147;Precision Drilling
Canada Limited Partnership&#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="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The character of the business of the Limited Partnership is carrying on all aspects of an
oil and gas (and other energy sources) services entity, of any nature or kind, which shall
include but not be limited to:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>drilling or servicing of oil and gas (or any other energy source) wells;</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all services related to the drilling or servicing of oil and gas (or any other
energy source) wells;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>engaging in such other activities which (1)&nbsp;the General Partner deems
incidental, necessary or appropriate, and (2)&nbsp;are permitted by applicable law, in
order to carry out the business and purpose specified in paragraphs (i)&nbsp;and (ii); 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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to carry on any other business which, in the sole determination of the General
Partner, should be carried on by the Limited Partnership.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The purposes of the Limited Partnership set forth in this Section are to be construed as
both purposes and powers of the Limited Partnership. The Limited Partnership has, without
limitation, the power to do any and every act and thing necessary, convenient or incidental
to the accomplishment of the purposes of the Limited Partnership.</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>The general partner of the Limited Partnership is Precision Drilling Limited (the
<B>&#147;General Partner&#148;</B>), a body corporate incorporated under the laws of the Province of
Alberta, having its office at 4200, 150 &#150; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W., Calgary, Alberta T2P
3Y7.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960831.gif" alt="(STAMP)">
</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 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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The name and address of the limited partner(s) of the Limited Partnership and the
amount of its (their)&nbsp;contribution(s) is as follows:</TD>
</TR>

</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="36%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Name and Address of Limited</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Total</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Number of Limited</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Partner</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Contribution</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Partnership Units</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">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 T2P 3Y7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$99,000.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>99,000 Class A Units</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="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term for which the Limited Partnership is to exist continues indefinitely until
dissolved or wound-up by the express written mutual agreement of the partners or until:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the removal or deemed resignation of the General Partner, unless the
General Partner is replaced as provided hereunder;</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any event which makes it unlawful for the Limited Partnership business to
be continued;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the consent of the General Partner, the passing of an
Extraordinary Resolution of the Partners dissolving the Limited Partnership; 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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any event which causes the dissolution of a limited partnership under the
laws of the Province of Alberta.</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="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No limited partner is obligated to make any additional capital contributions to the Limited
Partnership.</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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A limited partner is entitled to a return of its capital contribution upon dissolution and
winding-up of the Limited Partnership, in accordance with the Limited Partnership 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="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The share of the profits or other compensation by way of income which each limited partner
is entitled to by reason of its contribution is the same proportion that its Units in the
Limited Partnership bears to the Units of all limited partners.</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">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A limited partner may substitute an assignee as contributor in its place on filing
acceptable transfer documents with the General Partner and the amendment of this Certificate
to reflect such substitution.</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">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner may, in its discretion, admit additional limited partners to the
Limited Partnership from time to 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="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No limited partner has priority over another limited partner, either to a return of
contributions or to compensation by way of income.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 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="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of the bankruptcy, insolvency, dissolution, liquidation, winding up,
resignation or deemed resignation of the General Partner, the business of the Limited
Partnership shall be continued by a new general partner appointed by the Limited Partners
pursuant to the terms of the Limited Partnership Agreement and the filing of an amendment to
this Certificate to evidence such fact.</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">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A limited partner does not have the right to demand and receive property other than cash in
return for its contribution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner is nominated, constituted and appointed true and lawful attorney for the
Limited Partners, and is hereby given and granted full and absolute power and authority to do
and execute all acts, deeds, matters and things necessary to be done for and on behalf of the
Limited Partners.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;The remainder of this page is intentionally left blank&#093;</I>
</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="left" style="font-size: 10pt; margin-top: 6pt">DATED at the City of Calgary, in the Province of Alberta, this 2<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> day of January, 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="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B>GENERAL PARTNER:</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PRECISION DRILLING LIMITED</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Wane Stickland
<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">
    <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: Wane Stickland</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">Title: Vice President</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"><B>INITIAL LIMITED PARTNER:</B></TD>
    <TD>&nbsp;</TD>
    <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 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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Doug Strong
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Doug Strong
</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">Title: Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.19</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AMEND
LIMITED PARTNERSHIP &#151; Proof of Filing</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Alberta Amendment Date: 2010/11/09</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="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Service Request Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">15505964&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Registration Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LP14452965&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Limited Partnership Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRECISION DRILLING CANADA LIMITED PARTNERSHIP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Limited Partnership Status:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Active</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note: There is only 1 active General Partner</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>General Partner</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="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>General Partner Status:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Active</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>General Partner Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Entity</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Corporate Access Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2012531964&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name / Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRECISION DIVERSIFIED OILFIELD SERVICES CORP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 - 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Attachment</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><DIV style="margin-left:60px; text-indent:-0px"><B>Attachment
Type</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Microfilm Bar Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Date Recorded</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certificate of Limited Partnership (AB)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10000801000210574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009/01/02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notice to Amend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10000506102490617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010/11/09</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Registration Authorized By:</B></TD>
    <TD>&nbsp;</TD>
    <TD>DIVIAN DENNIS <br>
AGENT OF TRADE NAME/PARTNERSHIP</TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT TO CERTIFICATE OF LIMITED PARTNERSHIP<BR>
OF PRECISION DRILLING CANADA LIMITED PARTNERSHIP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS Precision Drilling Limited has changed its name to Precision
Diversified Oilfield Services Corp.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND WHEREAS pursuant to the provisions of Section&nbsp;70 of the <I>Partnership Act</I>
(Alberta) (the &#147;Act&#148;) the undersigned, being all of the partners of the limited
partnership known as Precision Drilling Canada Limited Partnership (the <B>&#147;Limited
Partnership&#148;) </B>registered by means of a Certificate of Limited Partnership (the
&#147;<B>Certificate</B>&#148;) on January&nbsp;2, 2009, as LP14452965, hereby amend the Certificate to
update the name of the general partner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW THEREFORE, </B>the Certificate is amended 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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;3 of the Certificate is deleted in its entirety and in substitution therefore
shall be added the following:</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The general partner of the Limited Partnership is <B>PRECISION
DIVERSIFIED OILFIELD SERVICES CORP. </B>(the &#147;General Partner&#148;), a body
corporate incorporated under the laws of the Province of Alberta,
having its office at 4200, 150 &#150; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W., Calgary,
Alberta, T2P 3Y7.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth above, the Certificate is hereby ratified and confirmed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has executed this Certificate effective as
of the 6<SUP style="FONT-size: 85%; vertical-align: text-top">th </SUP>day of April, 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="40%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="53%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>PRECISION DRILLING CORPORATION</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>PRECISION DIVERSIFIED OILFIELD SERVICES CORP.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Limited Partner)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(General Partner)</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="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Per:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Darren J. Ruhr
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Darren J. Ruhr, Vice President, Corporate
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Darren J. Ruhr
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Darren J. Ruhr, Vice President, Corporate
</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">Services
</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">Services</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.20
<SEQUENCE>21
<FILENAME>o69608exv3w20.htm
<DESCRIPTION>EX-3.20
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w20</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.20</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRECISION DRILLING CANADA LIMITED PARTNERSHIP</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>LIMITED PARTNERSHIP AGREEMENT</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS LIMITED PARTNERSHIP AGREEMENT </B>is made effective this 2<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> day of January, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AMONG:</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>PRECISION DRILLING LIMITED, </B>a body corporate incorporated under the
laws of the Province of Alberta (hereinafter referred to as the
<B>&#147;General Partner&#148;</B>)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- and -
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>PRECISION DRILLING CORPORATION, </B>a body corporate incorporated under
the laws of the Province of Alberta (hereinafter referred to as the
<B>&#147;Initial Limited Partner&#148;</B>)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- and -
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">each person who, from time to time, is accepted as and becomes a
limited partner of the partnership formed pursuant to this Agreement
in accordance with the terms and conditions of this Agreement
(hereinafter referred to as the <B>&#147;Limited Partners&#148;</B>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS </B>the General Partner and the Initial Limited Partner wish to form and organize a
limited partnership as set out herein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW THEREFORE THIS AGREEMENT WITNESSES </B>that in consideration of the premises, mutual
covenants and agreements herein set forth, the parties covenant and agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 1<BR>
DEFINITIONS</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">1.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In this Agreement, including the following definitions and the schedules hereto, unless the
context otherwise clearly requires, the following words or phrases shall have the following
meanings:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Affiliate&#148; </B>means, when used with reference to a specified person, any other
person that directly, or indirectly through one or more intermediaries, controls, is
controlled by or is under common control with the specified person. For purposes of
the foregoing, &#147;control&#148;, &#147;controlled by&#148; and &#147;under common control with&#148; with respect
to any person means the ownership, directly or indirectly, of a majority of the voting
securities or member or partnership interests of the particular person;</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><B>&#147;Business&#148; </B>has the meaning set forth in Section&nbsp;4.1;</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><B>&#147;Capital Contribution&#148; </B>means the fair market value of the property, the amount
of money, the fair market value of the services, the fair market value of the
conversion or forgiveness of indebtedness owing to a Partner by the Partnership or the
fair market value of the liability of the Partnership assumed by a Partner, which is
contributed to the capital</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- 2 -
</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>of the Partnership from time to time by each Partner whether as payment for a subscription
for Class&nbsp;A Units or the General Partner Interest or as a contribution in respect of such
Class&nbsp;A Units or General Partner Interests;</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><B>&#147;Certificate&#148; </B>means that certificate of limited partnership no. LP14452965 and any
amendments thereto filed and recorded in respect of the Partnership pursuant to the
Partnership Act in the Corporate Registry for the Province of Alberta and all notices to
amend such certificates filed and recorded as aforesaid;</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><B>&#147;Class A Units&#148; </B>means the Class&nbsp;A limited partnership units in the Partnership;</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><B>&#147;Dollars&#148; </B>or <B>&#147;$&#148;</B> means Canadian dollars;</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>&#147;<B>ETA</B>&#148; means the <I>Excise Tax Act </I>(Canada) and the Regulations promulgated thereunder, as
amended from time to 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Extraordinary Resolution&#148; </B>means a resolution passed by not less than 66&#8532;% of the votes cast
by Limited Partners who voted with respect to such resolution at a meeting of Limited Partners
(or any adjournment thereof) called to consider, among other matters, the specific subject
matter of the resolution; or a resolution consented to in writing by Limited Partners holding
at least 66&#8532;% of the Class&nbsp;A Units entitled to vote if the resolution were being
passed at a meeting;</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><B>&#147;Fiscal Year</B>&#148; means the fiscal year of the
Partnership as referred to in Section&nbsp;10.1 and <B>&#147;Fiscal Year End&#148; </B>means the end of a Fiscal Year;</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><B>&#147;General Partner&#148; </B>means Precision Drilling
Limited and each other party who becomes a new General Partner or substitute General Partner pursuant to the terms and conditions
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">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;General Partner Interest&#148; </B>means the interest of the General Partner in the Partnership;</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><B>&#147;Initial Limited Partner&#148; </B>means Precision Drilling 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">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>ITA</B>&#148; means the <I>Income Tax Act </I>(Canada) and the Regulations promulgated thereunder, as
amended from time to 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Limited Partners&#148; </B>means all of those parties who acquire and hold Class&nbsp;A Units and whose
names are set out in the Certificate as Limited Partners;</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><B>&#147;Ordinary Resolution&#148; </B>means a resolution passed by more than 50% of the votes cast by
Limited Partners who vote with respect to such resolution at a meeting of Limited Partners
(or any adjournment thereof) called to consider, among other matters, the subject matter of
the resolution; or a resolution consented to in writing by Limited Partners holding more than
50% of the Class&nbsp;A Units entitled to vote if the resolution were being passed at a meeting;</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><B>&#147;Partners&#148; </B>means the General Partner together with the Limited Partners and <B>&#147;Partner&#148; </B>means
any one of them;</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- 3 -
</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">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Partnership&#148; </B>means Precision Drilling Canada Limited Partnership, a limited
partnership formed January&nbsp;2, 2009 under the Partnership 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Partnership Act&#148; </B>means the <I>Partnership Act </I>(Alberta), as amended from time to 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Partnership Income Interest</B>&#148; means, in respect of each Partner, the percentage interest
of
that Partner in and to the allocations set forth in Section&nbsp;6.5, expressed as a
percentage, which is determined in accordance with Section&nbsp;6.6;</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">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;person&#148; </B>includes an individual, a partnership, corporation, association, trust, joint
venture, unincorporated organization and any government, governmental department or
agency or political subdivision 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Sharing Ratio&#148; </B>means in respect of a Limited Partner, the ratio of the number
of Class&nbsp;A Units held by such Limited Partner to the aggregate number of outstanding
Class&nbsp;A Units held by all Limited Partners;</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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Subscription Form and Power of Attorney&#148; </B>means the form attached hereto as
Schedule &#147;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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(w)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;substituted Limited Partner&#148; </B>has the meaning set forth in Section&nbsp;13.4;</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">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Transfer Form&#148; </B>means the form attached hereto as Schedule &#147;C&#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">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Unit Certificate&#148; </B>has the meaning set forth in Section&nbsp;13.1.</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="3%" nowrap align="left">1.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless the context otherwise requires:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;this Agreement&#148;, &#147;herein&#148;, &#147;hereof, &#147;hereto&#148;, &#147;hereunder&#148; and similar
expressions mean and refer to this Agreement as supplemented or amended and not to any
particular Article, Section, Schedule or other part hereof; and the expressions
&#147;Article&#148; and &#147;Section&#148; followed by a number or letter mean and refer to the specified
Article or Section 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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where the word &#147;including&#148; or &#147;includes&#148; is used in this Agreement it means
including (or includes), without limitation;</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>words importing the singular number of masculine gender only shall include the
plural number or the feminine gender, and vice versa;</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 references to &#147;Articles&#148;, &#147;Sections&#148; and &#147;Schedules&#148; are references to
Articles, Sections of, and Schedules to and forming part 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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the division of this Agreement into Articles, Sections, paragraphs, Schedules
and other subdivisions and the insertion of headings are for convenience of reference
only and shall not affect the construction or interpretation of 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where in this Agreement a term is defined, a derivative of that term shall
have a corresponding meaning.</TD>
</TR>

</TABLE>
</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: 6pt">- 4 -
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 2<BR>
FORMATION OF PARTNERSHIP</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">2.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner and the Initial Limited Partner have agreed to and hereby do establish
the Partnership as a limited partnership pursuant to the laws of the Province of Alberta and
the provisions 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="3%" nowrap align="left">2.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A person shall become a Limited Partner of the Partnership upon acceptance by the General
Partner of that person&#146;s subscription for Class&nbsp;A Units in accordance with Section&nbsp;5.5 or
upon acquiring a Class&nbsp;A Unit in accordance with Section&nbsp;13.4.</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">2.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided in this Agreement, no action or consent by any other Limited Partner
shall be required for the admission of any additional Limited Partners.</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">2.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner has caused the Certificate and such other certificates, instruments and
documents as are required under the Partnership Act or other laws of the Province of Alberta
to be executed and filed to evidence the formation of the Partnership and the admission of the
Initial Limited Partner to the Partnership. The General Partner and each Limited Partner shall
execute and deliver as promptly as possible any documents that may be necessary or desirable
to accomplish the purposes of this Agreement or to give effect to the formation and
continuance of the Partnership under applicable laws. The General Partner shall take all
necessary actions on the basis of information available to the General Partner in order to
maintain the status of the Partnership as a limited partnership.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 3<BR>
NAME, PLACE OF BUSINESS AND DURATION OF PARTNERSHIP</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">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The name of the Partnership shall be <B>&#147;Precision Drilling Canada Limited Partnership&#148; </B>or such
other name or names as the General Partner may from time to time deem appropriate to comply
with the laws of the jurisdictions in which the Partnership may carry on business. The
General Partner shall have the right to change the name of the Partnership from time to time
in its sole discretion and to file an amendment to the Certificate changing the name of the
Partnership.</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">3.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The principal place of business of the Partnership shall be located at 4200, 150 -
6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W., Calgary, Alberta, T2P 3Y7. The General Partner shall have the
right to change the office and place of business of the Partnership from time to time in its
sole discretion.</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">3.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term of the Partnership commenced on January&nbsp;2, 2009 and shall continue indefinitely
pursuant to the provisions of the Partnership Act and this Agreement until such time as the
Partnership is dissolved or wound-up by the express written mutual agreement of the Partners
or under the provisions for dissolution and winding up contained herein.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 4<BR>
BUSINESS PURPOSES</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">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Partnership has the business purpose of carrying on all aspects of an oil and gas (and
other energy sources) services entity, of any nature or kind, which shall include but not be
limited to:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>drilling or servicing of oil and gas (or any other energy source) wells;</TD>
</TR>

</TABLE>
</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: 6pt">- 5 -
</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all services related to the drilling or servicing of oil and gas (or any other energy
source)
wells;</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>engaging in such other activities which (1)&nbsp;the General Partner deems
incidental, necessary or appropriate, and (2)&nbsp;are permitted by applicable law, in
order to carry out the business and purpose specified in Sections&nbsp;4.1(a) and 4.1(b);
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>to carry on any other business which, in the sole determination of the
General Partner, should be carried on by the Partnership;</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>(collectively, the <B>&#147;Business&#148;</B>).</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="3%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The purposes of the Partnership set forth in Section&nbsp;4.1 and the powers vested in the
General Partner pursuant to Section&nbsp;9.2 shall be construed as both purposes and powers of the
Partnership. The Partnership shall have, without limitation, the power to do any and every
act and thing necessary, convenient or incidental to the accomplishment of the purposes of
the Partnership.</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">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Partnership shall not carry on business in any jurisdiction unless the General Partner
has taken all steps which may be required by the laws of that jurisdiction for the Limited
Partners to benefit from the limited liability provisions applicable in such jurisdiction.
The Partnership shall not carry on business in any jurisdiction in which the laws do not
recognize the liability of the Limited Partners to be limited unless, in the opinion of the
General Partner, the risks associated with the possible absence of limited liability in such
jurisdiction are not significant considering the relevant circumstances.</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">4.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Partnership shall carry on business in such a manner as to ensure, to the greatest
extent possible, the limited liability of the Limited Partners, and the General Partner shall
register the Partnership in other jurisdictions where the General Partner considers it
appropriate to do so.</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">4.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Partnership shall not carry on any active business, other than the Business, provided
that the foregoing shall not be interpreted so as to prevent the Partnership from investing
and re-investing its funds.</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">4.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as otherwise specifically provided in this Agreement, the Partnership shall hold the
property of the Partnership and apply it exclusively for the purposes of the Partnership in
accordance with 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="3%" nowrap align="left">4.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner is authorized to take legal title in its name to any or all property of
the Partnership, which will be held in trust for the Partnership, but with authority to
replace and dispose of it as deemed prudent in the conduct of the business and affairs of the
Partnership.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 5<BR>
GENERAL PARTNERSHIP INTEREST AND CLASS A UNITS</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">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The authorized capital of the Partnership on the date on which the Certificate is filed in
accordance with Section&nbsp;2.4 shall initially consist of the General Partner Interest and an
unlimited number of Class&nbsp;A 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="3%" nowrap align="left">5.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Initial Limited Partner hereby subscribes for 99,000 Class&nbsp;A Units for an aggregate
Capital Contribution of $99,000 (as reflected in Schedule &#147;A&#148;) and such subscription is
hereby accepted by the General Partner.</TD>
</TR>

</TABLE>
</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: 6pt">- 6 -
</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">5.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner hereby subscribes for the General Partner Interest for an aggregate
Capital Contribution of $1,000 (as reflected in Schedule &#147;A&#148;) and such subscription is hereby
accepted by the General Partner.</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">5.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Class&nbsp;A Unit shall rank equally with all other Class&nbsp;A Units and shall entitle the
holder thereof to the same rights and obligations as the holder of any other Class&nbsp;A Unit and
no Limited Partner shall be entitled to any privilege, priority or preference hereunder in
relation to any other Limited Partner holding Class&nbsp;A 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="3%" nowrap align="left">5.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner may admit from time to time additional Limited Partners, provided that
such Limited Partners execute and deliver to the General Partner a Subscription Form and Power
of Attorney, substantially in the form attached hereto as Schedule &#147;B&#148; or such other form
acceptable to the General Partner. A subscriber for Class&nbsp;A Units shall become a Limited
Partner upon the acceptance of the Subscription Form and Power of Attorney by the General
Partner and the filing of an amended Certificate to include the subscriber as a Limited
Partner. The General Partner shall have the discretionary right to reject any proposed Limited
Partner&#146;s subscription and restrict the number of Class&nbsp;A Units to be issued to a subscriber.</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">5.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>From time to time as soon as conveniently possible following the admission or retirement of
any Limited Partners, an amended Certificate shall be filed in accordance with the
Partnership Act, evidencing the interest in the Partnership of all Limited Partners.</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">5.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Capital Contributions may be made in the form of property, services, money or the conversion
or forgiveness of indebtedness owing to a Partner by the Partnership, or the assumption of
liabilities of the Partnership by a Partner.</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">5.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that a Limited Partner fails to make a required payment in connection with a
subscription for Class&nbsp;A Units upon the date required or within 14&nbsp;days thereafter then the
interest of the Limited Partner represented by such Class&nbsp;A Units subscribed for in the
Partnership will be immediately terminated and all money paid in connection with that
subscription by the Limited Partner to the Partnership shall absolutely belong to the
Partnership as liquidated damages and the General Partner is authorized to use the Power of
Attorney granted hereunder to amend any certificates or other documents to reflect such
termination.</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">5.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Class&nbsp;A Units and the General Partner Interest are &#147;securities&#148; for purposes of the
<I>Securities Transfer Act </I>(Alberta) and any similar legislation in Canada.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 6<BR>
ACCOUNTS AND ALLOCATIONS</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">6.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A capital account shall be established for each Partner on the books of account of the
Partnership which shall initially be credited with each Partner&#146;s Capital Contribution. The
capital accounts shall also be credited with any additional Capital Contributions made by the
Partners and shall be charged with any distributions to the respective Partners from time to
time during any Fiscal Year. The capital account of each Partner shall be credited or charged
with its respective share of the net profit or net loss of the Partnership in accordance with
Section&nbsp;6.5.</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">6.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Partner shall have the right to withdraw any amount or receive any distribution or loan
from the Partnership except as expressly provided in this Agreement or except as approved by
an Extraordinary Resolution.</TD>
</TR>

</TABLE>
</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: 6pt">- 7 -
</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">6.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No interest shall be paid to any Partner on any amount in its capital account. Partners may
contract with, borrow money from, loan money to or otherwise become a creditor of the
Partnership, which activity will in no way impact upon or be impacted by their status as a
Partner, and Partners may charge interest on any loan made to the Partnership, which interest
shall not be considered as a capital distribution from the Partnership.</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">6.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The net profit or net loss of the Partnership for each Fiscal Year shall be determined in
accordance with generally accepted accounting principles and shall be binding upon the
Partners.</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">6.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Section&nbsp;6.10, the net profit or net loss for each Fiscal Year of the Partnership
shall be credited or charged to the respective capital accounts of the Partners. On the last
day of each Fiscal Year of the Partnership, (i)&nbsp;the holder of the General Partner Interest
shall be entitled to an allocation of its Partnership Income Interest of the net profit or
net loss of the Partnership for such Fiscal Year and (ii)&nbsp;the holders of Class&nbsp;A Units shall
be entitled to an allocation of their Partnership Income Interest of the net profit or net
loss of the Partnership for such Fiscal Year based on the Sharing Ratio. Any other amounts or
balances attributable to the Partnership or otherwise allocable to the Partners for each
Fiscal Year of the Partnership shall be allocated (i)&nbsp;to the holder of the General Partner
Interest, as to its Partnership Income Interest of such amounts, and (ii)&nbsp;to the Limited
Partners, as to their Partnership Income Interest of such amounts, based on the Sharing
Ratio.</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">6.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Partnership Income Interest for:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holder of the General Partner Interest in each Fiscal Year shall be 0.25%
subject to any annual adjustments made to account for the contribution of services
provided, or otherwise contributed, by the General Partner to the Partnership during
such period; 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>the holders of Class&nbsp;A Units in each Fiscal Year shall be 100% less the
Partnership Income Interest of the holder of the General Partner Interest.</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="3%" nowrap align="left">6.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amounts accrued or required to be allocated pursuant to Section&nbsp;6.5 shall be allocated to
the Partners simultaneously as of the end of the last day of each Fiscal Year of the
Partnership to those Partners who are Partners at the end of the last day of the particular
Fiscal Year.</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">6.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Partners shall look solely to the assets of the Partnership for the return of their
respective Capital Contributions or any other capital distributions with respect to their
Class&nbsp;A Units and/or General Partner Interest, as applicable. If the assets remaining after
payment or discharge, or provision for payment or discharge, of the debts and liabilities of
the Partnership are insufficient to return the Capital Contributions or to make any other
capital distribution or loan to the Partners, a Partner shall not have any recourse against
the assets of any other Partner for that purpose.</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">6.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For greater certainty, nothing contained herein shall be construed as a consensual
encumbrance or restriction on the ability of the Partnership to make any payments in respect
of the Class&nbsp;A Units and/or General Partner Interest, as applicable, pursuant to the terms of
any credit agreement entered into by the Partnership or any of its Affiliates.</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">6.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding Section&nbsp;6.5, in the event that property of the Partnership is transferred to
a particular Partner, any gain, loss, proceeds of disposition or other amount incurred by or
attributable to the Partnership in respect of that property disposition shall be allocated to
the particular Partner.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- 8 -
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 7<BR>
MANAGEMENT OF THE PARTNERSHIP</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">7.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner shall be responsible for the management, control and operation of the
Business and to do or cause to be done in a prudent and reasonable manner any and all acts
necessary, appropriate or incidental to the Business and shall have full, exclusive and
complete discretion in the management and operation of the Business. In this regard, the
General Partner may retain the services of third parties to assist it in fulfilling its
responsibilities hereunder.</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">7.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner shall be reimbursed for its expenses incurred on behalf of the
Partnership as contemplated in Article&nbsp;8.</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">7.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Limited Partner, as such, shall take part in the management or control of the Business or
transact any business for the Partnership nor does any Limited Partner, in that capacity,
have the power to sign for or bind the Partnership.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 8<BR>
REIMBURSEMENT OF THE GENERAL PARTNER</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">8.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All costs and expenses incurred by the General Partner for and on behalf of Partnership
in connection with the management, control and operation of the Partnership and the Business
shall be for the account of the Partnership and such costs and expenses (other than the costs
paid by the General Partner for services provided to it by its officers, directors or
shareholders) shall be reimbursed by the Partnership or, in the event that funds on hand are
insufficient for such reimbursement, shall be considered an advance to the Partnership in
accordance with Section&nbsp;8.2.</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">8.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where the capital of the Partnership at any particular time is insufficient for the
satisfaction of amounts outstanding, the General Partner may from time to time and as
necessary, advance amounts to the Partnership, which shall bear interest at the rate
prescribed in Section&nbsp;14.1(e), to allow the Partnership to meet its obligations. However,
there is no obligation on the General Partner to advance any amount to the Partnership.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 9<BR>
POWERS AND AUTHORITY OF THE GENERAL PARTNER</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">9.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner is the manager of the Partnership and no person dealing with the
Partnership is required to inquire into the authority of the General Partner to take any
action or to make any decision in the name of the Partnership.</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">9.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner has the power and authority to transact the Business and has, without
limiting the generality of the foregoing, the power and authority to do anything in respect
thereof that a natural person carrying on the same or a similar business would be able to do.</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">9.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner shall be entitled to sell or otherwise dispose of the assets of the
Partnership in the ordinary course of business and without the approval of the Limited
Partners.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 10<BR>
FISCAL YEAR, ACCOUNTING AND REPORTING</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">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fiscal Year of the Partnership runs from January 2 and includes the following January&nbsp;1,
unless an alternative period is selected by an Ordinary Resolution.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- 9 -
</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">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner shall maintain complete and adequate records of all rights and interests
acquired for or disposed of by the Partnership, all correspondence relating to the Business
and the original records of the statements, bills and other instruments furnished to the
Partnership in connection with the Business. Such books, records and registers will be kept
available for inspection and audit by any Limited Partner or its duly authorized
representatives (at the expense of such Limited Partner) during normal business hours at the
offices of the General Partner in Calgary, Alberta.</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">10.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner shall:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintain adequate records and accounts of all operations and expenditures;</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>prepare and send to each Limited Partner annual financial statements including
a balance sheet and statement of income, prepared in accordance with generally
accepted accounting principles, within one hundred twenty (120)&nbsp;days after the Fiscal
Year End; 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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>within one hundred twenty (120)&nbsp;days after the Fiscal Year End, the General
Partner shall forward or cause to be forwarded to each Limited Partner, who was a
Limited Partner as at such Fiscal Year End, all necessary income tax reporting
information to enable the Limited Partner to file an income tax return with respect to
the Limited Partner&#146;s interest in the Partnership with respect to such Fiscal Year.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 11<BR>
LIABILITY OF PARTNERS AND INSURANCE</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">11.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner has unlimited liability for the debts, liabilities and obligations of
the Partnership to the extent of its assets. The liability of each Limited Partner for the
liabilities and obligations of the Partnership is limited to the amount of its Capital
Contribution(s) plus its pro rata share of the undistributed assets of the Partnership. A
Limited Partner will have no further personal liability for such liabilities and obligations
and following the payment of its Capital Contribution will not be liable for any additional
assessments or contributions to the Partnership, except that the Limited Partners shall be
bound to return to the Partnership such part of any amount distributed to them as may be
necessary to restore the capital of the Partnership to its existing amount before such
distribution if, as a result of such distribution, the capital of the Partnership is reduced
and the Partnership is unable to pay its debts as they become due.</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">11.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except for its own gross negligence or wilful misconduct, the General Partner is not liable
to the Limited Partners for:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any mistake or error in judgment;</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 act or omission believed in good faith to be within the scope of authority
conferred by 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any loss or damage to property of the Partnership caused by circumstances
beyond the control of the General Partner.</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="3%" nowrap align="left">11.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner shall indemnify the Partnership for any damages incurred as a result of
an act
of gross negligence or wilful misconduct of the General Partner.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- 10 -
</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">11.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner will purchase, in the name of the Partnership, liability, casualty and
other insurance of such types and coverages as the General Partner considers appropriate.</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">11.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is acknowledged by the Limited Partners that upon dissolution of the Partnership, the
Limited Partners may receive undivided interests in the Partnership properties and will
thereafter no longer have limited liability with respect to the ownership of such properties.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 12<BR>
DISTRIBUTIONS, DISSOLUTION AND TERMINATION</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">12.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Partnership may, from time to time and in the discretion of the General Partner, make
distributions of Partnership property to the Partners in such amounts and in such form as
it deems
appropriate. Any such distributions should be made in the following order and priority:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to each Limited Partner in proportion to the Sharing Ratio of such amount as
does not exceed that Limited Partner&#146;s respective capital account as determined under
Section&nbsp;6.1; 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 respect of any remaining property in proportion to the Partnership Income
Interest of each Partner as provided under Section&nbsp;6.6.</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="3%" nowrap align="left">12.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Partnership shall terminate and dissolve upon the occurrence of any of the following
events:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the removal or deemed resignation of the General Partner, unless the General
Partner is replaced as provided hereunder;</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 event which makes it unlawful for the Business to be continued;</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>subject to the consent of the General Partner, the passing of an Extraordinary
Resolution dissolving the Partnership; 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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any event which causes the dissolution of a limited partnership under the laws
of the Province of Alberta.</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="3%" nowrap align="left">12.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon dissolution of the Partnership, the liquidating trustee (which will be the General
Partner unless the General Partner is unable or unwilling to act, in which event the
liquidating trustee will be selected by Ordinary Resolution) shall proceed diligently to wind
up the affairs of the Partnership and distribute the assets of the Partnership in accordance
with Section&nbsp;12.4. Subject to Section&nbsp;12.4, the liquidating trustee may continue to operate
and deal with the properties and undertakings of the Partnership with all of the power and
authority of the General Partner. The liquidating trustee will be paid its reasonable fees
and disbursements in carrying out its duties as such.</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="3%" nowrap align="left">12.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The liquidating trustee shall settle the Partnership accounts as expeditiously as possible
and in the following order shall:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell and liquidate the assets of the Partnership as necessary to pay or
compromise the liabilities of the Partnership;</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>place in escrow a cash reserve fund for contingent liabilities in the amount
determined by the liquidating trustee to be appropriate to be held for such period as
the liquidating trustee regards as reasonable and then to be distributed pursuant to
Section&nbsp;12.4(c) below; and</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- 11 -
</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>distribute the remaining assets and proceeds of sale to the Partners in
accordance with the order and priority in Section&nbsp;12.1.</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="3%" nowrap align="left">12.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For greater certainty, the Partnership shall not terminate or dissolve except as set forth
under Section&nbsp;12.2 and the admission of a Partner or withdrawal of a Partner from the
Partnership shall not, in and of itself, give rise to a termination or dissolution of the
Partnership.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 13<BR>
CERTIFICATES, ASSIGNMENTS AND TRANSFERS OF CLASS A UNITS</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">13.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner will issue to each Limited Partner who has remitted its Capital
Contribution and whose subscription has been accepted, as provided herein, a certificate
representing its interest in the Partnership as represented by its Class&nbsp;A Units. Each such
certificate, referred to above, is hereinafter referred to as a <B>&#147;Unit Certificate&#148; </B>and shall
be in such form, consistent with the foregoing, as is described by the General Partner,
indicating that the registered owner thereof is the owner of the number of Class&nbsp;A Units
represented by its Capital Contribution.</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">13.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event any Unit Certificate is lost, mutilated or destroyed, the General Partner shall
issue a replacement Unit Certificate to the Limited Partner upon receipt of evidence
satisfactory to the General Partner of such loss, mutilation or destruction and upon
receiving such indemnification as it deems appropriate in the circumstances.</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">13.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner Interest may not be transferred without the approval of the Limited
Partners given by Extraordinary Resolution, except that such consent is not required for a
transfer to a person or entity controlling the General Partner, controlled by the General
Partner or controlled by a person or entity controlling the General Partner, provided that
the transferee assumes all of the obligations of the General Partner with respect to the
Partnership. Any transfer requiring approval as provided herein that is transferred without
such approval will not relieve the General Partner of the obligations of the General Partner
set forth in this Agreement but otherwise will be valid and effective.</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">13.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Class&nbsp;A Unit may be assigned, subject to applicable securities laws and subject to
compliance with the terms and conditions of this Agreement. Upon a Limited Partner making an
assignment of a Class&nbsp;A Unit to any assignee, such assignee shall not be recorded as the
holder of the Class&nbsp;A Unit nor, if such assignee is not a Limited Partner, be entitled to
become a Limited Partner unless such assignee:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has surrendered to the General Partner the Unit Certificate representing the
Class&nbsp;A Units to be transferred;</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>has delivered a completed and executed Transfer Form, substantially in the form
attached hereto as Schedule &#147;C&#148;, to the General Partner; 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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has agreed in writing to be bound by the terms of this Agreement and to assume
the obligations of a Limited Partner under this Agreement.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No such assignee will become a Limited Partner until the assignee&#146;s name is set out in a
Unit Certificate. Where the assignee is entitled to become a Limited Partner pursuant to
the provisions hereof (such assignee being sometimes referred to as a <B>&#147;substituted Limited
Partner&#148;), </B>the General Partner shall be authorized to admit the substituted Limited Partner
to the Partnership as a Limited Partner and the Limited Partners hereby consent to the
admission of, and will admit, the</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- 12 -
</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assignee to the Partnership as a Limited Partner, without further act of the Partners (other
than the filing of an amended Certificate).</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">13.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the assignor of a Class&nbsp;A Unit is a firm or corporation, or purports to assign such Class
A Unit in any representative capacity, or if an assignment results from the bankruptcy of a
Limited Partner or is otherwise involuntary, the assignor or its legal representative shall
furnish to the General Partner such documents, certificates, assurances, court orders and
other materials as the General Partner may reasonably require to cause such assignment to be
effected.</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">13.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No assignment of less than a Class&nbsp;A Unit may be made or will be recognized unless the
General Partner agrees otherwise.</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">13.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Class&nbsp;A Unit may only be registered in the name of one firm or corporation unless the
General Partner agrees otherwise.</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">13.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No conveyance or disposition of any description made pursuant to the foregoing provisions of
this Article shall relieve the Limited Partner of any obligation which has accrued or was
incurred prior to the effective date of such disposition.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 14<BR>
CONDUCT OF BUSINESS</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">14.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner agrees to conduct the Business in the following manner:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the General Partner shall conduct the Partnership activities in a good,
workmanlike manner, in full compliance with all applicable laws and in accordance with
good industry practice;</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 General Partner shall render services to the Partnership or, in its
absolute discretion, may contract with third parties, including officers, directors,
shareholders and Affiliates of the General Partner, for services to be rendered to the
Partnership;</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 General Partner shall appoint a Canadian chartered bank as banker for the
Partnership, establish a bank account and deposit any monies received and pay all such
expenses therefrom on account of the Partnership;</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 General Partner shall not take any action with respect to the property of
the Partnership which is not for the benefit of the Partnership;</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>if a Partner or an Affiliate makes a loan or advance to the Partnership, the
Partner or the Affiliate shall not receive interest thereon in excess of the amount of
interest which the General Partner would have paid had it borrowed the money from an
arm&#146;s length third party and the Partner shall not be entitled to any other
remuneration or fees in respect of such loan or advance; 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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where services are supplied to the Partnership by the General Partner or an
Affiliate of the General Partner, the cost of such services to the Partnership shall
not exceed the fair market value thereof.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- 13 -
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 15<BR>
REPRESENTATIONS</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">15.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner represents that it:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is a corporation incorporated under the laws of the Province of Alberta;</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>is or will become registered and will maintain registration to do business and
has or will obtain all requisite licences and permits to carry on the Business in all
provinces in which Partnership activities render such registration necessary; 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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has the capacity and corporate authority to act as General Partner and the
performance of its obligations hereunder as General Partner does not and will not
conflict with or breach its constating documents or any agreement by which it is bound.</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="3%" nowrap align="left">15.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Limited Partner represents that it has the legal capacity to enter into this Agreement
and execute and deliver the Subscription Form and Power of Attorney and any Transfer Form or
other documentation as the General Partner may determine.</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">15.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The representations contained in this Article shall survive execution of this Agreement and
each party is obligated to ensure the continuing accuracy of each representation made by it
throughout the continuation of the Partnership.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 16<BR>
APPOINTMENT OF SUBSTITUTE GENERAL PARTNER</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">16.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner may be removed as manager of the Partnership by an Ordinary Resolution,
or in the event of the appointment of a trustee, receiver or liquidator by reason of the
bankruptcy, insolvency, liquidation or winding up of the General Partner.</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">16.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner shall be deemed to have resigned thirty (30)&nbsp;days after the Limited
Partners have been given notice of the bankruptcy, liquidation or winding up (or the
commencement of steps in connection therewith which are not contested in good faith by the
General Partner) of the General Partner.</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">16.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Removal of the General Partner shall be effective only upon completion of all of the
following:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the appointment, by an Ordinary Resolution, of a new General Partner to assume
the responsibilities and obligations of the General Partner as manager of the
Partnership; 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>the execution by the new General Partner of such documents as may be deemed
necessary by the Partnership to give effect to such appointment and thereupon, the new
General Partner shall have the sole right to exercise all rights and the sole
obligation to perform all obligations of the General Partner.</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="3%" nowrap align="left">16.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner may resign upon written notice to the Limited Partners and such
resignation
shall become effective upon the earlier of:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>180&nbsp;days after such written notice is given; 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>the admission of a new General Partner to the Partnership.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- 14 -
</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">16.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the General Partner is removed or resigns as manager of the Partnership:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the General Partner will do all things and take all steps to effectively
transfer the records and management of the Partnership; 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>the new General Partner will file all certificates and amendments to any
certificate or other instruments necessary to record the addition of the new General
Partner or qualify or continue the Partnership as a limited partnership.</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="3%" nowrap align="left">16.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the removal or resignation of the General Partner, the Partnership and the Limited
Partners
shall release and hold harmless the General Partner from any and all costs, damages,
liabilities or
expenses incurred by the General Partner or the Partnership in connection with the Business
as a
result of or arising out of events occurring after such resignation or removal and caused
by or
deriving from any act of the General Partner, other than its wilful act or omission, or
gross
negligence, prior to the date of such resignation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 17<BR>
MEETINGS</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">17.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner may secure the written consent or agreement of any Limited Partner to
any matter requiring such consent or agreement which may be used in conjunction with votes
given at a meeting of Limited Partners or without a meeting of Limited Partners to secure the
necessary consent or agreement hereunder.</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">17.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner shall call an annual general meeting of the Limited Partners to be held
within 180&nbsp;days after each Fiscal Year End. In addition, the General Partner may call a
meeting of Limited Partners to consider any matter, and shall call a meeting of Limited
Partners on receipt of a written request from Limited Partners representing not less than 25%
of the Class&nbsp;A Units. If the General Partner fails or neglects to call such a meeting within
15&nbsp;days after receipt of the written request, then any of the Limited Partners which made the
request may call the meeting. Every meeting shall be held at the time and place designated by
the party calling the meeting in the notice calling the meeting.</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">17.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Among the business to be transacted at the annual general meeting, the Limited Partners
shall receive and consider the report of the General Partner, the annual financial statements
of the Partnership and the auditor&#146;s report thereon, if any.</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">17.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless otherwise provided herein, any matter to be considered at a meeting of Limited
Partners shall be considered by Ordinary Resolution and any Ordinary Resolution or
Extraordinary Resolution passed by the Limited Partners pursuant to the provisions of this
Agreement shall be binding on all Partners whether or not they voted in favour of such
resolution.</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">17.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All notices of meetings of Limited Partners shall be given at least seven (7)&nbsp;and not more
than twenty-one (21)&nbsp;days prior to the meeting and shall state the time and location of the
meeting and shall state briefly the general nature of the business to be transacted thereat.
No Extraordinary Resolution shall be passed at any meeting unless the subject matter of such
resolution shall have been set out in the notice of meeting. Notice of any meeting may be
waived by a Limited Partner.</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">17.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The directors, officers and auditors of the General Partner may attend and take part in the
discussions and proceedings at any meeting of Limited Partners.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- 15 -
</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">17.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of Section&nbsp;17.9, a quorum at any meeting of Limited Partners will
consist of not less than one person present in person and holding or representing by proxy not
less than 50% of the Class&nbsp;A 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="3%" nowrap align="left">17.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The President for the time being of the General Partner, or in his absence, any
Vice-President or Director of the General Partner shall be the chairman of all meetings if he
is present thereat, and in the absence of such person, the Limited Partners present in person
or represented by proxy at the meeting shall choose, by Ordinary Resolution, a person present
to be chairman.</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">17.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a quorum of Limited Partners is not present within 30 minutes from the time fixed for
holding such meeting, the meeting will be adjourned by the chairman of the meeting to a date
10&nbsp;days later unless such day is a non-business day in which case it shall be adjourned to
the next following business day thereafter at the same time and place. No notice of the
adjourned meeting shall be required other than announcement at the time of adjournment. At
the adjourned meeting the Limited Partners present in person or represented by proxy shall
form a quorum and may transact the business for which the meeting was originally convened
notwithstanding that the Partnership interest held or represented by them may not represent,
in the aggregate, more than 50% of the Class&nbsp;A 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="3%" nowrap align="left">17.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On any question submitted to a meeting each Limited Partner will be entitled to one vote
for each Class&nbsp;A Unit held by such Limited Partner. Except as otherwise specified in this
Agreement, questions shall be decided by an Ordinary Resolution approved by a majority of the
votes cast at the meeting.</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">17.11</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Votes at meetings of Limited Partners may be cast personally or by proxy and resolutions
will be passed, unless a poll is demanded, by a show of hands. The instrument appointing a
proxy shall be in writing under the hand of the person so appointing or his attorney duly
authorized in writing, or if the person so appointing is a corporation, under its seal or by
an officer or attorney thereof duly authorized and shall be valid for the meeting specified
therein or any adjournment thereof. The instrument appointing a proxy shall cease to be valid
one year from its date. Any person may be appointed a proxy, whether or not he is a Partner.</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">17.12</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The chairman of the meeting will determine the validity of all instruments of proxy to be
utilized at such meeting.</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">17.13</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A vote cast in accordance with the terms of an instrument of proxy will be valid
notwithstanding the previous death, incapacity, insolvency, bankruptcy or insanity of the
Limited Partner giving the proxy or the revocation of the proxy, provided that no written
notice of such death, incapacity, insolvency, bankruptcy, insanity or revocation has been
received at the place of meeting prior to the time fixed for holding of the meeting.</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">17.14</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the extent that the rules and procedures for the conduct of a meeting of the Limited
Partners are not prescribed in this Agreement, such rules and procedures shall be determined
by the meeting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 18<BR>
AMENDMENT</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">18.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement may be amended in writing on the initiative of the General Partner with the
approval of the Limited Partners given by an Extraordinary Resolution provided that this
Section&nbsp;18.1 shall not be amended and that this Agreement shall not be amended so as to
provide for</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- 16 -
</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>additional Capital Contributions from any Limited Partner without the approval of such
Limited Partner and, in the case of any amendment that, in the opinion of counsel for the
Partnership in any way adversely affects any material rights of the General Partner,
without the approval of such amendment by the General Partner.</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">18.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding Section&nbsp;18.1, the General Partner may, without prior notice to or consent
from
any Limited Partner, amend any provisions of this Agreement from time to time:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for the purpose of adding to this Agreement any further covenants,
restrictions, deletions or provisions which in the opinion of the General Partner are
for the protection of the Limited Partners; 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>to cure an ambiguity or to correct or supplement any provisions contained
herein which in the opinion of the General Partner may be defective or inconsistent
with any other provisions contained herein, provided the cure, correction or
supplemental provision does not and will not adversely affect the interests of
Limited Partners; 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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to make such other provisions in regard to matters or questions arising
under this Agreement which in the opinion of the General Partner do not and will not
adversely affect the interest of the Limited Partners; 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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to make such amendments or deletions to take into account the effect of the
change in, amendment of or repeal of any applicable legislation, which amendments or
deletions, in the opinion of the General Partner, do not and will not adversely
affect the interests of the Limited Partners.</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="3%" nowrap align="left">18.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Limited Partners will be notified of full details of any amendments to this Agreement within
30
days of the effective date of the amendment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 19<BR>
NOTICE</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">19.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The addresses for service of the parties are as follows:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General Partner:</B></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>Precision Drilling Limited<br>
4200, 150 - 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.<br> Calgary, Alberta T2P 3Y7</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><B>Initial Limited Partner:</B></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>Precision Drilling Corporation <br>4200, 150 -
6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.<br> Calgary, Alberta T2P 3Y7</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Initial Limited Partner and any Limited Partner may from time to time change its address
for service hereunder by written notice to the General Partner. The General Partner may change its
address for service by written notice to the Limited Partners. Any notice provided for in this
Agreement or any other notice which a Partner may desire to give to the other Partners, shall be
in writing and shall be delivered by:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- 17 -
</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>personal hand delivery to the addressee or, if such addressee is a body
corporate, to an officer of the addressee, or in the absence of an officer, to some
other responsible employee of such addressee; 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>telecopier message addressed to the party to whom the notice is to be given at
its address for service and will be deemed to be received during normal business
hours, providing confirmation of receipt is received, Sundays and statutory holidays
excepted.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 20<BR>
POWER OF ATTORNEY</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">20.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Limited Partner hereby irrevocably constitutes and appoints the General Partner, or
such other General Partner as from time to time has control over the management of the
Partnership, with full power of substitution, as its true and lawful attorney and agent, with
full power and authority in its name, place and stead to:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>execute, deliver, swear to, file and record in the appropriate public offices
any and all of
the following:</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>this Agreement, all certificates, amendments to certificates
and other instruments necessary to form, qualify or continue the qualification
of the Partnership as a limited partnership in all jurisdictions in which it
may conduct 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all instruments and certificates necessary or appropriate to
give effect to or to reflect any amendment, change or modification to the
Partnership in accordance with the terms 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all instruments, conveyances and other documents necessary or
appropriate to sell or charge any or all of the assets of the Partnership in
accordance with the terms 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all conveyances and other instruments or documents necessary
to reflect the dissolution and liquidation of the Partnership, including
cancellation of any certificates; 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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all information returns, applications, agreements, elections,
determinations or designations under the ITA, the ETA or any other taxation or
other legislation or similar laws of Canada or of any other jurisdiction in
respect of the affairs of the Partnership or of a Partner&#146;s interest in the
Partnership including all information returns, applications, elections,
agreements, determinations or designations under the ITA, the ETA or other
legislation or similar laws of Canada or of any other jurisdiction with respect
to any governmental credit, grant or benefit, the sale or transfer of any
securities of the Partnership, the sale or transfer of property of the
Partnership, the distribution of property of the Partnership, or the
dissolution and termination of the Partnership; and</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>execute and file with any governmental body or instrumentality thereof of the
Government of Canada or a Province any documents necessary or appropriate to be
filed
in connection with the Business or in connection with this Agreement.</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- 18 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power of attorney granted herein is irrevocable, is a power coupled with an interest and,
to the extent permitted by law, is valid and binding on the estate of the Limited Partner and will
be exercisable during any subsequent legal incapacity of the Limited Partner, will survive the
assignment by the Limited Partner of the whole or any part of the interest of the Limited Partner
in the Partnership and extends to and is binding upon the successors and assigns of the Limited
Partner and may be exercised by the General Partner for and on behalf of the Limited Partner in
executing any instrument with a single signature as attorney and agent for each of the Limited
Partners and all of them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Limited Partner agrees and acknowledges that as a Limited Partner, it shall be bound by
the provisions of this Agreement and by any representations and actions made or taken by the
General Partner and any successor thereto, while acting in good faith pursuant to the power of
attorney hereby granted and will make contributions of capital as required pursuant to this
Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 21<BR>
MISCELLANEOUS</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">21.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner and the Limited Partners agree that this Agreement shall be governed by
and construed in accordance with the laws of the Province of Alberta.</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">21.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement may be executed in as many counterparts as are deemed necessary by the
General Partner, and when so executed, each such counterpart is as valid and binding on all
parties hereto as every other such counterpart.</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">21.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement will constitute the entire agreement among the parties and there are no other
written or verbal agreements or representations.</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">21.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any provision of this Agreement, or the application of such provision to any person or
circumstance, shall be held invalid, the remainder of this Agreement, or the application of
such provision to any person or circumstance other than those to which it is held invalid,
shall not be affected thereby.</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">21.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each party hereto agrees to do all such things and take all such actions as may be necessary
to give full force and effect to the matters contemplated by 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="3%" nowrap align="left">21.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement shall enure to the benefit of and be binding upon the parties hereto and
their respective successors and permitted assigns.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;The remainder of this page is intentionally left blank.&#093;</I>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF </B>this Agreement has been executed as of the day and year first above
written.
</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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>GENERAL PARTNER:</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PRECISION DRILLING LIMITED</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Roland Marks
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Roland Marks, President
</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>INITIAL LIMITED PARTNER:</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Doug Strong
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Doug Strong<br>
Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SCHEDULE
&#147;A&#148;</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CAPITAL CONTRIBUTIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>GENERAL PARTNER:</B></U>
</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="25%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>CAPITAL CONTRIBUTION</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>PARTNERSHIP INTEREST</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">Precision Drilling Limited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1,000.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">General Partner Interest</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>LIMITED PARTNERS:</B></U>
</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="25%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>CAPITAL CONTRIBUTION</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>PARTNERSHIP INTEREST</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">Precision Drilling Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$99,000.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">99,000 Class A Units</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE
&#147;B&#148;</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SUBSCRIPTION FORM AND POWER OF ATTORNEY</B>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">TO:</TD>
    <TD>&nbsp;</TD>
    <TD>Precision Drilling Limited, General Partner of Precision Drilling Canada Limited
Partnership</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="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>DEFINITIONS</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the limited partnership agreement of Precision Drilling Canada Limited
Partnership (the <B>&#147;Partnership&#148;</B>) made effective January&nbsp;2, 2009 (the <B>&#147;Partnership Agreement&#148;</B>).
Unless otherwise defined herein, capitalized terms shall have the meanings ascribed thereto in the
Partnership Agreement.
</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"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SUBSCRIPTION</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The subscriber hereby subscribes for<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Class&nbsp;A Units (at $<B>&#149;</B> per Class&nbsp;A Unit) in
the Partnership. The acceptance of this subscription shall be effective upon the due execution by
the General Partner of this subscription agreement.
</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"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>POWER OF ATTORNEY</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The subscriber hereby irrevocably constitutes and appoints Precision Drilling Limited,
General Partner of the Partnership, or such other General Partner as from time to time has control
over the management of the Partnership, with full power of substitution, as its true and lawful
attorney and agent, with full power and authority in its name, place and stead 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>execute, deliver, swear to, file and record in the appropriate public
offices any and all of the following:</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>the Partnership Agreement, all certificates, amendments to certificates and
other
instruments necessary to form, qualify or continue the qualification of the
Partnership as a limited partnership in all jurisdictions in which it may
conduct 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all instruments and certificates necessary or appropriate to
give effect to or to reflect any amendment, change or modification to the
Partnership in accordance with the terms of the Partnership 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all instruments, conveyances and other documents necessary or
appropriate to sell or charge any or all of the assets of the Partnership in
accordance with the terms of the Partnership 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all conveyances and other instruments or documents necessary
to reflect the dissolution and liquidation of the Partnership, including
cancellation of any certificates; 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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all information returns, applications, agreements, elections,
determinations or designations under the ITA, the ETA or any other taxation or
other legislation or similar laws of Canada or of any other jurisdiction in
respect of the affairs of the Partnership or of a Partner&#146;s interest in the
Partnership including all information returns, applications, elections,
agreements, determinations or designations under</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">B-2
</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the ITA, the ETA or other legislation or similar laws of Canada or of any
other jurisdiction with respect to any governmental credit, grant or
benefit, the sale or transfer of any securities of the Partnership, the sale
or transfer of property of the Partnership, the distribution of property of
the Partnership, or the dissolution and termination of the Partnership; and</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>execute and file with any governmental body or instrumentality thereof of the
Government of Canada or a Province any documents necessary or appropriate to be filed
in connection with the Business or in connection with the Partnership Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power of attorney granted herein is irrevocable, is a power coupled with an interest and,
to the extent permitted by law, is valid and binding on the estate of the undersigned and will be
exercisable during any subsequent legal incapacity of the undersigned, will survive the assignment
by the undersigned of the whole or any part of the interest of the undersigned in the Partnership
and extends to and is binding upon the successors and assigns of the undersigned and may be
exercised by the General Partner for and on behalf of the undersigned in executing any instrument
with a single signature as attorney and agent for each of the Limited
Partners and all of them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The subscriber agrees and acknowledges that upon acceptance of this subscription and the
filing of the Certificate of Limited Partnership including the subscriber as a Limited Partner, it
will become a Limited Partner of the Partnership and that as a Limited Partner, it shall be bound
by the provisions of the Partnership Agreement and by any representations and actions made or
taken by the General Partner and any successor thereto, while acting in good faith pursuant to
this power of attorney hereby granted and will make contributions of capital as required pursuant
to the Partnership Agreement.
</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"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>ACKNOWLEDGMENTS AND CERTIFICATES</B></TD>
</TR>

<TR>
    <TD style="font-size: 1pt">&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned hereby represents, warrants, acknowledges, certifies and declares 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="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the undersigned is purchasing the Class&nbsp;A Units hereunder as principal and not
as nominee or agent for any other person or in any other capacity;</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 undersigned is not a non-resident of Canada for the purposes of the <I>Income
Tax Act </I>(Canada);</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 undersigned is not a &#147;non-Canadian&#148; within the meaning of the <I>Investment
Canada Act </I>(Canada); 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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the undersigned has the corporate power to execute this subscription, to take
all actions required pursuant hereto and to enter into and be bound by the Partnership
Agreement, the consummation of the transactions herein contemplated have been duly
authorized by all necessary corporate action and this subscription has been duly
executed and delivered by the undersigned and is a valid and binding obligation of the
undersigned.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;The remainder of this page is intentionally left blank&#093;</I>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">B-3
</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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>LIMITED PARTNER:</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><B>ACCEPTED this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>, 200</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>.</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PRECISION DRILLING LIMITED, General Partner of
Precision Drilling Canada Limited Partnership</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
<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>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SCHEDULE &#147;C&#148;</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PRECISION DRILLING CANADA LIMITED PARTNERSHIP</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TRANSFER FORM</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned, a Limited Partner of Precision Drilling Canada Limited Partnership (hereafter
called the <B>&#147;Partnership&#148;</B>), hereby transfers, assigns
and sells to</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="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Name
of Transferee)
</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;<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Residence
Address)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">all of its right, title and interest as a Limited Partner in the Partnership and constitutes the
above-named
Transferee as a substituted Limited Partner to the extent of &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&nbsp;Class&nbsp;A Units in the
Partnership and agrees to execute and deliver to the General Partner any documents required to
effect a valid transfer of the said interest in the Partnership (and rights) as necessary or
advisable, in the opinion of the General Partner, to preserve the status of the Partnership as a
limited partnership. The undersigned agrees that the power of attorney previously granted to the
General Partner will continue until all certificates, amendments to certificates or other
instruments necessary to give effect to this transfer have been executed and filed as required.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DATED </B>this<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 200<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.
</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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
<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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
<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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
<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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned (being the above-named Transferee) acknowledges that it has read the
Partnership Agreement for Precision Drilling Canada Limited Partnership (as amended from time to
time) and accepts this transfer and agrees to be bound, as a Limited Partner in the Partnership,
by the terms of the Partnership Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby certifies and declares that it is not a non-resident of Canada for
purposes of the <I>Income Tax Act </I>(Canada).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned agrees to provide to the General Partner all such written assurances as may
be requested by the General Partner with respect to the above certificate and declaration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby irrevocably constitutes and appoints the General Partner with full
power of substitution as its true and lawful attorney and agent, with full power and authority in
its name, place and stead to:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">C-2
</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>execute, deliver, swear to, file and record in the appropriate public offices
any and all of
the following:</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>all certificates, amendments to certificates and other instruments necessary to
form, qualify or continue the qualification of the Partnership as a limited
partnership in all jurisdictions in which it may conduct 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all instruments and certificates necessary or appropriate to
give effect to or to reflect any amendment, change or modification to the
Partnership in accordance with the terms of the Partnership 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all instruments, conveyances and other documents necessary or
appropriate to sell or charge any or all of the assets of the Partnership in
accordance with the terms of the Partnership 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all conveyances and other instruments or documents necessary
to reflect the dissolution and liquidation of the Partnership, including
cancellation of any certificates; 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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all information returns, applications, agreements, elections,
determinations or designations under the <I>Income Tax Act </I>(Canada), the <I>Excise
Tax Act </I>(Canada) or any other taxation or other legislation or similar laws of
Canada or of any other jurisdiction in respect of the affairs of the
Partnership or of a Partner&#146;s interest in the Partnership including all
information returns, applications, elections, agreements, determinations or
designations under the <I>Income Tax Act </I>(Canada), the <I>Excise Tax Act </I>(Canada) or
other legislation or similar laws of Canada or of any other jurisdiction with
respect to any governmental credit, grant or benefit, the sale or transfer of
any securities of the Partnership, the sale or transfer of property of the
Partnership, the distribution of property of the Partnership, or the
dissolution and termination of the Partnership; and</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>execute and file with any government body or instrumentality thereof of the
Government
of Canada or a Province any documents necessary or appropriate to be filed in
connection
with the business of the Partnership or in connection with the Partnership
Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power of attorney granted herein is irrevocable, is a power coupled with an interest and,
to the extent permitted by law, is valid and binding on the estate of the undersigned and will be
exercisable during any subsequent legal incapacity of the undersigned, will survive the assignment
by the undersigned of the whole or any part of the interest of the undersigned in the Partnership
and extends to and is binding upon the successors and assigns of the undersigned and may be
exercised by the General Partner for and on behalf of the undersigned in executing any instrument
with a single signature as attorney and agent for each of the Limited Partners and all of them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby agrees and acknowledges that, upon acceptance of this transfer, it
will become a Limited Partner of the Partnership on the effective date of this transfer and that
as a Limited Partner, it shall be bound by the provisions of the Partnership Agreement and by any
representations and actions made or taken by the General Partner and any successor thereto, while
acting in good faith pursuant to this power of attorney hereby granted and will make contributions
of capital as required pursuant to the Partnership Agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">C-3
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The effective date of this transfer is the last day of the calendar month next following the
month that this transfer is received by the General Partner (or such earlier time as the General
Partner may agree to) and the undersigned acknowledges and agrees that the General Partner will not
be required to recognize the undersigned as a substituted Limited Partner until the effective date.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;The remainder of this page is intentionally left blank.&#093;</I>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">C-4
</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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><B>DATED </B>this<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;day of&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 200<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.</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>LIMITED PARTNER:</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" valign="top" align="left"><B>This transfer is accepted by the General Partner in the City of Calgary, in the Province of Alberta, on the&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 200</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>.</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>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PRECISION DRILLING LIMITED, General Partner
of Precision Drilling Canada Limited
Partnership</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
<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>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.21
<SEQUENCE>22
<FILENAME>o69608exv3w21.htm
<DESCRIPTION>EX-3.21
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w21</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><b>Exhibit 3.21</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="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Corporations Section<br>
P.O.Box 13697<br>
Austin, Texas 78711-3697
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="o69608o6960816.gif" alt="(LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Hope Andrade<br>
Secretary of State</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Office of the Secretary of State</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE OF FILING<BR>
OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Company, LP<BR>
File Number: 11578610
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned, as Secretary of State of Texas, hereby certifies that an amendment to the
certificate of limited partnership or the application for registration as a foreign limited
partnership for the above named limited partnership has been received in this office and filed as
provided by law on the date shown below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accordingly, the undersigned, as Secretary of State hereby issues this Certificate evidencing the
filing in this office.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated: 05/19/2009<BR>

Effective: 05/19/2009
</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="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960817.gif" alt="(LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="o69608o6960818.gif" alt="-s- Hope Andrade"><BR>
Hope Andrade<br>
Secretary of State</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="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>Come visit us on the internet at http://www.sos.state.tx.us/</I></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">Phone:
(512) 463-5555
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Fax: (512) 463-5709
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dial: 7-1-1 for Relay Services</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Prepared by: Pat Cantrell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">TID: 10069
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Document: 259094010002</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960832.gif" alt="(STAMP)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATE OF AMENDMENT</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TO THE</B></DIV>
<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE OF LIMITED PARTNERSHIP</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>GREY WOLF DRILLING COMPANY L.P.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the provisions of Section&nbsp;3,053 of the Texas Business Organizations Code, the
undersigned Grey Wolf Holdings Company, being the general partner of Grey Wolf Drilling Company,
L.P. (the &#147;Partnership&#148;) adopts the following Certificate of Amendment to the Partnership&#146;s
Certificate of Limited Partnership:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;That the Certificate of Limited Partnership of the Partnership, dated December&nbsp;30,
1998, is hereby amended by changing paragraph &#147;1&#148; thereof so that, as amended, said paragraph
shall read in its entirety as follows:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.
Name of Partnership:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precision Drilling Company, LP</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The above amendment to the Certificate of Limited Partnership has been adopted
and approved in the manner required by the Texas Business Organizations Code and constituent
documents of the Partnership, having been approved by the general partner of the Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;This document will become effective when the document is filed by the secretary
of state.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF, </B>said Partnership has caused this certificate to be signed this
18<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of May, 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="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">GENERAL PARTNER:</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>GREY WOLF HOLDINGS COMPANY</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="bottom"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>By:
</TD>
    <TD><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Kenneth J. Haddad
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Kenneth J. Haddad,
</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">Vice President, Business Development</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.21</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960809.gif" alt="(LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The State of Texas<BR>
<I>SECRETARY OF STATE</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IT IS HEREBY CERTIFIED that the attached is/are true and correct copies of the following
described document(s) on file in this office:</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GREY WOLF DRILLING COMPANY L.P.<BR>
CHARTER #115786-10</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="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><B>CERTIFICATE OF LIMITED PARTNERSHIP</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>DECEMBER 30, 1998</B></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="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960810.gif" alt="(SEAL)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>IN TESTIMONY WHEREOF, </I></B><I>I have hereunto signed my name
officially and caused to be impressed hereon the Seal
of State at my office in the City of Austin, on April
16, 1999.</I></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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ <I>Elton Bomer
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Elton Bomer</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>PH</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="center" valign="top"><I>Secretary of State</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>CERTIFICATE OF LIMITED PARTNERSHIP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>FOR</B><BR>
<BR style="font-size: 6pt">
<B>GREY WOLF DRILLING COMPANY L.P.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="o69608o6960833.gif" alt="(IMAGE)"></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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="56%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name of Partnership:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grey Wolf Drilling Company L.P.</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">2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address of Principle
Office in the United
States where records of the
partnership are to be kept
or made available:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10370 Richmond Avenue, Suite&nbsp;600<br>
Houston, Texas 77042-4139</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">3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registered Agent and Office:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David W. Wehlmann</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">10370 Richmond Ave., Suite&nbsp;600</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">Houston, Texas 77042</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">4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Partner:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grey Wolf Holdings Company</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">10370 Richmond Ave., Suite&nbsp;600</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">Houston, Texas 77042</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 6%">EXECUTED effective as of December&nbsp;30, 1998.
</DIV>

<DIV align="center" style="margin-left: 14%">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="86%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">GENERAL PARTNER:</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="5" valign="top" align="left">GREY WOLF HOLDINGS COMPANY</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:<BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ David W. Wehlmann
<DIV style="font-size: 1pt; border-top: 1px solid #000000; width=75%">&nbsp;</DIV>
David W. Wehlmann
</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">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President, Chief Financial Officer <BR>
and  Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.22
<SEQUENCE>23
<FILENAME>o69608exv3w22.htm
<DESCRIPTION>EX-3.22
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w22</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.22</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FIRST AMENDMENT TO<BR>
AGREEMENT OF LIMITED PARTNERSHIP<BR>
OF<BR>
GREY WOLF DRILLING COMPANY L.P.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This First Amendment to Agreement of Limited Partnership of Grey Wolf Drilling Company
L.P., a Texas limited partnership (this &#147;Agreement&#148;) is entered into effective this 6<SUP style="FONT-size: 85%; vertical-align: text-top">th
</SUP>day of April, 2004, by and among Grey Wolf Holdings Company, as general partner (the &#147;GP&#148;),
and Grey Wolf LLC, as limited partner (the &#147;LP&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Grey Wolf Drilling Company, L.P., (the &#147;Partnership&#148;) is a party to an Agreement and
Plan of Merger dated March&nbsp;5, 2004 providing for the merger of New Patriot Drilling Corp. with and
into the Partnership (the &#147;Merger&#148;), which Merger has been approved by the GP and the LP; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the parties hereto desire to amend the terms of the Agreement of Limited Partnership
of the Partnership (the &#147;Original Partnership Agreement&#148;) to clearly permit the Merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the premises and the mutual benefits to be derived from
this Agreement, the parties, intending to be legally bound, agree 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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Original Partnership Agreement is hereby amended to add a new paragraph 5.1(m)
reading in its entirety as follows:</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;(m) adopt a plan of merger and merge with one or more domestic or foreign limited
partnerships or other entities on such terms and conditions as are approved by the General
Partner and a Majority Interest.&#148;</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as specifically set forth above, the Original Partnership Agreement shall
remain in full force and effect in accordance with its terms.</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement may be executed in one or more counterparts, each of which will be
deemed to be an original copy and all of which, when taken together, will be deemed to
constitute one and the same Agreement. The exchange of copies of this Agreement and of
signature pages by facsimile transmission shall constitute effective execution and
delivery of this Agreement as to the parties and may be used in lieu of the original
document for all
purposes. Signatures of the parties transmitted by facsimile shall be deemed to be their
original signatures for all purposes.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.
</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="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left"><B>GENERAL PARTNER</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>
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    <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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left"><B>GREY WOLF HOLDINGS COMPANY</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>
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    <TD align="left" valign="top">&nbsp;</TD>
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    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">/s/ David W. Wehlmann</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">David W. Wehlmann</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Executive Vice President and CFO</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>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left"><B>LIMITED PARTNER</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>
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    <TD>&nbsp;</TD>
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    <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="7" valign="top" align="left"><B>GREY WOLF LLC</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>
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    <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">&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 colspan="3" valign="top" align="left"><B>GREY WOLF HOLDINGS COMPANY, </B>its sole member</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>
    <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">/s/ David W. Wehlmann
<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">
    <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">David W. Wehlmann</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and CFO</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.22</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AGREEMENT OF LIMITED PARTNERSHIP<BR>
OF<BR>
GREY WOLF DRILLING COMPANY L.P.</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AGREEMENT OF LIMITED PARTNERSHIP<BR>
TABLE OF CONTENTS</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>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">ORGANIZATIONAL MATTERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.1 Formation of Partnership; Governing Statute</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.2 Name</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.3 Registered Office; Principal Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.4 Power of Attorney</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.5 Term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">PURPOSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.1 Capital Contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.2 Additional Issuances of Partnership Interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.3 No Preemptive Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.4 Capital Accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.5 Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.6 No Withdrawal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.7 Creditors of the Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">ALLOCATIONS AND DISTRIBUTIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.1 Allocations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.2 Distributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE V</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">MANAGEMENT AND OPERATION OF BUSINESS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.2 Conduct of the General Partner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.3 Compensation of the General Partner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.4 Authority of the Partners</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.5 Purchase or Sale of Partnership Interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.6 Outside Activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.7 Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.1 Limitation of Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.2 Management of Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VII</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">BOOKS, RECORDS, ACCOUNTING AND REPORTING</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.1 Books and Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.2 Financial Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.3 Partnership Accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.4 Fiscal Year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VIII</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">TAX MATTERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.1 Preparation of Tax Returns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.2 Tax Elections</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.3 Tax Matters Partner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IX</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">RESTRICTIONS ON TRANSFERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.1 Restrictions on Transfers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.2 Death, Insanity, Bankruptcy, Retirement, Resignation, or Expulsion of a Partner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.3 Partnership Interests Acquired Subsequent
to the Date of this Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE X</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">ADMISSION OF PARTNERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.1 Admission of Additional Limited Partners</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.2 Admission of Successor General Partner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.3 Admission of Substituted Limited Partners</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.4 Amendment of this Agreement and Certificate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE XI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">REMOVAL, WITHDRAWAL AND SUCCESSION OF GENERAL PARTNER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.1 Succession of General Partner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.2 Conversions of General Partnership Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE XII</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">DISSOLUTION AND LIQUIDATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.1 Dissolution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.2 Continuation of Business of Partnership after Dissolution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.3 Liquidation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.4 Distribution in Kind</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.5 Cancellation of Certificate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.6 Return of Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.7 Waiver of Partition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE XIII</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">GENERAL PROVISIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.1 Addresses and Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.2 Titles and Captions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.3 Pronouns and Plural</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.4 Amendment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.5 Binding Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.6 Integration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.7 Creditors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.8 Waiver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.9 Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.10 Applicable Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.11 Invalidity of Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE XIV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">DEFINITIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->iii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THE LIMITED PARTNERSHIP INTERESTS REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND WERE
ISSUED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES
LAWS OF ANY STATE. THESE INTERESTS MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED
AT ANY TIME EXCEPT IN ACCORDANCE WITH THE RESTRICTIONS CONTAINED IN THE LIMITED PARTNERSHIP
AGREEMENT AND PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS
AMENDED AND ANY APPLICABLE STATE SECURITIES LAW OR IN THE EVENT THAT THE GENERAL PARTNER HAS
RECEIVED AN OPINION OF COUNSEL IN FORM AND IN SUBSTANCE SATISFACTORY TO IT THAT SUCH TRANSFER DOES
NOT REQUIRE REGISTRATION UNDER ANY APPLICABLE LAWS.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AGREEMENT OF LIMITED PARTNERSHIP<BR>
OF<BR>
GREY WOLF DRILLING COMPANY L.P.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS AGREEMENT OF LIMITED PARTNERSHIP OF GREY WOLF DRILLING COMPANY L.P. </B>is entered into on
this 30<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of December, 1998, by and among Grey Wolf Holdings Company, as General
Partner, and Grey Wolf LLC, as Limited Partner.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ORGANIZATIONAL MATTERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.1 Formation of Partnership; Governing Statute. </B>Subject to the provisions hereof, the
Partners hereby form the Partnership as a limited partnership under and pursuant to the Texas
Revised Limited Partnership Act (&#147;Texas Act&#148;). The Partners hereby enter into this Agreement in
order to set forth their rights and obligations and certain matters related thereto. Except as
expressly provided, the rights and obligations of the Partners and the administration and
termination of the Partnership shall be governed by the Texas Act. Promptly after the execution of
this Agreement, the General Partner shall file the Certificate with the Secretary of State of
Texas. The General Partner shall file such amendments to the Certificate and such other
certificates or documents as may be required by the Texas Act, by the laws of a jurisdiction in
which the Partnership transacts business or by this Agreement, to reflect changes in the
information provided therein or otherwise to comply with the requirements of law for continuing
operation of a limited partnership. If the General Partner, in its sole discretion, determines
such action to be appropriate, the General Partner shall file amendments to the Certificate and
shall take all reasonable actions to maintain the Partnership as a limited partnership under the
laws of the State of Texas.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.2 Name.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The name of the Partnership is &#147;Grey Wolf Drilling Company L.P.&#148; The business of the
Partnership shall be conducted under the name of the Partnership or such other names as the
Partners may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Partners hereby agree to execute an appropriate assumed name certificate if required
by the Assumed Business or Professional Name Act of the State of Texas (Business and Commerce
Code, Chapter&nbsp;36.01 et seq.) and to file such certificate, and all amendments that may be
necessitated from time to time, in the appropriate filing locations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.3 Registered Office; Principal Office. </B>The registered office of the Partnership in the
State of Texas shall be 10370 Richmond Avenue, Suite&nbsp;600, Houston, Texas 77042, and the registered
agent for service of process on the Partnership at such registered office shall be David W.
Wehlmann. The registered agent and registered office of the Partnership may be changed at the
discretion of the General Partner. The principal office of the Partnership shall be 10370 Richmond
Avenue, Suite&nbsp;600, Houston, Texas 77042, or such other place as the General Partner may designate
to the Partners. The Partnership shall maintain records at the principal office of the Partnership
as required by Section&nbsp;1.07 of the Texas Act. The Partnership may maintain offices at such other
place or places as the General Partner deems advisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.4 Power of Attorney.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Limited Partner constitutes and appoints the General Partner and the Liquidator (as
designated under paragraph 12.3 of this Agreement), and any successor to either, with full power of
substitution as its true and lawful agent and attorney-in-fact, with full power and authority in
its name, place and stead to make, execute, sign, acknowledge, swear to, file and publish as
required, all documents requisite to carrying out the intention and purpose of this Agreement,
including, but not limited to the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Certificate and all amendments thereto in accordance with this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;all certificates or other instruments and all amendments necessary to qualify, or
continue the qualification of the Partnership as a limited partnership in any other jurisdiction
in which it may conduct business or own property;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;tax elections, notices and filings in compliance with federal and state laws;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;all documents necessary to reflect the dissolution and liquidation of the Partnership in
accordance with this Agreement and the cancellation of its Certificate;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;all documents reflecting amendments to this Agreement in accordance with its terms;
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;all fictitious or assumed name certificates and registered agent or registered office
designations that are required or permitted to be filed on behalf of the Partnership; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;all documents relating to the admission or substitution of any Partner pursuant to
Articles X or XI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The power of attorney granted in Section&nbsp;1.4(a) is declared to be irrevocable and a power
coupled with an interest and to the extent permitted by law, shall survive the death,
incompetency, disability, dissolution, bankruptcy or termination of any Partner and the transfer
of all or any portion of a Partnership Interest and shall extend to the Partner&#146;s heirs,
successors, assigns and personal representatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.5 Term. </B>The Partnership shall commence on the date upon which the Certificate is duly filed
with the Secretary of State of Texas pursuant to Section&nbsp;1.1 and shall continue in existence until
termination of the Partnership pursuant to Article&nbsp;XII.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PURPOSE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose and business of the Partnership shall be to jointly own, invest, and manage
assets owned or acquired by the Partnership, and to engage in any other activities which the
General Partner, in its sole discretion, deems to be related or incidental thereto.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.1 Capital Contributions.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>General Partner</U>. The General Partner shall, on the date of execution of this
Agreement, contribute cash and/or property, as specified on the attached Schedule&nbsp;A, to the
Partnership in exchange for its General Partnership Interest. The General Partner shall not be
required to make any Capital Contributions to the Partnership other than that specified on the
attached Schedule&nbsp;A.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Limited Partner</U>. The Limited Partner shall, on the date of execution of this
Agreement, contribute cash and/or property, as specified following the name of the Limited Partner
on the attached Schedule&nbsp;A, in exchange for the Limited Partnership Interest. The Limited Partner
shall not be required to make any Capital Contributions to the Partnership other than as specified
on attached Schedule&nbsp;A.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.2 Additional Issuances of Partnership Interests. </B>The General Partner may, in its sole
discretion, cause the Partnership to issue Limited Partnership Interests, in addition to
those issued
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">pursuant to Section&nbsp;3.1(b), to the General Partner, Limited Partner or other Persons and, subject
to Section&nbsp;10.1, to admit such Persons to the Partnership as Additional Limited Partners, all
without the consent or approval of the Limited Partner. Subject to the provisions of <BR>
Sections 3.1(b) and 10.1, the General Partner shall have sole discretion in determining the consideration
for and the terms and conditions with respect to any future issuance of Limited Partnership
Interests, provided the terms of admission or issuance must specify the cash amount or net Agreed
Value applicable thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.3 No Preemptive Rights. </B>No Person shall have any preemptive, preferential or other similar
right with respect to (a)&nbsp;additional Capital Contributions; (b)&nbsp;issuance or sale of Partnership
Interests or (c)&nbsp;issuance or sale of any other securities that may be issued or sold by the
Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.4 Capital Accounts.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Partnership shall establish and maintain a separate Capital Account for each
Partner. Each Partner&#146;s Capital Account shall be increased by the amount of the Partner&#146;s
Capital
Contributions and all items of Net Income allocated to the Partner pursuant to Section&nbsp;4.1.
Each
Partner&#146;s Capital Account shall be decreased by the amount of all distributions of cash or
property
made to the Partner pursuant to this Agreement and by all items of Net Loss allocated to the
Partner
pursuant to Section&nbsp;4.1.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A transferee of a Partnership Interest will succeed to the Capital Account relating to
the Partnership Interest transferred to it.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;For purposes of this Section&nbsp;3.4, the fair market value of Partnership property, as of
any date of determination, shall be determined by the General Partner using such reasonable method
of valuation as it may adopt in its sole discretion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.5 Interest. </B>No interest shall be paid by the Partnership on Capital Contributions or on
balances in Capital Accounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.6 No Withdrawal. </B>No Partner shall be entitled to (a)&nbsp;withdraw any part of its Capital
Contribution or its Capital Account, (b)&nbsp;receive any distribution from the Partnership, except as
provided in Section&nbsp;4.2 hereof and Article&nbsp;XII or (c)&nbsp;receive property other than cash in return
for its capital contributions. No unrepaid Capital Contribution shall be deemed or considered to
be a liability of the Partnership or any Partner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.7 Creditors of the Partnership. </B>No creditor of the Partnership will have or shall acquire
at any time any direct or indirect interest in the profits, capital or property of the Partnership
other than as a secured creditor as a result of making a loan to the Partnership.
</DIV>



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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>ALLOCATIONS AND DISTRIBUTIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.1 Allocations.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;All items of Net Income and Net Loss and credit of the Partnership shall be allocated
among the Partners in accordance with their Partnership Interests.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Except as otherwise provided herein, all items of income, gain, loss, deduction, and
credit allocable to any Partnership Interest that may have been transferred shall be allocated
between the transferor and the transferee based on the portion of the calendar year during which
each was recognized as owning that Partnership Interest, based upon the interim closing of the
books method but without regard to whether cash distributions were made to the transferor or the
transferee during that calendar year; provided, however, that this allocation must be made in
accordance with a method permissible under Section&nbsp;706 of the Code and the IRS regulations
thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.2 Distributions.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;From time to time (but at least once each year) the General Partner shall determine in
its reasonable judgment to what extent (if any) the Partnership&#146;s cash on hand exceeds its current
and anticipated needs, including, without limitation, for operating expenses, debt service
(including Partner Loans), acquisitions, and a reasonable contingency reserve. If such an excess
exists, the General Partner shall cause the Partnership to distribute to the Partners, in
accordance with their respective Partnership Interests, an amount in cash equal to that excess.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;From time to time, the General Partner also may cause property of the Partnership other
than cash to be distributed to the Partners, which distribution must be made in accordance with
their Partnership Interests and may be made subject to existing liabilities and obligations.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>MANAGEMENT AND OPERATION OF BUSINESS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Management. The General Partner shall be responsible for the management of the
Partnership&#146;s business. Except as otherwise provided in this Agreement or by non-waivable
provisions of applicable law, all management powers over the business of the Partnership shall be
vested in the General Partner and the Limited Partners shall not have any right of control over
the business of the Partnership. In addition to these powers and responsibilities, the General
Partner shall also have all the rights and powers created by any other provision of this
Agreement, the Act or operation of law such that the General Partner shall have full power and
authority to do all things deemed necessary or desirable by it to conduct the business of the
Partnership, including, without limitation:
</DIV>






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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;invest, manage, sell and reinvest the Partnership assets, including, without limitation, Net Income, in such manner as the General Partner deems suitable for the
Partnership;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;acquire or dispose of any real or personal property (including any interest therein) upon
such terms and conditions as the General Partner may determine;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;acquire, construct, own, hold, improve, manage and lease such property, either alone or
in conjunction with others through partnerships, joint ventures or other entities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;finance the Partnership&#146;s activities on such terms and conditions as the General Partner
deems appropriate. In instances where money is borrowed for Partnership purposes, the General
Partner is authorized to pledge, mortgage, encumber, and grant a security interest in Partnership
properties for the repayment of such loans;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;employ or enter into other contracts with personnel or firms to assist in the operation
of the Partnership&#146;s business on such terms as the General Partner deems advisable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;maintain insurance for the benefit of the Partnership and the Partners as the General
Partner deems necessary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;enter into such contracts as the business of the Partnership may require, including
without limitation, agreements with independent contractors, individuals or companies for
construction, repair, development, marketing, administrative and other services, and other
contracts
of all other kinds; provided, however, that any agreements with Persons affiliated with the
General
Partner may be terminated by the Partnership without cause upon not more than thirty (30)
days
written notice; and provided further that all such agreements with affiliated Persons must be
on terms
that are fair and reasonable to the Partnership and not less favorable to the Partnership
than the terms
for comparable services reasonably available from unaffiliated Persons;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;establish and maintain bank accounts, in the name of the Partnership, for the
Partnership&#146;s funds in such bank(s) as the General Partner in its discretion may select,
authorizing the General Partner, or its agent, to disburse such funds on behalf of the
Partnership, and for such purpose as the General Partner is authorized to certify the adoption of
standard form banking resolutions; provided, however, that in the event a General Partner is
removed, or ceases to be a General Partner for any reason, its signature authority over any and
all partnership bank accounts shall cease immediately;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;designate a managing agent to be responsible for managing the day-to-day activities of
the Partnership;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;designate and replace the tax matters partner;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;take any and all action which is customary or reasonably related to the rendering of
services or the acquisition, operation, ownership, development, improvement, management, leasing
and disposition of real, personal or mixed property; and
</DIV>







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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;take any and all other action which is permitted under the Texas Act; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.2 Conduct of the General Partner. </B>The General Partner shall devote such time, attention and
business capacity to the affairs of the Partnership as the General Partner may deem reasonably
necessary to effectuate the purposes of the Partnership. All business arrangements entered into
shall be upon such terms and conditions as generally would be characteristic of a businessman in
similar circumstances exercising prudent and sound business judgment. The General Partner and its
shareholders, officers, directors, agents, employees and representatives shall not be liable,
responsible or accountable in damages or otherwise to the Partnership or any other Partner for any
failure to maintain adequate insurance, for any mistake of fact or judgment in operating the
business of the Partnership which results in any loss to the Partnership or its Partners or for any
act performed, or omitted to be performed, as a fiduciary in good faith, including, without
limitation, without the advise of legal counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.3 Compensation of the General Partner. </B>The General Partner may receive a reasonable monthly
salary for managing the affairs of the Partnership. The General Partner may from time to time
adjust its compensation as necessary to reasonably compensate the General Partner for its services
to the Partnership. Additionally, the General Partner shall be reimbursed for all expenses
incurred in furtherance of the Partnership&#146;s business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.4 Authority of the Partners. </B>The General Partner, in transactions with third parties, shall
have full authority to act on behalf of the Partnership in the management and operation of its
affairs. No Person dealing with the General Partner shall be required to inquire into the General
Partner&#146;s authority to make any commitment on behalf of the Partnership, or to inquire into the
purposes for which any loan is sought by the Partnership, as it will be conclusively presumed that
the proceeds of any loan are to be and shall be used for the purposes authorized by this
Agreement, or to determine any fact bearing upon the existence of such authority or purpose.
Additionally, no purchaser of any property or interest owned by the Partnership shall be required
to determine the exclusive authority of the General Partner to sign and deliver on behalf of the
Partnership any instrument of transfer, or to apply or distribute revenues or proceeds paid in
connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.5 Purchase or Sale of Partnership Interests. </B>The General Partner may cause the Partnership
to purchase or otherwise acquire Partnership Interests. As long as such Partnership Interests are
held by the Partnership, such Partnership Interests shall not be considered outstanding for any
purpose. Upon any such acquisition of Partnership Interests, the General Partner shall make
appropriate proportionate adjustments to each Limited Partner&#146;s Percentage Interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.6 Outside Activities. </B>The Partners shall not be obligated to devote their time exclusively
to the Partnership and they may acquire any assets and enter into or conduct any business or
activity, including, without limitation, any business or activity which is the same or similar to
that conducted by the Partnership.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.7 Indemnification.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Partnership shall indemnify the General Partner if it is named a defendant or
respondent in a proceeding because it was acting within the scope of its official capacity with the
Partnership;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Partnership shall indemnify an Indemnitee who is made a named defendant or respondent
in a proceeding because such Indemnitee was acting within the scope of his official capacity with
the Partnership, provided such Indemnitee acted in good faith and reasonably believed that his
conduct was in the best interest of the Partnership. An Indemnitee may be indemnified in a criminal
proceeding only if he had no reasonable basis to believe that his conduct was unlawful. The
Partnership shall not indemnify an Indemnitee who is found liable on the basis that he improperly
received personal benefit in violation of a fiduciary duty or that he committed other willful or
intentional misconduct.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Without limiting Sections&nbsp;5.7(a) and 5.7(b), the Partnership may be required to indemnify
an Indemnitee to the full extent allowed by Article&nbsp;11 of the Texas Act. The Partnership shall,
with respect to claims for indemnity, be governed by the provisions of the Texas Act in effect at
the time the conduct subject to the indemnity claim arose.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.8 Other Matters Concerning the General Partner. </B>Whenever in this Agreement the
General Partner is permitted or required to make a decision in its &#147;discretion&#148; or &#147;sole
discretion&#148; or
under a grant of similar authority, the General Partner shall be entitled to consider only
such interests
and factors as it desires and shall have no duty to consider any interest of or factors
affecting the
Limited Partners so long as the General Partner acts in good faith. Each Limited Partner
hereby
agrees that any standard of care or duty imposed by this Agreement, the Texas Act or any
other
applicable law, rule or regulation shall be modified, waived or limited as required to permit
the
General Partner to act under this Agreement so long as such action does not constitute gross
negligence or fraud and is reasonably believed by the General Partner to be consistent with
the overall
purposes of the Partnership.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.1 Limitation of Liability. </B>The Limited Partners shall have no liability under this
Agreement except as provided herein or by the Texas Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.2 Management of Business. </B>No Limited Partner acting in such capacity shall take part in the
operation, management or control (within the meaning of the Texas Act) of the business of the
Partnership, shall transact any business in the name of the Partnership or shall have the power to
sign documents for or otherwise bind the Partnership. The transaction of any such business by a
director, officer, employee or agent of the General Partner or the Partnership in his capacity as
such shall not affect, impair or eliminate the limitations on the liability of any Limited
Partner.
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.3 Reimbursement of Expenses. </B>The Limited Partners shall be reimbursed for any and all
reasonable out-of-pocket expenses incurred on behalf of the Partnership and within the scope of the
Partnership&#146;s business.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BOOKS, RECORDS, ACCOUNTING AND REPORTING</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.1 Books and Records. </B>The Partnership shall keep, at the principal office of the Partnership
or make available at any time during normal business hours in that office, upon reasonable advance
request by a Limited Partner, books of account and other Partnership records required to be
maintained under Section&nbsp;1.07 of the Texas Act. The copying by a Partner, or its designated agent,
of any part or all of such records is specifically authorized, at such Partner&#146;s expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.2 Financial Information. </B>As soon as practicable after the close of each fiscal year, the
General Partner shall render to each Partner, at Partnership expense, a balance sheet and a
statement of income or loss (neither of which will be audited) as of the fiscal year then ended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.3 Partnership Accounts. </B>The General Partner shall receive all monies of the Partnership and
shall deposit the same in one or more Partnership bank or investment accounts. All expenditures on
behalf of the Partnership shall be made by checks drawn against or other transfers from the
Partnership bank or investment accounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.4 Fiscal Year. </B>The fiscal year of the Partnership shall be the calendar year.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>TAX MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.1 Preparation of Tax Returns. </B>The General Partner shall arrange for the preparation and
timely filing of all returns of Partnership income, gain, deduction, loss and other items
necessary for federal and state income tax purposes and shall use all reasonable efforts to
furnish to the Partners within one hundred (100)&nbsp;days of the close of the taxable year the tax
information reasonably required for federal and state income tax reporting purposes which
information shall be reviewed by an accounting firm selected by the General Partner. The
Partnership shall initially use the accrual method of accounting. The taxable year of the
Partnership shall be the calendar year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.2 Tax Elections. </B>Except as otherwise provided herein, the General Partner shall, in its
sole discretion, determine whether to make any available election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.3 Tax Matters Partner. </B>Subject to the provisions hereof, the General Partner shall be the
initial &#147;tax matters partner&#148; (as defined in Section&nbsp;6231 of the Code) and shall be authorized and
required to perform all duties imposed on the &#147;tax matters partner&#148; by Code Sections&nbsp;6621 through
6231.
</DIV>



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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>RESTRICTIONS ON TRANSFERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.1 Restrictions on Transfers. </B>Except as may be provided otherwise in this Agreement, none of
the issued and outstanding Partnership Interests nor any interest therein may be sold, assigned,
pledged or otherwise transferred or hypothecated by operation of law or otherwise without the vote
of the Partners, by Majority Interest, and in accordance with the other terms and conditions of
this Agreement. Any transferee or assignee acquiring a Partnership Interest in the Partnership
shall take subject to all of the terms and conditions of this Agreement. Unless and until any such
sale, assignment, pledge or other transfer or hypothecation of an Partnership Interest shall be
approved by the vote of the Partners, (i)&nbsp;the assignee of such Partnership Interest shall, upon
appropriate notice to the Partnership of such assignment, be entitled only to the allocated income,
gain, loss, deduction, credit or similar items, and to receive distributions to which the assignor
Partner was entitled to the extent those items are assigned, and (ii)&nbsp;the assignor Partner shall
remain a Partner for all other purposes including the right to vote on any Partnership matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.2 Death, Insanity, Bankruptcy, Retirement, Resignation, or Expulsion of a Partner. </B>The
death, insanity, bankruptcy, retirement, resignation, or expulsion of any Partner shall not cause
a dissolution of the Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.3 Partnership Interests Acquired Subsequent to the Date of this Agreement. </B>All
Partnership Interests subsequently issued by the Partnership to the Partners or otherwise sold,
transferred, or acquired by the Partners shall be subject to this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ADMISSION OF PARTNERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.1 Admission of Additional Limited Partners.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The General Partner shall have the right to direct the Partnership to issue
additional Limited Partnership Interests at any time and in its sole discretion. A Person who
makes
a Capital Contribution to the Partnership and acquires a Partnership Interest pursuant to the
issuance
of additional Limited Partnership Interests by the Partnership shall be admitted to the
Partnership as
an Additional Limited Partner upon furnishing to the General Partner (i)&nbsp;an acceptance, in
form
satisfactory to the General Partner, of all the terms and conditions of this Agreement,
including,
without limitation, the power of attorney granted in Section&nbsp;1.4, and (ii)&nbsp;such other
documents as the
General Partner shall require. Such admission shall become effective on the date that the
General
Partner determines, in its sole discretion, that such conditions have been satisfied.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;No Person may be admitted as an Additional Limited Partner except as of the first
day of any calendar month. The Additional Limited Partner&#146;s Capital Contribution shall be
paid or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">transferred to the Partnership on the date such Person is admitted as an Additional Limited
Partner.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.2 Admission of Successor General Partner.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;A successor General Partner selected pursuant to Section&nbsp;11.1, or the transferee of the
entire General Partnership Interest pursuant to Article&nbsp;IX (other than a secured party prior to
the foreclosure or other sale of the General Partnership Interest incident to enforcement of its
security interest in the General Partner Interest), shall be admitted to the Partnership as the
General Partner. Admission of any such transferee to the Partnership as General Partner shall be
effective immediately prior to the transfer or assignment, or the removal or withdrawal of the
General Partner pursuant to Section&nbsp;11.1. The withdrawal of the General Partner from the
Partnership upon the assignment or transfer of its General Partnership Interest as provided in
Section&nbsp;9.1, or the removal or withdrawal of the General Partner pursuant to Section&nbsp;11.1, shall
be effective immediately after the transferee, assignee or successor has been admitted as a
General Partner.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The transferee of less than the entire General Partnership interest of the General
Partner shall only be admitted to the Partnership as a General Partner upon the vote of the
Partners, by Majority Interest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.3 Admission of Substituted Limited Partners. </B>By transfer of all or a portion of its Limited
Partnership Interest, the transferor Limited Partner shall be deemed to have given the transferee
the right to seek admission as a Substituted Limited Partner subject to the conditions of and in
the manner permitted under this Agreement. Upon the written consent of the General Partner, in its
sole discretion, and upon written receipt by the General Partner of documents satisfactory to it,
in its sole discretion, which evidence the transferee&#146;s (a)&nbsp;acceptance of all the terms and
conditions of this Agreement, (b)&nbsp;authority to enter into this Agreement, (c)&nbsp;appointment of the
General Partner as its attorney-in-fact to execute any document it may deem necessary or
appropriate in connection with the transferee and its admission as a Substituted Limited Partner
and a party to this Agreement. If such consent or acceptance is withheld by the General Partner,
such transferee shall be an assignee with only such rights as are given to an assignee under the
Texas Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.4 Amendment of this Agreement and Certificate. </B>For the admission to the Partnership of any
successor General Partner, the General Partner shall take all steps necessary and appropriate to
prepare and record or file as soon as practicable an amendment to this Agreement and the
Certificate and may for such purpose exercise the power of attorney granted pursuant to Section
1.4.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XI</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>REMOVAL, WITHDRAWAL AND SUCCESSION OF GENERAL PARTNER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>11.1 Succession of General Partner. </B>The General Partner may be removed only upon a finding by
a court of law of willful malfeasance or gross negligence of the General Partner. A successor
General Partner shall be elected by a Majority Interest. The right of the Limited Partners
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to remove the General Partner shall not exist unless the Partnership has received an opinion of
counsel that the removal of the General Partner and the selection of a successor General Partner
would not result in the loss of limited liability of the Limited Partners or cause the Partnership
to be taxed as a corporation for federal income tax purposes. A withdrawal of the General Partner
pursuant to Section&nbsp;5.02 of the Texas Act, without further action by the Limited Partners, shall be
deemed the removal of the General Partner for purposes of this Section&nbsp;11.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>11.2 Conversions of General Partnership Interest. </B>The removal of a General Partner or the
occurrence of an Event of Withdrawal shall cause its General Partnership Interest to be converted
into a Limited Partnership Interest without any reduction in its Percentage Interest (subject to
proportionate dilution of the Partners by reason of the admission of its successor). Upon such
conversion of the interest of the removed or withdrawn General Partner pursuant to this Section
11.2, this Agreement shall be amended to reflect the conversion of such General Partnership
Interest, and any successor General Partner covenants so to amend.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XII</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>DISSOLUTION AND LIQUIDATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>12.1 Dissolution. </B>The Partnership shall be dissolved upon:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the removal or withdrawal of the General Partner pursuant to Section&nbsp;11.1 except as such
removal is effected by the occurrence of an Event of Withdrawal; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;a vote by Majority Interest of the Partners to dissolve the Partnership.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>12.2 Continuation of Business of Partnership after Dissolution.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Upon the occurrence of an event of dissolution described in Section&nbsp;12.1(a) or
12.1(b), the Partnership shall be reconstituted and the transferee of the General Partner&#146;s
General
Partnership Interest, or the successor to the General Partner, as the case may be, shall
continue the
business and operations of the Partnership in accordance with the terms and provisions of
this
Agreement without Winding-up.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Upon the occurrence of an event of dissolution described in Section&nbsp;12.1 (a),
the Partners may, by written agreement of the Partners by Majority Interest, elect to
reconstitute the
Partnership and continue its business on the same terms and conditions set forth herein or
such other
terms and conditions as shall be agreeable to all Partners. Unless such an election is made
within 90
days after dissolution, the Partnership shall conduct only activities necessary to wind up
its affairs.
If such an election is made within 90&nbsp;days after dissolution:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a successor General Partner shall be selected pursuant to Section&nbsp;10.2 within the
same 90-day period;
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the reconstituted Partnership shall continue until dissolved in accordance with
this Article&nbsp;XII;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the successor General Partner is not the Person who was General Partner
immediately prior to dissolution, then the General Partnership Interest of the succeeded
General Partner shall be converted into a Limited Partnership Interest in the manner
provided in Section&nbsp;10.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>12.3 Liquidation.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Upon dissolution of the Partnership, unless the Partnership is continued pursuant
to Section&nbsp;12.2, the Partnership&#146;s business shall be wound up as soon as is reasonably
practicable.
The Winding-up shall be accomplished by the General Partner, or if there is no General
Partner, by
a person selected by a Majority Interest, either of which shall serve as the Liquidator. The
Liquidator
shall not be entitled to compensation for its services but shall be reimbursed for all
expenses incurred
in connection with such Winding-up before any distributions are made to the Partners.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Liquidator shall have and may exercise, without further authorization or
consent of the Partners, all of the powers conferred upon the General Partner by this
Agreement to
the extent necessary, in its good faith judgment, to carry out its duties and for such period
of time as
may be required, in its good faith judgment, to complete the Winding-up and liquidation of the
Partnership. Upon dissolution, if the Partnership is not continued pursuant to Section&nbsp;12.2,
the
Liquidator shall determine and report to the Partners the balance of each Partner&#146;s Capital
Account,
amounts owing to the Partnership from any Partner and, by independent appraisal, the value of
Partnership property. The Liquidator shall liquidate the property of the Partnership, and
shall apply
and distribute the proceeds of such liquidation, unless otherwise required by mandatory
provisions
of applicable law, as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;first to the payment of creditors of the Partnership, other than Partners, in order of
priority provided by law;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;then to the payment of all the Partnership&#146;s debts to the Partners; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;to the Partners, in proportion to and to the extent of the positive balances in their
respective Capital Accounts; provided that the Liquidator may place in escrow a reserve of cash or
other property of the Partnership for contingent liabilities in an amount determined by the
Liquidator to be appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>12.4 Distribution in Kind. </B>Notwithstanding the provisions of Section&nbsp;12.3, which require
liquidation of the Partnership assets, the Liquidator may, in its absolute discretion, defer,
for a
reasonable time, the liquidation of any assets, except those necessary to satisfy liabilities
of the
Partnership to third parties, and may, in its absolute discretion, distribute to the
Partners, in lieu of
cash, as tenants in common and pursuant to Section&nbsp;12.3, undivided interests in such
Partnership
assets. The fair market value of any property distributed in kind shall be determined by an
appraiser
selected by the Liquidator, in its sole discretion.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>12.5 Cancellation of Certificate. </B>Upon the completion of the distribution of Partnership
property as provided in Sections&nbsp;12.3 and 12.4, the Partnership shall be terminated, and the
Liquidator shall cause the Certificate and all qualifications of the Partnership as a foreign
limited partnership in jurisdictions other than the State of Texas to be canceled and shall take
such other actions as may be necessary to terminate the Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>12.6 Return of Capital. </B>The General Partner shall not be personally liable for the return of
the Capital Contributions of the Limited Partners, or any portion thereof. Any such return shall
be made solely from Partnership assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>12.7 Waiver of Partition. </B>Each Partner hereby waives any rights to partition of the
Partnership property.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XIII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>GENERAL PROVISIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13.1 Addresses and Notices. </B>Any notice, demand, request or report required or permitted to be
given or made to a Partner under this Agreement shall be in writing and shall be deemed given or
made when delivered in person or mailed by prepaid certified or registered mail, return receipt
requested, to the Partner. In the case of service by mail, it shall be deemed complete on the date
of actual delivery as shown on the addressee&#146;s receipt, or at the expiration of the third day after
mailing, whichever is earlier in time. Notices to the Partnership shall be addressed to the
Partnership&#146;s principal place of business, and if to a Partner, to its address as set out in this
Agreement, or to such other address as such Partner may designate by written notice given as herein
specified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13.2 Titles and Captions. </B>All article or section titles or captions in this Agreement shall
be for convenience only, shall not be deemed part of this Agreement and shall in no way define,
limit, extend or describe the scope or intent of any provisions hereof. Except as specifically
provided otherwise, references to &#147;Articles&#148; and &#147;Sections&#148; are to articles and sections of this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13.3 Pronouns and Plural. </B>Whenever the context may require, any pronoun used in this
Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular
form of nouns, pronouns and verbs shall include the plural and vice versa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13.4 Amendment. </B>This Agreement may be amended only by written instrument approved by the
General Partner and a Majority Interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13.5 Binding Effect. </B>This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their heirs, executors, administrators, successors, legal representatives and
permitted assigns.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13.6 Integration. </B>This Agreement constitutes the entire agreement among the parties hereto
pertaining to the subject matter hereof and supersedes all prior agreements and understandings
pertaining thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13.7 Creditors. </B>None of the provisions of this Agreement shall be for the benefit of or
enforceable by any creditors of the Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13.8 Waiver. </B>No failure by any party to insist upon the strict performance of any covenant,
duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon
a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement
or condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13.9 Counterparts. </B>This Agreement may be executed in counterparts, all of which together
shall constitute one agreement binding on all the parties hereto, notwithstanding that all such
parties are not signatories to the original or the same counterpart.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13.10 Applicable Law. </B>This Agreement shall be construed in accordance with and governed by
the laws of the State of Texas without regard to the principles of conflicts of law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13.11 Invalidity of Provisions. </B>If any provision of this Agreement shall be or become
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not be affected thereby.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XIV</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DEFINITIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following definitions apply for all purposes, unless otherwise clearly indicated to the
contrary, to the terms used in this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Additional Limited Partner&#148; means a Person admitted to the Partnership as a Limited Partner
pursuant to Section&nbsp;10.1 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Agreed Value&#148; means the fair market value of any asset contributed by a Partner to the
Partnership as determined by the General Partner.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Agreement&#148; means this agreement of limited partnership, as it may be amended or restated from
time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Capital Account&#148; means the capital account maintained for a Partner pursuant to Section&nbsp;3.4
hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Capital Contribution&#148; of any Partner means the cash or fair market value of property actually
contributed to the Partnership by such Partner.
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Certificate&#148; means the certificate of limited partnership of the Partnership filed with the
Secretary of State of Texas, as such certificate may be amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Code&#148; means the Internal Revenue Code of 1986, and amended and in effect from time to time,
as interpreted by the applicable regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Contributed Property&#148; means each asset contributed to the Partnership (or deemed contributed
to the Partnership by virtue of a termination and reconstitution thereof), excluding cash.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Event of Withdrawal&#148; means an event of withdrawal (causing a person to cease to be a general
partner of a limited partnership) under Section&nbsp;4.02 of the Texas Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;General Partner&#148; means Grey Wolf Holdings Company or its successors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;General Partnership Interest&#148; means the Partnership Interest held by the General Partner.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Indemnitee&#148; means the Limited Partners and, if applicable, their officers, directors,
employees, and agents, the General Partner and its officers, directors, employees and agents, and
any Person serving at the request of the Partnership, acting through the General Partner, as
director, officer, partner, trustee, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Limited Partner&#148; means Grey Wolf LLC, each Substituted Limited Partner, and each Additional
Limited Partner. A Limited Partner who has assigned its entire Limited Partnership Interest to an
assignee shall cease to be a Limited Partner.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Limited Partnership Interest&#148; means the Partnership interest of a Limited Partner.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Liquidator&#148; means the Person designated pursuant to Section&nbsp;12.3 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Majority Interest&#148; means the owners of more than fifty percent (50%) of the Partnership
Interests held by all Partners.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Net Income&#148; means, for a taxable period, the excess, if any, of the Partnership&#146;s items of
income and gain over the Partnership&#146;s items of loss and deduction for such taxable period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Net Loss&#148; means, for any taxable period, the excess, if any, of the Partnership&#146;s items of
loss and deduction over the Partnership&#146;s items of income and gain for such taxable period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Partner&#148; means the General Partner or a Limited Partner and &#147;Partners&#148; means the General
Partner and the Limited Partners collectively.
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Partnership&#148; means the limited partnership established by this Agreement and any successor
limited partnership continuing the business of the Partnership which is a reformation or
reconstitution of the limited partnership established by this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Partnership Interest&#148; means the interest of a Partner in the Partnership.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Percentage Interest&#148; means (a)&nbsp;1% with respect to the General Partner and (b)&nbsp;99% with
respect to the initial Limited Partner.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148; means an individual or a corporation, partnership, trust, unincorporated
organization, association or other entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Substituted Limited Partner&#148; means a Person admitted to the Partnership as a Limited Partner
pursuant to Section&nbsp;10.3 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Texas Act&#148; means the Texas Revised Limited Partnership Act, TEX. REV. CIV. STAT. ANN., Art.
6132a-1 (Vernon 1994), and any amendments or successor to such statute.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Winding-up&#148; means the winding up and cessation of the business and operations of the
Partnership.
</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>GENERAL PARTNER</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>LIMITED PARTNER</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 colspan="3" valign="top" align="left"><B>GREY WOLF HOLDINGS COMPANY</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>GREY WOLF LLC</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">/s/ David W. Wehlmann
</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">/s/ Ronnie E. McBride</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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David W. Wehlmann
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ronnie E. McBride</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Its:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President, Chief Financial
Officer <BR>
and Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President &#151; Domestic
Operations</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THE STATE OF TEXAS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#167;</TD>
    <TD nowrap 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#167;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">COUNTY OF HARRIS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#167;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing instrument was acknowledged before me this 30<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> of December,
1998, by <U>David W. Wehlmann, Sr. V.P.</u>, <u>CFO &#038; Secretary</U> of GREY WOLF HOLDINGS
COMPANY, as General Partner of the GREY WOLF DRILLING COMPANY L.P.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Kathleen Payne
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Notary Public, State of Texas&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THE STATE OF TEXAS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#167;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">COUNTY OF HARRIS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#167;<BR>
&#167;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="o69608o6960834.gif" alt="(SEAL)"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing instrument was acknowledged before me this 30<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of December,
1998, by <U>Ronnie McBride, Sr. V.P. &#151;</u>,<u> Domestic Operations</U> of GREY WOLF LLC,
as
Limited Partner of the GREY WOLF DRILLING COMPANY L.P.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Kathleen Payne
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Notary Public, State of Texas&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
   <TD style="font-size: 10pt">&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><IMG src="o69608o6960834.gif" alt="(SEAL)">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>





<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /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="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE A &#151; CAPITAL CONTRIBUTIONS</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="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>GENERAL PARTNER</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><B>CAPITAL CONTRIBUTION</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><B>% INTEREST</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grey Wolf Holdings Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top" colspan="3">$10</TD>


    <TD>&nbsp;</TD>

    <TD align="center" valign="top" colspan="3">1%</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>LIMITED PARTNER</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><B>CAPITAL CONTRIBUTION</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grey Wolf LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">990</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD align="center" valign="top" colspan="3">99%</TD>

</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.23
<SEQUENCE>24
<FILENAME>o69608exv3w23.htm
<DESCRIPTION>EX-3.23
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w23</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit
3.23</B></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960839.gif" alt="(FULL PAGE IMAGE)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">CORPORATE CHARTER1, DEAN HELLER, the duly elected and qualified Nevada Secretary of State, do
hereby certify that GREY WOLF HOLDINGS COMPANY did on December&nbsp;28, 1998 file in this office the
original Articles of Incorporation; that said Articles are now on file and of record in the office
of the Secretary of State of the State of Nevada, and further, that said Articles contain all the
provisions required by the law of said State of Nevada.IN WITNESS WHEREOF, I have hereunto set my
hand and affixed the Great Seal of State, at my office, in Carson City, Nevada, on December
28,1998.</TD>
</TR>
</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><DIV style="position: relative; float: left; width: 15%">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960835.gif" alt="(STAMP)">
</DIV>

</DIV>
<DIV style="position: relative; float: right; width: 80%">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLES OF INCORPORATION<BR>
OF<BR>
GREY WOLF HOLDINGS COMPANY</B>
</DIV>

</DIV>
<BR clear="all"><BR>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, the person hereinafter named as incorporator, for the
purpose of associating to establish a corporation, under the provisions and subject to the
requirements of Title 7, Chapter&nbsp;78 of Nevada Revised Statutes, and the acts amendatory
thereof, and hereinafter sometimes referred to as the General Corporation Law of the State of
Nevada, do hereby adopt and make the following Articles of Incorporation:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: The name of corporation (hereinafter called the corporation) is Grey Wolf
Holdings Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: The name of the corporation&#146;s resident agent in the State of Nevada is The
Corporation Trust Company of Nevada and the street address of the said resident agent where
process may be served on the corporation is One East First Street,
Reno, Nevada 89501. The
mailing address and the street address of the said resident agent are identical.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: The number of shares the corporation is authorized to issue is one  million
(1,000,000), all of which are of a par value of one dollar ($1.00) each. All of said shares
are of one class and are designated as Common Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No holder of any of the shares of any class of the corporation shall be entitled as of
right to subscribe for, purchase, or otherwise acquire any shares of any class of the
corporation which the corporation proposes to issue or any rights or options which the
corporation proposes to grant for the purchase of shares of any class of the corporation or
for the purchase of any shares, bonds, securities, or obligations of the corporation which
are convertible into or exchangeable for, or which carry any rights, to subscribe for,
purchase, or otherwise acquire shares of any class of the corporation; and any and all of
such shares, bonds, securities, or obligations of the corporation, whether now or hereafter
authorized or created, may be issued, or may be reissued or transferred if the same have
been reacquired and have treasury status, and any and all of such rights and options may be
granted by the Board of Directors to such persons, firms, corporations, and associations,
and for such lawful consideration, and on such terms, as the Board of Directors in its
discretion may determine, without first offering the same, or any thereof, to any said
holder.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH: The number of directors constituting the initial Board of Directors of
the corporation is three(3) and the name and the post office box or street address, either
residence or business, of each of said directors are as follows:
</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="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">NAME</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">ADDRESS</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Thomas P. Richards
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10370 Richmond Ave., Suite 600, Houston, Texas 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David W. Wehlmann
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10370 Richmond Ave., Suite 600, Houston, Texas 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ronnie E. McBride
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10370 Richmond Ave., Suite 600, Houston, Texas 77042</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of directors of the corporation may be increased or decreased in the
manner provided in the Bylaws of the corporation; provided, that the number of directors
shall never be less than one. In the interim between elections of directors by stockholders
entitled to vote, all vacancies, including vacancies caused by an increase in the number of
directors and including vacancies resulting from the removal of directors by the stockholders
entitled to vote which are not filled by said stockholders, may be filled by the remaining
directors, though less than a quorum.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIFTH: The name and the post office box or street address, either residence or business,
of the incorporator signing these Articles of Incorporation are as follows:
</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="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">NAME</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">ADDRESS</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Allen B. Craig, III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gardere Wynne Sewell &#038; Riggs 333 Clay
Street, Suite&nbsp;800 Houston, Texas 77002</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIXTH: The corporation shall have perpetual existence.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEVENTH: The personal liability of the directors of the corporation is hereby
eliminated to the fullest extent permitted by the General Corporation Law of the State of
Nevada, as the same may be amended and supplemented.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EIGHTH: The corporation shall, to the fullest extent permitted by the General
Corporation Law of the State of Nevada, as the same may be amended and supplemented,
indemnify any and all persons whom it shall have power to indemnify under said Law from and
against any and all of the expenses, liabilities, or other matters referred to in or covered
by said Law, and the indemnification provided for herein shall not be deemed exclusive of any
other rights to which those indemnified may be entitled under any Bylaw, agreement, vote of
stockholders or
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">disinterested directors or otherwise, both as to action in his official capacity and as to
action in another capacity while holding such office, and shall continue as to a person who has
ceased to be a director, officer, employee, or agent and shall inure to the benefit of the heirs,
executors, and administrators of such a person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NINTH: The nature of the business of the corporation and the objects or the purposes to be
transacted, promoted, or carried on by it are as follows, provided that the corporation may engage
in any other lawful activity:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any and all lawful business for which corporations may be incorporated under
the General Corporation Law of the State of Nevada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TENTH: The corporation reserves the right to amend, alter, change, or repeal any provision
contained in these Articles of Incorporation in the manner now or hereafter prescribed by statute,
and all rights conferred upon stockholders herein are granted subject to this reservation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, I do hereby execute these Articles of Incorporation this 28<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>
day of December, 1998.
</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="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">INCORPORATOR:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="TOP"><!-- Blank Space -->
    <TD style="font-size: 6pt">&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">/s/ Allen B. Craig, III
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Allen B. Craig, III
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">STATE OF TEXAS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SS. :</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">COUNTY OF HARRIS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
this 28<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of December&nbsp;1998, personally appeared before me,
a Notary Public in and for the State and County aforesaid, Allen B. Craig, III,
known to me to be the person described in and who executed the foregoing Articles
of Incorporation, and who acknowledged to me that he/she executed the same freely
and voluntarily and for the uses and purposes therein mentioned.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WITNESS my hand and official seal, the day and year first above written.
</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="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Tracey Parkes
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Notary Public
</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">(Notary Seal)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">My Commission expires:</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8/13/2002</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"><IMG src="o69608o6960836.gif" alt="(STAMP)"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="o69608o6960836a.gif" alt="(STAMP)"></div>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960835.gif" alt="(STAMP)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATE OF ACCEPTANCE OF APPOINTMENT BY RESIDENT AGENT</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="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">In the matter of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">GREY WOLF HOLDINGS COMPANY</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Name of Corporation</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I,

THE CORPORATION TRUST COMPANY OF NEVADA, with address at
Suite <U>&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
 Street ONE EAST FIRST STREET,
Town of RENO, County of WASHOE Zip Code 89501, State of Nevada, hereby accept the appointment as Resident Agent of the above-entitled corporation in accordance
with NRS 78.090.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Furthermore, that the mailing address for the above-registered office is:

ONE
EAST FIRST STREET RENO, Zip Code 89501 State of Nevada.
</DIV>






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In witness
whereof, I have hereunto set my hand this
28<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day
of December, 1998.
</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="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="3">THE CORPORATION TRUST COMPANY OF NEVADA</TD>



    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&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">/s/ [ILLEGIBLE]
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Resident Agent (Hstn)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRS 78.090 Except during any period of vacancy described in NRS 78.097, every
corporation must have a resident agent, who may be either a natural person or a corporation,
resident or located in this state. Every resident agent must have a street address, where he
maintains an office for the service of process, and may be different from the street address. The
address of the resident agent is the registered office of the corporation in this state. The
resident agent may be any bank or banking corporation, or other corporation, located and doing
business in this state.... The certificate of acceptance must be filed at the time of the
initial filing of the corporate papers.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.23</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960840.gif" alt="(FULL PAGE IMAGE)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">CERTIFICATE OF NAME CHANGEI, ROSS MILLER, the duly qualified and elected Nevada Secretary of State,
do hereby certify that on May&nbsp;19, 2009, a Certificate of Amendment to its Articles of Incorporation changing the name to
PRECISION DRILLING HOLDINGS COMPANY, was filed in this office by GREY WOLF HOLDINGS COMPANY. Said
change of name has been made in accordance with the laws of the State of Nevada and that said
Certificate of Amendment is now on file and of record in this office. IN WITNESS WHEREOF, I have
hereunto set my hand and affixed the Great Seal of State, at my office on September&nbsp;24, 2009.ROSS
MILLER Secretary of State Certified By: Chris Thomann Certificate Number: C20090923-2332 You may verify this certificate
online at http://www.nvsos.gov/</TD>
</TR>
</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">
<P><DIV style="position: relative; float: left; width: 10%">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960837.gif" alt="(LOGO)">
</DIV>

</DIV>
<DIV style="position: relative; float: right; width: 85%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ROSS MILLER<BR>
Secretary of State<BR>
204 North Carson Street, Ste 1<BR>
Carson City, Nevada 89701-4299<BR>
(775)&nbsp;684 5708<BR>
Website: www.nvsos.gov

</DIV>
</DIV>
<BR clear="all"><BR>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960838.gif" alt="(GRAPHIC)"></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Certificate of Amendment
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(PURSUANT TO NRS 78.385 AND 78.390)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">USE BLACK INK ONLY. DO NOT HIGHLIGHT
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ABOVE SPACE NO FOR OFFICE USE ONLY</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Certificate of Amendment to Articles of Incorporation</B></U><BR>
<U><B>For Nevada Profit Corporations</B></U><BR>
<B>(Pursuant to NRS 78.385 and 78.390 - After Issuance of Stock)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. Name of corporation:
</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">2. The articles have been amended as follows: (provide article numbers, if available)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FIRST: The name of the corporation (hereinafter called the corporation) is
Precision Drilling Holdings Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. The vote by which the stockholders holding shares in the corporation
entitling them to exercise a least a majority of the voting power, or such greater
proportion of the voting power as may be required in the case of a vote by classes
or series, or as may be required by the provisions of the articles of
incorporation* have voted in favor of the amendment is: 100%
</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="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">4. Effective date of filing: (optional)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" 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="center" valign="top">(must not be later than
90&nbsp;days after the certificate is filed)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Signature: (required)</TD>
</TR>

</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="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960838a.gif" alt="(SIGNATURE)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>



<TR valign="bottom">

<TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature of Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">*If any
proposed amendment would alter or change any preference or any
relative or other right given to any class or series of outstanding shares, then
the amendment must be approved by the vote, in addition to the affirmative vote
otherwise required, of the holders of shares representing a majority of the
voting power of each class or series affected by the amendment regardless to
limitations or restrictions on the voting power thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IMPORTANT:
Failure to include any of the above information and submit with the proper
fees may cause this filing to be rejected.
</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="48%"></TD>
    <TD width="3%"></TD>
    <TD width="48%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><I>This form must be accompanied by appropriate fees.</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Nevada Secretary of State Amend
Profit-After</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Revised: 7-1-08</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">[ILLEGIBLE]
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</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-3.24
<SEQUENCE>25
<FILENAME>o69608exv3w24.htm
<DESCRIPTION>EX-3.24
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w24</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.24</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GREY WOLF HOLDINGS COMPANY</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>BY-LAWS</B></U>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ARTICLE I
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">OFFICES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The principal office of the corporation shall be located in Houston, Texas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The corporation may also have offices at such other places both within and without the
State of Nevada as the board of directors may from time to time determine or the business of the
corporation may require.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE II<BR>
MEETINGS OF SHAREHOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Meetings of shareholders for any purpose may be held at such time and place within or
without the State of Nevada as shall be stated in the notice of the meeting or in a duly executed
waiver of notice thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The annual meeting of shareholders shall be held annually at such date and time as shall
be designated from time to time by the board of directors and stated in the notice of meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Special meetings of the shareholders for any purpose or purposes may be called by the
President and shall be called by the President or Secretary at the request in writing of
shareholders owning one-tenth of all the shares entitled to vote at the meetings. A request for a
special meeting shall state the purpose or purposes of the proposed meeting, and business
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">transacted at any special meeting of shareholders shall be limited to the purposes stated in the
notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Written notice stating the place, day, and hour of the meeting and, in the case of a
special meeting, the purpose or purposes for which the meeting is called, shall be delivered not
less than ten, or more than fifty days before the date of the meeting, either personally or by mail
by or at the direction of the president, the secretary, or the officer or persons calling the
meeting, to each shareholder of record entitled to vote at such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The holders of a majority of the shares issued and outstanding and entitled to vote
thereof, present in person or represented by proxy, shall constitute a quorum at all meetings of
the shareholders for the transaction of business except as otherwise provided by statute or by
the articles of incorporation. If, however, a quorum shall not be present or
represented at any meeting of the shareholders, the shareholders entitled to vote thereof, present
in person or represented by proxy, shall have the power to adjourn the meeting from time to time,
without notice other than announcement at the meeting, until a quorum shall be present or
represented. At such adjourned meeting, provided a quorum shall be present or represented thereof,
any business may be transacted which might have been transacted if the meeting had been held in
accordance with the original notice thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 If a quorum is present at any meeting, the vote of the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">holders of a majority of the shares entitled to vote, present in person or represented by proxy,
shall decide any question brought before such meeting, unless the question is one upon which a
different vote is required by law or by the articles of incorporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Each outstanding share having voting power shall be entitled to one vote on each matter
submitted to a vote at a meeting of shareholders. A shareholder may vote either in person or by
proxy executed in writing by the shareholder or by his duly authorized attorney-in-fact.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Any action required or which may be taken at a meeting of the shareholders may be taken
without a meeting if a consent in writing, setting forth the action so taken, shall be signed by
all the shareholders entitled to vote with respect to the subject matter thereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE III
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DIRECTORS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The number of directors which constitutes the whole board shall be not less than one nor
more than five, whom need not be residents of the State of Nevada or shareholders of the
corporation. The directors shall be elected at the annual meeting of the shareholders, and each
director elected to serve until his successor shall have been elected and qualified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Any vacancy occurring in the board of directors may be filled by a majority of the
remaining directors, though less than a quorum of the board of directors. A director elected to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">fill a vacancy shall be elected for the unexpired term of his predecessor in office.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The number of directors may be increased or decreased from time to time by amendment to
these by-laws, but no decrease shall have the effect of shortening the term of any incumbent
director. Any directorship to be filled by reason of an increase in the number of directors shall
be filled by election at an annual or special meeting of shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Any director may be removed either for or without cause at any special meeting of
shareholders duly called and held for such purpose.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">MEETINGS OF THE BOARD OF DIRECTORS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Meetings of the board of directors, regular or special, may be held either within
or without the State of Nevada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 The first meeting of each newly elected board of directors shall be held at such time and
place as shall be fixed by the vote of the shareholders at the annual meeting, and no notice of
such meeting shall be necessary to the newly elected directors in order legally to constitute the
meeting, provided a quorum shall be present. In the event that the shareholders fail to fix the
time and place of such first meeting, it shall be held without notice immediately following the
annual meeting of shareholders, and at the same place, unless by the unanimous consent of the
director then elected and serving such time or place shall be changed.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 Regular meetings of the board of directors may be held upon such notice, or without
notice, and at such time and at such place as shall from time to time be determined by the board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 Special meetings of the board of directors may be called by the chairman of the board of
directors or the president and shall be called by the secretary on the written request of a
majority of the directors. Notice of each special meeting of the board of directors shall be given
to each director at least two days before the date of the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 Attendance of a director at any meeting shall constitute a waiver of notice of such
meeting except where a director attends for the express purpose of objecting to the transaction of
any business on the grounds that the meeting is not lawfully called or convened. Except as may be
otherwise provided by law or by the articles of incorporation or the by-laws, neither the business
to be transacted at, nor the purpose of, any regular or special meeting of the board of directors
need be specified in the notice or waiver of notice of such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 At all meetings of the board of directors a majority of the directors shall constitute a
quorum for the transaction of business, and the act of a majority of the directors present at any
meeting at which there is a quorum shall be the act of the board of directors, unless otherwise
specifically provided by law, the articles of incorporation, or the by-laws. If a quorum shall not
be present at any meeting of directors, the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">directors present thereof may adjourn the meeting from time to time, without notice other than
announcement at the meeting, until a quorum shall be present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 The board of directors, by resolution passed by a majority of the full board, may from
time to time designate a member or members of the board to constitute committees, including an
executive committee, which shall in each case consist of one or more directors and shall have and
may exercise such powers as the board may determine and specify in the respective resolutions
appointing them. A majority of all the members of any such committee may determine its action and
fix the time and place of its meetings, unless the board of directors shall otherwise provide.
The board of directors shall have power at any time to change the number, subject as aforesaid,
and members of any such committee, to fill vacancies, and to discharge any such committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 Any action required or permitted to be taken at a meeting of the board of directors or
any committee may be taken without a meeting if a consent in writing, setting forth the action so
taken, is signed by all the members of the board of directors or committee, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 By resolution of the board of directors, the directors may be paid their expenses, if
any, of attendance at each meeting of the board of directors and may be paid a fixed sum for
attendance at each meeting of the board of directors or a stated salary as director. No such
payment shall preclude any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">director from serving the corporation in any other capacity and receiving compensation
therefor.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IV
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">NOTICES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Any notice to directors or shareholders shall be in writing and shall be delivered
personally or mailed to the directors or shareholders at their respective addresses appearing
on the books of the corporation. Notice by mail shall be deemed to be given at the time when the
same shall be deposited in the United States Mail postage prepaid. Notice to directors may also be
given by telegram.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Whenever any notice is required to be given under the provisions of the statutes or of the
articles of incorporation or of these by-laws, a waiver thereof in writing signed by the person or
persons entitled to such notice, whether before or after the time stated therein, shall be deemed
equivalent to the giving of such notice.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE V
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">OFFICERS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The officers of the corporation shall be elected by the board of directors and shall
consist of a president, a vice president, a secretary, and a treasurer. The board of directors may
also elect a chairman of the board, an assistant president, additional vice presidents, and one or
more assistant secretaries and assistant treasurers. Two or more offices may be held by the same
person, except that the offices of president
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and secretary may not be held by the same person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 The board of directors shall elect a president, one or more vice presidents, a secretary,
and a treasurer, none of whom need be. a member of the board. The board of directors shall have
the power to enter into contracts for the employment and compensation of officers for such terms as
the board deems advisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The board of directors may appoint such other officers and assistant officers and agents
as it shall deem necessary, who shall hold their offices for such terms and shall have such
authority and exercise such powers and perform such duties as shall be determined from time to time
by the board by resolution not inconsistent with these by-laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 The salaries of all officers and agents of the corporation shall be fixed by the
board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 The officers of the corporation shall hold office until their successors are elected or
appointed and qualify, or until their death, or until their resignation or removal from office.
Any officer elected or appointed by the board of directors may be removed at any time by the board,
but such removal shall be without prejudice to the contract rights, if any, of the person so
removed. Election or appointment of an officer or agent shall not of itself create contract
rights. Any vacancy occurring in any office of the corporation by death, resignation, removal, or
otherwise, shall be filled by the board of directors.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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">THE CHAIRMAN OF THE BOARD
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 The chairman of the board, if one be elected, shall preside at all meetings of the board
of directors and shall have such other powers and duties as may from time to time be prescribed by
the board of directors, upon written directions given to him pursuant to resolutions duly adopted
by the board of directors.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE PRESIDENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 The president shall be the chief executive officer of the corporation, shall have general
and active management of the business of the corporation, and shall see that all orders and
resolutions of the board of directors are carried into effect. He shall preside at all meetings of
the shareholders.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE VICE PRESIDENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 The vice presidents in the order of their seniority, unless otherwise determined by the
board of directors, shall, in the absence or disability of the president, perform the duties and
have the authority and exercise the powers of the president. They shall perform such other duties
and have such other authority and powers as the board of directors may from time to time prescribe
or as the president may from time to time delegate.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE SECRETARY AND ASSISTANT SECRETARIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 The secretary shall attend all meetings of the board of directors and all meetings of
shareholders and record all of the proceedings of the meetings of the board of directors and of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the shareholders in a minute book to be kept for that purpose and shall perform like duties for the
standing committees when required. He shall give, or cause to be given, notice of all meetings of
the shareholders and special meetings of the board of directors, and he shall perform such other
duties as may be prescribed by the board of directors or president, under whose supervision he
shall be. He shall keep in safe custody the seal of the corporation and, when authorized by the
board of directors, shall affix the same to any instrument requiring it and, when so affixed, it
shall be attested by his signature or by the signature of an assistant secretary or of the
treasurer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 The assistant secretaries in the order of their seniority, unless otherwise
determined by the board of directors, shall, in the absence or disability of the secretary,
perform the duties and exercise the powers of the secretary. They shall perform such other duties
and have such other powers as the board of directors may from time to time prescribe or as the
president may from time to time delegate.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE TREASURER AND ASSISTANT TREASURERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 The treasurer shall have custody of the corporate funds and securities and shall
keep full and accurate accounts and records of receipts, disbursements, and other transactions in
books belonging to the corporation, and shall deposit all monies and other valuable effects in the
name and to the credit of the corporation in such depositories as may be designated by the board of
directors.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 The treasurer shall disburse the funds of the corporation as may be ordered by the board
of directors, taking proper vouchers for such disbursements, and shall render the president and the
board of directors, at its regular meetings, or when the president or board of directors so
requires, an account of all his transactions as treasurer and of the financial condition of
the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 If required by the board of directors, the treasurer
shall give the corporation a bond of such type, character, and amount as the board of directors may
require.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 The assistant treasurers in the order of their seniority, unless otherwise
determined by the board of directors, shall, in the absence or disability of the treasurer,
perform the duties and exercise the powers of the treasurer. They shall perform such other duties
and have such other powers as the board of directors may from time to time prescribe or the
president may from time to time delegate.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VI
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CERTIFICATES REPRESENTING SHARES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The shares of the corporation shall be represented by certificates signed by the
president or a vice president and the secretary or an assistant secretary of the corporation, and
may be sealed with the seal of the corporation or a facsimile thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The signatures of the president or vice president and the secretary or assistant secretary
upon a certificate may be
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">facsimiles if the certificate is countersigned by a transfer agent or registered by a registrar
other than the corporation itself or an employee of the corporation. In case any officer who has
signed or whose facsimile signature has been placed upon such certificate shall have ceased to be
such officer before such certificate is issued, it may be issued by the corporation with the same
effect as if he were such officer at the date of its issue.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">LOST CERTIFICATES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 The board of directors may direct a new certificate to be issued in place of any
certificate theretofore issued by the corporation alleged to have been lost or destroyed. When
authorizing such issue of a new certificate, the board of directors, in its discretion and as a
condition precedent to the issuance thereof, may prescribe such terms and conditions as it deems
expedient and may require such indemnities as it deems adequate to protect the corporation from any
claim that may be made against it with respect to any such certificate alleged to have been lost or
destroyed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Upon surrender to the corporation or the transfer agent of the corporation of a
certificate representing shares duly endorsed or accompanied by proper evidence of succession,
assignment, or authority to transfer, a new certificate shall be issued to the person entitled
thereto and the old certificate canceled and the transaction recorded upon the books of the
corporation.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /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">CLOSING OF TRANSFER BOOKS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 For the purpose of determining shareholders entitled to notice of or to vote at any
meeting of shareholders, or any adjournment thereof, or entitled to receive payment of any
dividend, or in order to make a determination of shareholders for any other proper purpose, the
board of directors may provide that the stock transfer books shall be closed for a stated period,
but not to exceed, in any case, fifty days. If the stock transfer books shall be closed for the
purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders,
such books shall be closed for at least ten days immediately preceding such meeting in lieu of
closing the stock transfer books, the board of directors may fix in advance a date as the records
date for any such determination of shareholders, such date in any case to be not more than fifty
days and, in case of a meeting of shareholders, not less than ten days prior to the date on which
the particular action requiring such determination of shareholders is to be taken. If the stock
transfer books are not closed and no record date is fixed for the determination of shareholders
entitled to notice of or to vote at a meeting of shareholders, or shareholders entitled to receive
payment of a dividend, the date on which notice of the meeting is mailed or the date on which the
resolution of the board of directors declaring such dividend is adopted, as the case may be, shall
be the record date for such determination of shareholders. When a determination of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shareholders entitled to vote at any meeting of shareholders has been made as provided in this
section, such determination shall be applied to any adjournment thereof except where the
determination has been made through the closing of the stock transfer books and the stated period
of closing has expired.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">REGISTERED SHAREHOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 The corporation shall be entitled to recognize the exclusive right of a person
registered on its books as the owner of shares to receive dividends, and to vote as such owner, and
shall not be bound to recognize any equitable or other claim to or interest in such share or shares
on the part of any other person, whether or not it shall have express or other notice thereof,
except as otherwise provided by the laws of Nevada.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">LIST OF SHAREHOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 The officer or agent having charge of the transfer books for shares shall make, at
least ten days before each meeting of shareholders, a complete list of the shareholders entitled to
vote at such meeting, arranged in alphabetical order, with the address of each and the number of
shares held by each, which list, for a period of ten days prior to such meeting, shall be kept on
file at the registered office of the corporation and shall be subject to inspection by any
shareholder at any time during usual business hours. Such list shall also be produced and kept
open at the time and place of the meeting and shall be subject to the inspection of any shareholder
during the whole time of the meeting. The original
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">share ledger or transfer book, or a duplicate thereof, shall be prima facie evidence as to who are
the shareholders entitled to examine such list or share ledger or transfer book or to vote at any
meeting of the shareholders.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VII<BR>
GENERAL PROVISIONS
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DIVIDENDS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Subject to the provisions of the articles of incorporation relating thereto, if any,
dividends may be declared by the board of directors, in its discretion, at any regular or special
meeting, pursuant to law. Dividends may be paid in cash, in property, or in the corporation&#146;s own
shares, subject to any provisions of the articles of incorporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. Before payment of any dividend, there may be set aside out of any funds of the
corporation available for dividends such sum or sums as the directors from time to time, in their
absolute discretion, think proper as a reserve fund for meeting contingencies, or for equalizing
dividends, or for repairing or maintaining any property of the corporation, or for such other
purpose as the directors shall think conducive to the interest of the corporation, and the
directors may modify or abolish any such reserve in the manner in which it was created.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CHECKS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 All checks or demands for money and notes of the corporation shall be signed by such
officer or officers or such other person or persons as the board of directors may from time to
time designate.
</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">FISCAL YEAR
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 The fiscal year of the corporation shall be fixed by resolution of the board of
directors.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SEAL
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 The corporate seal shall be in such form as may be prescribed by the board of directors.
The seal may be used by causing it or a facsimile thereof to be impressed or affixed or in any
manner reproduced.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">BOOKS AND RECORDS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 The corporation shall keep correct and complete books and records of account and
shall keep minutes of the proceedings of its shareholders and board of directors, and shall keep at
its registered office or principal place of business, or at the
office of its transfer, agent or
registrar, a record of its shareholders, giving the names and addresses of all shareholders and the
number and class of the shares held by each.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VIII
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">AMENDMENTS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 The by-laws may be altered, amended, or repealed or new by-laws may be adopted by
a majority of the whole board of directors at any regular or special meeting.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IX
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">INDEMNIFICATION OF DIRECTORS AND OFFICERS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The corporation shall indemnify any director or officer or former director or
officer of the corporation, or any person who may have served at its request as a director or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">officer or former director or officer of another corporation in which it owns shares of
capital stock or of which it is a creditor, against expenses actually and necessarily incurred by
him in connection with the defense of any action, suit, or proceeding, whether civil or criminal,
in which he is made a party by reason of being or having been such director or officer, except in
relation to matters as to which he shall be adjudged in such action, suit, or proceeding to be
liable for negligence or misconduct in performance of duty. The corporation shall also reimburse
any director or officer or former director or officer or any such person serving or formerly
serving in the capacities set forth in the first sentence above at the request of the corporation
for the reasonable cost of settlement of any such action, suit, or proceeding, if it shall be found
by a majority of the directors not involved in the matter in controversy, whether or not a quorum,
that it was in the best interest of the corporation that such settlement be made, and that such
director or officer or former director or officer or such person was not guilty of negligence or
misconduct in performance of duty. Such indemnification shall not be deemed exclusive of any other
rights to which such director or officer or former director or officer or such person may be
entitled under any by-law, agreement, insurance policy, or vote of shareholders, or otherwise.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.25
<SEQUENCE>26
<FILENAME>o69608exv3w25.htm
<DESCRIPTION>EX-3.25
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w25</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.25</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="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
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<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U><I>Delaware</I></U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>PAGE 1</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>The first State</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>I, HARRIET SMITH WINDSOR, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO
HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE RESTATED
CERTIFICATE OF &#147;PRECISION DRILLING, INC.&#148;, FILED IN THIS OFFICE ON THE
NINETEENTH DAY OF DECEMBER, A.D. 2008, AT 5:05 O&#146;CLOCK P.M.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>A FILED COPY OF THIS CERTIFICATE HAS BEEN FORWARDED TO THE NEW CASTLE COUNTY
RECORDER OF DEEDS.</I>
</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="37%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR></TR>
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<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" rowspan="7"><IMG src="o69608o6960841.gif" alt="(SEAL)"></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="center">/s/ Harriet Smith Windsor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="center">Harriet Smith Windsor, Secretary of State</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px"><B><I>4633074&nbsp;&nbsp;&nbsp;&nbsp; 8100</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B><I>AUTHENTICATION:</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><I>7040046</I></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px"><B><I>081216421</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B><I>DATE:</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><I>12-19-08</I></TD>
    <TD nowrap 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"><I>You may verify this certificate
online at
corp.delaware.gov/authver.shtml</I></DIV></TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</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: 6pt; margin-left: 60%"><I>State of Delaware<BR>
Secretary of State<BR>
Division of Corporations<BR>
Delivered 05:05 PM 12/19/2008<BR>
FILED 05:05 PM 12/19/2008<BR>
SRV 081216421  &#150; 4633074 FILE</I>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FIRST
AMENDED AND RESTATED CERTIFICATE OF INCORPORATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PRECISION DRILLING, INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precision Drilling, Inc., (the &#147;<U>Corporation</U>&#148;), a corporation organized and
existing under the laws of the State of Delaware, hereby certifies as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the Corporation is Precision Drilling, Inc. The Corporation was
originally incorporated under the same name and the original Certificate of Incorporation
of the Corporation (the &#147;<U>Certificate of Incorporation</U>&#148;) was fried with the
Secretary of State of the State of Delaware on December&nbsp;12, 2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Corporation has not received any payment for its stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Pursuant to Sections&nbsp;241 and 245 of the General Corporation Law of the State of
Delaware, this First Amended and Restated Certificate of Incorporation restates and
integrates and further amends the provisions of the Certificate of Incorporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The text of the Certificate of Incorporation, as amended and supplemented, is
hereby restated and further amended to read in its entirety as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE ONE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of this corporation is Precision Drilling, Inc.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE TWO</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The address of the corporation&#146;s registered office in the State of Delaware is 1209
Orange Street, Wilmington, Delaware 19801, County of New Castle. The name of its
registered agent at such address is The Corporation Trust Company.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE THREE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nature of the business or purposes to be conducted or promoted by the
corporation is to engage in any lawful act or activity for which corporations may be
organized under the General Corporation Law of Delaware.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE FOUR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;The Corporation is authorized to issue two classes of stock to be designated,
respectively, the &#147;Common Stock&#148; and &#147;Preferred Stock.&#148; The total number of shares of
Capital Stock is 1,500,000 shares, 300,000 shares of which shall be Common Stock, having
a par value
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of $0.01 per share, and 1,200,000 shares of which shall be Preferred Stock, having a par value of
$0.01 per share, all 1,200,000 of which shall be designated &#147;Series&nbsp;A Preferred Stock.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;The Board of Directors is authorized, subject to limitations prescribed by law and the
provisions of this Article&nbsp;IV, to provide for the issuance of the shares of Preferred Stock
in series,
and by filing a certificate pursuant to the General Corporation Law of Delaware, to establish
from time to time the number of shares to be included in each such series, and to fix the
designation and relative rights and preferences of the shares of each such series. The
authority of
the Board of Directors with respect to each series shall include, but not be limited to, the
determination of the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The number of shares constituting that series and the distinctive designation of that
series;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The rate of dividend, the time of payment of dividends, whether dividends are cumulative,
and the date from which any dividends shall accrue;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Whether shares may be redeemed, and, if so, the redemption price and the terms and
conditions of redemption;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;The amount payable upon shares in the event of voluntary or involuntary liquidation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Sinking fund or other provisions, if any, for the redemption or purchase of shares;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;The terms and conditions on which shares may be converted, if the shares of any series are
issued with the privilege of conversion; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Voting powers, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;The relative rights, preferences, and limitations granted to or imposed upon the Series&nbsp;A
Preferred Stock are as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<u>Rank</u>. With regard to rights to receive dividends, redemption payments and
distributions upon liquidation, dissolution or winding up of the Corporation, the Series&nbsp;A
Preferred Stock shall rank senior to the common stock of the Corporation (the &#147;<U>Common
Stock</U>&#148;)
and any other equity securities or other securities convertible into or exercisable or
exchangeable
for Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Dividends and Distributions</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;Subject to the rights of the holders of any shares of any series of Preferred Stock (or
any similar stock) ranking prior and superior to the Series&nbsp;A Preferred Stock with respect to
dividends, the record holders of one or more shares of Series&nbsp;A Preferred Stock, as shown on the
books and records of the Corporation (the &#147;<U>Holders</U>&#148;), in preference to the holders of
Common Stock of the Corporation, and of any other Junior Stock (as defined in Section&nbsp;11(b)),
shall be entitled to receive cumulative dividends from the date hereof accruing at the rate of
15.1% per annum per share of Series&nbsp;A Preferred Stock (the &#147;<U>Dividend Rate</U>&#148;),
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">payable quarterly in arrears out of funds legally available for the purpose in cash on the last day
of March&nbsp;31, June&nbsp;30, September&nbsp;30 and December&nbsp;31 in each year (each such date being a
&#147;<U>Quarterly Payment Date</U>&#148;), commencing on the first Quarterly Payment Date after the date on
which shares of Series&nbsp;A Preferred Stock are first issued by the Corporation (the &#147;<U>Initial
Issue Date</U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;Dividends on the Series&nbsp;A Preferred Stock shall accrue whether or not the
Corporation has earnings or profits, whether or not there are funds legally available for the
payment of such dividends and whether or not dividends are declared. Dividends will
accumulate to the extent they are not paid on the applicable Quarterly Payment Date of the
period
to which they relate. Dividends paid on the shares of Series&nbsp;A Preferred Stock in an amount
less
than the total amount of such dividends at the time accrued and payable on such shares shall
be
allocated pro rata on a share-by-share basis among all such shares at the time outstanding.
The
Board may fix a record date for determination of Holders entitled to receive payment of a
dividend or distribution declared thereon, which record date shall be not more than 60&nbsp;days
prior
to the date fixed for the payment thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;If the Corporation shall have failed to pay any dividends on any two
consecutive Quarterly Payment Dates pursuant to Sections 2(a) and (b), then the Holders,
voting
separately as a class, shall have the right to designate and have appointed immediately by
the
Board by resolution, or elect (if specified by the Holders) at the next annual meeting of the
stockholders of the Corporation or at any special meeting, a director to the Board,
regardless of
the number of shares of Series&nbsp;A Preferred Stock then owned by the Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Distributions Upon Liquidation, Dissolution or Winding Up</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;In the event of any voluntary or involuntary liquidation, dissolution or other
winding up of the affairs of the Corporation, before any payment or distribution of the
assets of
the Corporation (whether capital or surplus) or the proceeds thereof shall be made to or set
apart
for the holders of Junior Stock, each Holder shall be entitled to receive out of the assets
of the
Corporation or the proceeds thereof in cash or property at its fair market value as
determined by
the Board the Liquidation Value (as defined in Section&nbsp;11(c)) per share of the Series&nbsp;A
Preferred
Stock held by such Holder, plus accrued and unpaid dividends, if any, on such share to but
excluding the date fixed for liquidation, dissolution or winding up of the Corporation.
Except as
provided in this Section&nbsp;3(a), Holders shall not be entitled to any distribution in the event
of
liquidation, dissolution or winding up of the affairs of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;If, upon any such liquidation, dissolution or other winding up of the affairs of
the Corporation, the assets of the Corporation, or the proceeds thereof, distributable among
the
Holders shall be insufficient to permit the payment in full of the Liquidation Value per
share of
Series&nbsp;A Preferred Stock plus an amount equal to all dividends accrued and unpaid on the
Series&nbsp;A Preferred. Stock and liquidating payments on any Parity Securities (as defined in
Section&nbsp;11(d)), then such assets, or the proceeds thereof shall be ratably distributed among
the
Holders and any other Parity Securities ratably in accordance with the respective amounts
that
would be payable on such shares of Series&nbsp;A Preferred Stock and such other Parity Securities
if
all amounts payable thereon were paid in full. Neither the consolidation or merger of the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Corporation into or with another corporation or corporations, nor the sale, lease, transfer or
conveyance of all or substantially all of the assets of the Corporation to another corporation or
any other entity shall be deemed a liquidation, dissolution or winding up of the affairs of the
Corporation within the meaning of this Section&nbsp;3.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Redemption</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;The Corporation, in its sole discretion, may redeem all or any part of the outstanding
shares of Series&nbsp;A Preferred Stock at any time by paying in cash a redemption price in an amount
equal to the Liquidation Value per share plus all accrued and unpaid dividends up to but excluding
the date of redemption in respect of such share (the &#147;<U>Redemption Price</U>&#148;); provided,
however, the Corporation may not redeem all or any part of the outstanding shares of the Series&nbsp;A
Preferred Stock at any time prior to the twelve anniversary of the issuance of the Series&nbsp;A
Preferred Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;Any redemption of the Series&nbsp;A Preferred Stock pursuant to Section 4(a) may
be made upon notice to all holders of record of the Series&nbsp;A Preferred Stock at their
respective
addresses appearing on the books of the Corporation. Such notice shall specify (i)&nbsp;the number
of
 shares being redeemed, (ii)&nbsp;the date of the redemption, and (iii)&nbsp;the Redemption Price. If
less
than all the shares of Series&nbsp;A Preferred Stock are to be redeemed, the Corporation shall
redeem
 shares of Series&nbsp;A Preferred Stock from each holder of record of Series&nbsp;A Preferred Stock pro
rata based upon the total number of shares of Series&nbsp;A Preferred Stock held by such holder
and
the total number of issued and outstanding shares of Series&nbsp;A Preferred Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;No Series&nbsp;A Preferred Stock may be redeemed except with funds legally
available for the payment of the Redemption Price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Voting Rights</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;Except as set forth in Section&nbsp;2(c), this Section&nbsp;5 or as otherwise provided by
law, no Holder solely by virtue of being a holder of shares of Series&nbsp;A Preferred Stock shall
be
entitled to vote at any meeting of stockholders of the Corporation (and written actions of
stockholder in lieu of meetings) on any matter presented to the stockholders of the
Corporation
for their action or consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;So long as the shares of Series&nbsp;A Preferred Stock are outstanding, the
Corporation shall not, without the affirmative vote of holders that own more than 50% of the
then outstanding shares of Series&nbsp;A Preferred Stock (voting as a single class), either at a
meeting
of the Holders duly called for such purpose or by written consent (i)&nbsp;amend, alter or repeal
(by
merger, consolidation, combination, reclassification or otherwise) the terms of the Series&nbsp;A
Preferred Stock, the Articles of Incorporation or the bylaws of the Corporation so as to
adversely
affect the preferences, rights or powers of the Series&nbsp;A Preferred Stock or (ii)&nbsp;issue any
shares of
preferred stock (including additional shares of Series&nbsp;A Preferred Stock) which are senior to
or
pari passu with the Series&nbsp;A Preferred Stock with respect to dividend rights, rights of
redemption
or rights upon liquidation, dissolution, winding-up or otherwise.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;The vote required by Section 5(b) shall be in addition to any approval of stockholders of
the Corporation required by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Reissuance of Shares</U>. Shares of the Series&nbsp;A Preferred Stock which have been
issued and reacquired in any manner, including shares redeemed, repurchased or converted, shall
have the status of authorized and unissued share of a class of Preferred Stock undesignated as to
series and may be redesignated and reissued as part of any series of the Preferred Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Mutilated or Missing Stock Certificates</U>. If any of the Series&nbsp;A Preferred Stock
certificates shall be mutilated, lost, stolen or destroyed, the Corporation shall issue, in
exchange and in substitution for and upon cancellation of the mutilated Series&nbsp;A Preferred Stock
certificate or in lieu of and substitution for the Series&nbsp;A Preferred Stock certificate lost,
stolen or destroyed, a new Series&nbsp;A Preferred Stock certificate of like tenor and representing an
equivalent amount of shares of Series&nbsp;A Preferred Stock, but only upon receipt of evidence of such
loss, theft or destruction of such Series&nbsp;A Preferred Stock certificate and indemnity, if
requested, satisfactory to the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Exclusion of Other Rights</u>. Except as may otherwise be required by law, the shares
of Series&nbsp;A Preferred Stock shall not have any voting powers, preferences and relative,
participating, optional or other special rights, other than those specifically set forth in this
Certificate of Incorporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Headings of Subdivisions</U>. The headings of the various subdivisions hereof are for
convenience of reference only and shall not affect the interpretation of any of the provisions
hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Notice</U>. All notices, requests and other communications to the Holders shall be
given at the address of such holder as shown on the books of the Corporation. The Holders may
waive any notice required hereunder by a writing signed before or after the time required for
notice or the action in question.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Definitions</U>. Unless the context otherwise requires, the terms defined in this
Section&nbsp;11 shall have, for all purposes of this Article&nbsp;IV, the meanings herein specified (with
terms defined in the singular having comparable meanings when used in the plural).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&#147;<U>Capital Stock</U>&#148; shall mean, with respect to any Person (as defined in
Section&nbsp;11(e)), any and all shares, interests, participations, rights in, or other
equivalents
(however designated and whether voting and/or nonvoting) of such Person&#146;s capital stock,
whether outstanding on the Initial Issue Date or issued after the Initial Issue Date, and any
and all
rights, warrants or options exchangeable for or convertible into such capital stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&#147;<U>Junior Stock</U>&#148; shall mean the Common Stock (or other Capital Stock of the
Corporation) and any other series of preferred stock established by the Board that by its
terms is
junior to the Series&nbsp;A Preferred Stock, either as to payment of dividends or as to the
distribution
of assets upon liquidation, dissolution or winding up, or both.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&#147;<U>Liquidation Value</U>&#148; shall mean on any determination date, with respect to any
share of Series&nbsp;A Preferred Stock, $1,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&#147;<U>Parity Securities</U>&#148; shall mean Capital Stock of the Corporation with which the
Series&nbsp;A Preferred Stock ranks on parity (whether with respect to dividend rights, rights of
redemption or rights upon liquidation, dissolution, winding-up or otherwise).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;&#147;<U>Person</U>&#148; shall mean an individual, partnership, corporation, limited liability
company, business trust, joint stock company, trust, unincorporated association, joint
venture,
governmental authority or other entity of whatever nature.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE FIVE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of directors of the Corporation shall be fixed by, or in the manner provided in,
the Bylaws. Initially, the number of directors constituting the Board of Directors is one and the
name and address of the person who is initially to serve as director until the first annual
meeting of the shareholders or until such director&#146;s respective successor is elected and qualified
is:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Address</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Kenneth J. Haddad
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11011 Richmond Avenue, Suite&nbsp;130</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Houston, Texas 77042</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE SIX</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any action required by the Delaware General Corporation Law, to be taken at any annual or
special meeting of stockholders of the Corporation, or any action that may be taken at any annual
or special meeting of stockholders of the Corporation, may be taken without a meeting, without
prior notice, and without a vote, if a consent or consents in writing, setting forth the action so
taken, shall be signed by the holder or holders of shares having not less than the minimum number
of votes that would be necessary to take such action at a meeting at which holders of all shares
entitled to vote on the action were present and voted.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE SEVEN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The liability of the directors of the Corporation to the Corporation or its stockholders for
monetary damages for acts or omissions occurring in their capacity as directors shall be limited
to the fullest extent permitted by applicable laws, as such laws now exist and to such greater
extent as they may provide in the future. Any repeal or modification of this Article shall operate
prospectively only and shall not adversely affect any limitation of liability which then exists as
a result hereof.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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"><B>ARTICLE EIGHT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall indemnify and advance expenses to all current and former officers of the
Corporation to the fullest extent permitted by applicable laws, as such laws now exist and to such
greater extent as they may provide in the future. Any repeal or modification of this Article shall
operate prospectively only and shall not adversely affect any limitation of liability which then
exists as a result hereof.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE NINE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any matter for which the affirmative vote of the holders of a specified
portion of the shares entitled to vote is required by the Delaware General Corporate Law and except
as otherwise set forth in this First Amended and Restated Certificate of Incorporation, the act of
the stockholders on that matter shall be the affirmative vote of the holders of a majority of the
shares entitled to vote on that matter, rather than the affirmative vote otherwise required by the
Delaware General Corporate Law. With respect to any matter for which the affirmative vote of the
holders of a specified portion of the shares of any class or series entitled to vote is required by
the Delaware General Corporate Law and except as otherwise set forth in this First Amended and
Restated Certificate of Incorporation, the act of the holders of shares of that class or series on
that matter shall be the affirmative vote of the holders of a majority of the shares of that class
or series, rather than the affirmative vote of the holders of shares of that class or series
otherwise required by the Delaware General Corporate Law.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE TEN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power to alter, amend or repeal the Corporation&#146;s Bylaws and to adopt new Bylaws shall be
vested in the Board of Directors, subject to repeal or change by the affirmative vote of the
holders of the majority of the voting power of all the then outstanding shares of capital stock of
the Corporation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE ELEVEN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by law, the Corporation renounces any interest or expectancy
in, or in being offered an opportunity to participate in, all business opportunities that are
presented to one or more holders of the Preferred Stock or Common Stock issued upon conversion of
or in exchange for Preferred Stock and their affiliates unless, in the case of an affiliate of
such a holder who is serving as a director of the Corporation, such business opportunity is
expressly presented to such affiliate solely in his or her capacity as a director of the
Corporation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE TWELVE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporation is to have perpetual existence.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;END OF TEXT&#093;</B>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>I, THE UNDERSIGNED, </B>for the purpose of forming a corporation pursuant to the General
Corporation Law of Delaware, do make, file and record this Certificate, and do certify that the
facts herein stated are true, and I have accordingly hereunto set my hand this 19th day of
December, 2008.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                  /s/ Kenneth J. Haddad
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Kenneth J. Haddad&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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<DESCRIPTION>EX-3.26
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.26</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BY-LAWS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PRECISION DRILLING, INC.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE I.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>OFFICES</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.1 <U>Registered Office and Agent</U>. The registered office of the Corporation in
the State of Delaware is 1209 Orange Street, in the City of Wilmington, County of New Castle. The
name of the registered agent of the Corporation at such address is The Corporation Trust Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.2 <U>Other Places</U> The Corporation may also have offices at such other places
both within and without the State of Delaware as the Board of Directors may from time to time
determine or the business of the Corporation may require.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>STOCKHOLDERS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.1 <U>Time and Place of Meetings</U>. All meetings of the stockholders for the
election of directors or for any other purpose shall be held at such time and place, within or
without the State of Delaware, as shall be designated by the Board of Directors. In the absence of
a designation of a place for any such meeting by the Board of Directors, each such meeting shall
be held at the principal office of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.2 <U>Annual Meetings</U>. An annual meeting of stockholders shall be held for the
purpose of electing directors and transacting such other business as may properly be brought before
the meeting. The date of the annual meeting shall be determined by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.3 <U>Special Meetings</U>. Special meetings of the stockholders, for any purpose
or purposes, unless otherwise prescribed by the Certificate of Incorporation or by law, (a)&nbsp;may be
called by the President and (b)&nbsp;shall be called by the Secretary (i)&nbsp;at the direction of a
majority of the Board of Directors, or (ii)&nbsp;at the request in writing delivered to the President
or the Secretary of the Corporation of stockholders owning a majority in amount of the entire
capital stock of the Corporation issued and outstanding and entitled to vote. Such request shall
state the purpose or purposes of the proposed meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.4 <U>Notice of Meetings</U>. Written notice of each meeting of the stockholders
stating the place, date and time of the meeting shall be given not less than ten (10)&nbsp;nor more
than sixty (60)&nbsp;days before the date of the meeting to each stockholder entitled to vote at such
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">meeting. The notice of any special meeting of stockholders shall state the purpose or purposes for
which the meeting is called. Business transacted at any special meeting of stockholders shall be
limited to the purpose or purposes stated in the notice. Neither the business to be transacted at
nor the purpose of an annual or special meeting of stockholders need be specified in any written
waiver of notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.5 <U>Quorum; Adjournments</U>. The holders of a majority of the stock issued and
outstanding and entitled to vote thereat, present in person or represented by proxy, shall
constitute a quorum at all meetings of the stockholders for the transaction of business, except as
otherwise required by these By-laws, the Certificate of Incorporation, or the Delaware General
Corporation Law as from time to time in effect (&#147;<U>Delaware Law</U>&#148;). If a quorum is not
represented, the holders of the stock present in person or represented by proxy at the meeting and
entitled to vote thereat shall have power, by the affirmative vote of the holders of a majority of
such stock, to adjourn the meeting to another time and/or place, without notice other than
announcement at the meeting, except as hereinafter provided, until a quorum shall be present or
represented. At such adjourned meeting, at which a quorum shall be present or represented, any
business may be transacted which might have been transacted at the original meeting. If the
adjournment is for more than thirty (30)&nbsp;days or if after the adjournment a new record date is
fixed for the adjourned meeting, which record date shall not be more than sixty (60)&nbsp;nor less than
ten (10)&nbsp;days before the date of such meeting, a notice of the adjourned meeting shall be given to
each stockholder of record entitled to vote at the meeting. Withdrawal of stockholders from any
meeting shall not cause the failure of a duly constituted quorum at such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.6 <U>Voting</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;At all meetings of the stockholders, each stockholder shall be entitled to vote, in
person, or by proxy appointed in an instrument in writing subscribed by the stockholder or
otherwise appointed in accordance with Section&nbsp;212 of the Delaware Law, each share of voting stock
owned by such stockholder of record on the record date for the meeting. Each stockholder shall be
entitled to one vote for each share of voting stock held by such stockholder, unless otherwise
provided in the Delaware Law or the Certificate of Incorporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;When a quorum is present at any meeting, the affirmative vote of the holders of a
majority of the stock having voting power present in person or represented by proxy and voting
shall decide any question brought before such meeting, unless the question is one upon which, by
express provision of law or of the Certificate of Incorporation, a different vote is required, in
which case such express provision shall govern and control the decision of such question. Any
stockholder who is in attendance at a meeting of stockholders either in person or by proxy but who
abstains from the vote on any matter, shall not be deemed present or represented at such meeting
for purposes of the preceding sentence with respect to such vote, but shall be deemed present or
represented at such meeting for all other purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.7 <U>Informal Action by Stockholders</U>. Any action required to be taken at a
meeting of the stockholders or any other action which may be taken at a meeting of the
stockholders, may be taken without a meeting, without prior notice and without a vote, if a
consent in writing, setting forth the action so taken, shall be signed by the holders of
outstanding stock having not less than the minimum number of votes that would be necessary to
authorize or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">take such action at a meeting at which all shares entitled to vote thereon were present and voted.
Prompt notice of the taking of the corporate action without a meeting by less than unanimous
written consent shall be given to those stockholders who have not consented in writing.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>DIRECTORS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.1 <U>General Powers</U>. The business and affairs of the Corporation shall be
managed and controlled by or under the direction of its Board of Directors, which may exercise all
such powers of, and do all such acts and things as may be done by, the Corporation and do all such
lawful acts and things as are not by law or by the Certificate of Incorporation or by these
By-laws directed or required to be exercised or done solely by the stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.2 <U>Number, Qualification and Tenure</U>. The Board of Directors of the
Corporation shall consist of not less than one (1)&nbsp;member and not more than ten (10)&nbsp;members.
Within the limit above specified, the number of directors shall be determined from time to time by
resolution of the Board of Directors. The number of directors initially shall be fixed at one. The
directors shall be elected at the annual meeting of the stockholders, except as provided in the
Certificate of Incorporation or Section&nbsp;3.3 of this Article, and each director elected shall hold
office until his or her successor is elected and qualified or until his or her earlier death,
termination, resignation or removal from office. Directors need not be stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.3 <U>Vacancies and Newly-Created Directorships</U>. Vacancies and newly created
directorships resulting from any increase in the number of directors may be filled by a majority
of the directors then in office, although less than a quorum, or by a sole remaining director, and
each director so chosen shall hold office until his or her successor is elected and qualified or
until his or her earlier death, termination, resignation, retirement, disqualification or removal
from office. If there are no directors in office, then an election of directors may be held in the
manner provided by Delaware Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.4 <U>Place of Meetings</U>. The Board of Directors may hold meetings, both regular
and special, either within or without the State of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.5 <U>Meetings</U>. The Board of Directors shall hold a regular meeting, to be
known as the annual meeting, immediately following each annual meeting of the stockholders. Other
regular meetings of the Board of Directors shall be held at such time and place as shall from time
to time be determined by the Board of Directors. No notice of regular meetings need be given,
other than by announcement at the immediately preceding regular meeting. Special meetings of the
Board of Directors shall be called by the President or by the Secretary on the written request of
a majority of the Board of Directors. Notice of any special meeting of the Board of Directors
shall be given at least two (2)&nbsp;days prior thereto, either in writing, or telephonically if
confirmed promptly in writing, to each director at the address shown for such director on the
records of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.6 <U>Waiver of Notice; Business and Purpose</U>. Notice of any meeting of the
Board of Directors may be waived in writing signed by the person or persons entitled to such
notice either before or after the time of the meeting. The attendance of a director at any meeting
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall constitute a waiver of notice of such meeting, except where a director attends a meeting for
the express purpose of objecting to the transaction of any business because the meeting is not
lawfully called or convened and at the beginning of the meeting records such objection with the
person acting as secretary of the meeting and does not thereafter vote on any action taken at the
meeting. Neither the business to be transacted at nor the purpose of any regular or special
meeting of the Board need be specified in the notice or waiver of notice of such meeting, unless
specifically required by Delaware Law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.7 <U>Quorum and Manner of Acting</U>. At all meetings of the Board of Directors, a
majority of the total number of directors shall constitute a quorum for the transaction of
business. If a quorum shall not be present at any meeting of the Board of Directors, the directors
present thereat may adjourn the meeting from time to time, without notice other than announcement
at the meeting, until a quorum shall be present. The act of a majority of the directors present at
any meeting at which there is a quorum shall be the act of the Board of Directors, except as may be
otherwise specifically provided by Delaware Law or by the Certificate of Incorporation. Withdrawal
of directors from any meeting shall not cause the failure of a duly constituted quorum at such
meeting. A director who is in attendance at a meeting of the Board of Directors but who abstains
from the vote on any matter shall not be deemed present at such meeting for purposes of the
preceding sentence with respect to such vote but shall be deemed present at such meeting for all
other purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.8 <U>Organization</U>. The Chairman of the Board, if elected, shall act as
chairman at all meetings of the Board of Directors. If the Chairman of the Board is not elected
or, if elected, is not present, the Vice Chairman, if any, or if no such Vice Chairman is present,
a director chosen by a majority of the directors present, shall act as chairman at such meeting of
the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.9 <U>Committees</U>. The Board of Directors, by resolution adopted by a majority
of the whole Board of Directors, may designate one or more directors to constitute an Executive
Committee. The Board of Directors, by resolution adopted by a majority of the whole Board of
Directors, may create one or more other committees and appoint one or more directors to serve on
such committee or committees. Each director appointed to serve on any such committee shall serve,
unless the resolution designating the respective committee is sooner amended or rescinded by the
Board of Directors, until the next annual meeting of the Board of Directors or until their
respective successors are designated. The Board of Directors, by resolution adopted by a majority
of the whole Board of Directors, may also designate additional directors as alternate members of
any committee to serve as members of such committee in the place and stead of any regular member
or members thereof who may be unable to attend a meeting or otherwise unavailable to act as a
member of such committee. In the absence or disqualification of a member and all alternate members
designated to serve in the place and stead of such member, the member or members thereof present
at any meeting and not disqualified from voting, whether or not such member or members constitute
a quorum, may unanimously appoint another director to act at the meeting in the place and stead of
such absent or disqualified member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive Committee shall have and may exercise all the powers and authority of the Board
of Directors in the management of the business and affairs of the Corporation between the meetings
of the Board of Directors, and any other committee may exercise the power and
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">authority of the Board of Directors to the extent specified by the resolution establishing such
committee, the Certificate of Incorporation or these By-laws; <U>provided</U>, <U>however,</U>
that no committee may take any action that is expressly required by Delaware Law, the Certificate
of Incorporation or these By-laws to be taken by the Board of Directors and not by a committee
thereof. Each committee shall keep a record of its acts and proceedings, which shall form a part of
the records of the Corporation in the custody of the Secretary, and all actions of each committee
shall be reported to the Board of Directors at the next meeting of the Board of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings of committees may be called at any time by the Chairman of the Board, if any, the
President or the chairman of the respective committee. A majority of the members of the committee
shall constitute a quorum for the transaction of business and, except as expressly limited by this
Section&nbsp;3.9, the act of a majority of the members present at any meeting at which there is a
quorum shall be the act of such committee. Except as expressly provided in this Section&nbsp;3.9 or in
the resolution designating the committee, a majority of the members of any such committee may
select its chairman, fix its rules of procedure, fix the time and place of its meetings and
specify what notice of meetings, if any, shall be given.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.10 <U>Action without Meeting</U>. Unless otherwise specifically prohibited by the
Certificate of Incorporation or these By-laws, any action required or permitted to be taken at any
meeting of the Board of Directors or of any committee thereof, may be taken without a meeting if
all members of the Board of Directors or such committee, as the case may be, execute a consent
thereto in writing setting forth the action so taken, and the writing or writings are filed with
the minutes of proceedings of the Board of Directors or such committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.11 <U>Attendance by Telephone</U>. Members of the Board of Directors or any
committee thereof may participate in and act at any meeting of the Board of Directors, or such
committee, as the case may be, through the use of a conference telephone or other communications
equipment by means of which all persons participating in the meeting can hear each other.
Participation in such meeting shall constitute attendance and presence in person at the meeting of
the person or persons so participating.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.12 <U>Compensation</U>. Directors may be paid such compensation for their services
and such reimbursement for expenses of attendance at meetings as the Board of Directors may from
time to time determine. These payments shall not preclude any director from serving the
Corporation in any other capacity and receiving compensation therefor.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>OFFICERS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.1 <U>Enumeration</U>. The officers of the Corporation shall be chosen by the Board
of Directors and shall include a President and a Secretary and may include one or more Vice
Presidents and a Treasurer. The Board of Directors may also elect a Chairman of the Board, a Vice
Chairman, one or more Assistant Secretaries and Assistant Treasurers and such other officers and
agents as it may deem appropriate. Any number of offices may be held by the same person. No
officer need be a stockholder.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.2 <U>Term of Office</U>. The officers of the Corporation shall be elected at the
annual meeting of the Board of Directors and shall hold office until their successors are elected
and qualified, or until their earlier death, termination, resignation or removal from office. Any
officer or agent of the Corporation may be removed at any time by the Board of Directors, with or
without cause. Any vacancy in any office because of death, resignation, termination, removal,
disqualification or otherwise, may be filled by the Board of Directors for the unexpired portion
of the term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.3 <U>Chairman of the Board</U>. The Chairman of the Board, when and if elected,
shall preside at meetings of the Board of Directors and of stockholders and shall have such other
functions, authority and duties as customarily appertain to the office of the Chairman of the
Board. The Chairman of the Board, if any, shall be a member of the Board of Directors of the
Corporation. Unless the Board of Directors has appointed a Chief Executive Officer, he shall act
as the Chief Executive Officer of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.4 <U>Vice Chairman</U>. The Vice Chairman, if any, in the absence of the Chairman
of the Board or in the event of the Chairman of the Board&#146;s inability or refusal to act, shall
have the authority to perform the duties of the Chairman of the Board and such other duties as may
from time to time be prescribed by the Board of Directors or the Chairman of the Board. The Vice
Chairman, if any, shall be a member of the Board of Directors of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.5 <U>Chief Executive Officer</U>. The Chief Executive Officer, when and if elected,
shall be responsible for general supervision of the business of the Corporation and over its
several officers and be the Corporation&#146;s general manager. He may execute and deliver in the name
and on behalf of the Corporation, deeds, mortgages, leases, assignments, bonds, contracts or other
instruments authorized by the Board of Directors. He shall, unless otherwise directed by the Board
of Directors, attend in person or by substitute or by proxy appointed by him and act and vote on
behalf of the Corporation at all meetings of the stockholders of any corporation in which the
Corporation holds stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.6 <U>President</U>. During any period when there shall be an office of Chairman of
the Board and Chief Executive Officer, the President shall be the chief operating officer of the
Corporation and shall have such functions, authority and duties as may be prescribed by the Board
of Directors, the Chairman of the Board or the Chief Executive Officer. During any period when
there shall not be an office of Chairman of the Board or Chief Executive Officer, the President
shall be the Chairman of the Board or Chief Executive Officer, as the case may be, and, as such,
shall have the functions, authority and duties provided for the Chairman of the Board or Chief
Executive Officer, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.7 <U>Vice President</U>. Each Vice President shall perform such duties and have
such other powers as may from time to time be prescribed by the Board of Directors, the Chairman
of the Board, the Chief Executive Officer or the President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.8 <U>Secretary</U>. The Secretary shall (a)&nbsp;keep a record of all proceedings of
the stockholders, the Board of Directors and any committees thereof in one of more books provided
for that purpose; (b)&nbsp;give, or cause to be given, all notices that are required by law or these
Bylaws to be given by the Secretary; (c)&nbsp;be custodian of the corporate records and, if the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Corporation has a corporate seal, of the seal of the Corporation; (d)&nbsp;have authority to affix the
seal of the Corporation to all instruments the execution of which requires such seal and to attest
such affixing of the seal; (e)&nbsp;keep a register of the post office address of each stockholder which
shall be furnished to the Secretary by such stockholder; (f)&nbsp;sign, with the Chairman of the Board
or the Vice Chairman, if any, Chief Executive Officer, President or any Vice President, or any
other officer thereunto authorized by the Board of Directors, any certificates for shares of the
Corporation, or any deeds, mortgages, bonds, contracts or other instruments which the Board of
Directors has authorized to be executed by the signature of more than one officer; (g)&nbsp;have general
charge of the stock transfer books of the Corporation; (h)&nbsp;have authority to certify as true and
correct, copies of the By-laws, resolutions of the stockholders, the Board of Directors and
committees thereof, and of other documents of the Corporation; and (i)&nbsp;in general, perform the
duties incident to the office of secretary and such other duties as from time to time may be
prescribed by the Board of Directors, the Chairman of the Board, the Chief Executive Officer or the
President. The Board of Directors may give general authority to any other officer to affix the seal
of the Corporation and to attest such affixing of the seal.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.9 <U>Assistant Secretary</U>. The Assistant Secretary, if any, or if there shall
be more than one, each Assistant Secretary, in the absence of the Secretary or in the event of the
Secretary&#146;s inability or refusal to act, shall have the authority to perform the duties of the
Secretary, subject to such limitations thereon as may be imposed by the Board of Directors, and
such other duties as may from time to time be prescribed by the Board of Directors, the Chairman
of the Board, the Chief Executive Officer, the President or the Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.10 <U>Treasurer</U>. The Treasurer shall be the principal accounting and financial
officer of the Corporation. The Treasurer shall (a)&nbsp;have charge of, and be responsible for, the
maintenance of adequate books of account for the Corporation; (b)&nbsp;have charge and custody of all
funds and securities of the Corporation, and be responsible therefor and for the receipt and
disbursement thereof; and (c)&nbsp;perform the duties incident to the office of treasurer and such
other duties as may from time to time be prescribed by the Board of Directors, the Chairman of the
Board, the Chief Executive Officer or the President. The Treasurer may sign with the Chairman or
the Vice Chairman, if any, or the Chief Executive Officer, the President, or any Vice President,
or any other officer thereunto authorized by the Board of Directors, certificates for shares of
the Corporation. If required by the Board of Directors, the Treasurer shall give a bond for the
faithful discharge of his or her duties in such sum and with such surety or sureties as the Board
of Directors may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.11 <U>Assistant Treasurer</U>. The Assistant Treasurer, if any, or if there shall
be more than one, each Assistant Treasurer, in the absence of the Treasurer or in the event of the
Treasurer&#146;s inability or refusal to act, shall have the authority to perform the duties of the
Treasurer, subject to such limitations thereon as may be imposed by the Board of Directors, and
such other duties as may from time to time be prescribed by the Board of Directors, the Chairman
of the Board, the Chief Executive Officer, the President or the Treasurer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.12 <U>Other Officers and Agents</U>. Any officer or agent who is elected or
appointed from time to time by the Board of Directors and whose duties are not specified in these
By-laws shall perform such duties and have such powers as may from time to time be
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">prescribed by the Board of Directors, the Chairman of the Board, the Chief Executive Officer or
the President.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>CERTIFICATES OF STOCK AND THEIR TRANSFER</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.1 <U>Form</U>. The shares of the Corporation shall be represented by certificates
in such form as any officer may approve; <U>provided</U>, <U>however</U>, the Board of Directors
may provide by resolution or resolutions that some or all of any or all classes or series of the
Corporation&#146;s stock shall be uncertificated shares. Each certificate for shares shall be
consecutively numbered or otherwise identified. Certificates of stock in the Corporation shall be
signed by or in the name of the Corporation by (i)&nbsp;the Chairman of the Board, the Chief Executive
Officer, the President or a Vice President and by (ii)&nbsp;the Treasurer or an Assistant Treasurer, or
the Secretary or an Assistant Secretary of the Corporation. Where a certificate is countersigned by
a transfer agent, other than the Corporation or an employee of the Corporation, or by a registrar,
the signatures of one or more officers of the Corporation may be facsimiles. In case any officer,
transfer agent or registrar who has signed or whose facsimile signature has been placed upon a
certificate shall have ceased to be such officer, transfer agent or registrar before such
certificate is issued, the certificate may be issued by the Corporation with the same effect as if
such officer, transfer agent or registrar were such officer, transfer agent or registrar at the
date of its issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.2 <U>Transfer</U>. Upon surrender to the Corporation or the transfer agent of the
Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of
succession, assignment or authority to transfer, it shall be the duty of the Corporation to issue a
new certificate of stock or uncertificated shares in place of any certificate theretofore issued by
the Corporation to the person entitled thereto, cancel the old certificate and record the
transaction in its stock transfer books.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.3 <U>Replacement</U>. In case of the loss, destruction, mutilation or theft of a
certificate for any stock of the Corporation, a new certificate of stock or uncertificated shares
in place of any certificate theretofore issued by the Corporation may be issued upon the surrender
of the mutilated certificate or, in the case of loss, destruction or theft of a certificate, upon
satisfactory proof of such loss, destruction or theft and upon such terms as the Board of
Directors may prescribe. The Board of Directors may in its discretion require the owner of the
lost, destroyed or stolen certificate, or his legal representative, to give the Corporation a
bond, in such sum and in such form and with such surety or sureties as it may direct, to indemnify
the Corporation against any claim that may be made against it with respect to the certificate
alleged to have been lost, destroyed or stolen.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>INDEMNIFICATION OF DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.1 <U>Third Party Actions</U>. The Corporation shall indemnify any person who was
or is a party or is threatened to be made a party to any threatened, pending, or completed action,
suit or proceeding, whether civil, criminal, administrative, or investigative, including all
appeals (other than an action, suit or proceeding by or in the right of the Corporation) by reason
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of the fact that he is or was a director or officer of the Corporation (and the Corporation, in
the discretion of the Board of Directors, may so indemnify a person by reason of the fact that he
is or was an employee or agent of the Corporation or is or was serving at the request of the
Corporation in any other capacity for or on behalf of the Corporation), to the fullest extent
permitted by law, including indemnifying such person against expenses (including attorneys&#146; fees),
judgments, decrees, fines, penalties, and amounts paid in settlement actually and reasonably
incurred by him in connection with such action, suit or proceeding if he acted in good faith and
in a manner which he reasonably believed to be in or not opposed to the best interests of the
Corporation and, with respect to any criminal action or proceeding, had no reasonable cause to
believe his conduct was unlawful; <U>provided</U>, <U>however</U>, the Corporation shall be
required to indemnify an officer or director in connection with an action, suit or proceeding
initiated by such person only if such action, suit or proceeding was authorized by the Board of
Directors. The termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a
presumption that the person did not act in good faith or in a manner which he reasonably believed
to be in or not opposed to the best interests of the Corporation and, with respect to any criminal
action or proceeding, had reasonable cause to believe that his conduct was unlawful.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.2 <U>Actions By or in the Right of the Corporation</U>. The Corporation shall
indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending, or completed action or suit, including all appeals, by or in the right of the Corporation
to procure a judgment in its favor by reason of the fact that he is or was a director or officer of
the Corporation (and the Corporation, in the discretion of the Board of Directors, may so indemnify
a person by reason of the fact that he is or was an employee or agent of the Corporation or is or
was serving at the request of the Corporation in any other capacity for or on behalf of the
Corporation), to the fullest extent permitted by law, including indemnifying such person against
expenses (including attorneys&#146; fees) actually and reasonably incurred by him in connection with the
defense or settlement of such action or suit if he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the Corporation, except that
no indemnification shall be made in respect of any claim, issue or matter as to which such person
shall have been finally adjudged to be liable for negligence or misconduct in the performance of
his duty to the Corporation unless and only to the extent that the court in which such action or
suit was brought, or any other court of competent jurisdiction, shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the case, such
person is fairly and reasonably entitled to indemnity for such expenses as such court shall deem
proper. Notwithstanding the foregoing, the Corporation shall be required to indemnify an officer or
director in connection with an action, suit or proceeding initiated by such person only if such
action, suit or proceeding was authorized by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.3 <U>Indemnity if Successful</U>. To the extent that a present or former director,
officer, employee or agent of the Corporation has been successful on the merits or otherwise in
defense of any action, suit or proceeding referred to in Section&nbsp;6.1 or 6.2 of this Article, or in
defense of any claim, issue or matter therein, he shall be indemnified against expenses (including
attorneys&#146; fees) actually and reasonably incurred by him in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.4 <U>Standard of Conduct</U>. Except in a situation governed by Section&nbsp;6.3 of
this Article, any indemnification under Section&nbsp;6.1 or 6.2 of this Article (unless ordered by a
court)
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall be made by the Corporation only as authorized in the specific case upon a determination that
indemnification of the present or former director, officer, employee or agent is proper in the
circumstances because he has met the applicable standard of conduct set forth in Section&nbsp;6.1 or
6.2, as applicable, of this Article. Such determination shall be made, with respect to a person
who is a director or officer at the time of such determination: (i)&nbsp;by a majority vote of
directors who are not parties to such action, suit or proceeding, even though less than a quorum;
(ii)&nbsp;by a committee of such directors designated by majority vote of such directors, even though
less than a quorum; (iii)&nbsp;if there are no such directors, or if such directors so direct, by
independent legal counsel in a written opinion; or (iv)&nbsp;by the stockholders. The determination to
be made that indemnification is proper with respect to a person who is a former director or
officer, or an employee or agent of the Corporation, shall be made by a majority of the board of
directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.5 <U>Expenses</U>. Expenses (including attorneys&#146; fees) of each officer and
director hereunder indemnified actually and reasonably incurred in defending any civil, criminal,
administrative or investigative action, suit or proceeding or threat thereof shall be paid by the
Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of
an undertaking by or on behalf of such person to repay such amount if it shall ultimately be
determined that he is not entitled to be indemnified by the Corporation as authorized in this
Article. Such expenses (including attorneys&#146; fees) incurred by former directors, officers,
employees, and agents may be so paid upon the receipt of the aforesaid undertaking and such terms
and conditions, if any, as the Board of Directors deems appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.6 <U>Nonexclusivity</U>. The indemnification and advancement of expenses provided
by, or granted pursuant to, other Sections of this Article shall not be deemed exclusive of any
other rights to which those seeking indemnification or advancement of expenses may now or
hereafter be entitled under any law, by-law, agreement, vote of stockholders or disinterested
directors or otherwise, both as to action in his official capacity and as to action in another
capacity while holding such office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.7 <U>Insurance</U>. The Corporation may purchase and maintain insurance on behalf
of any person who is or was a director, officer, employee or agent of the Corporation, or is or
was serving at the request of the Corporation as a director, officer, employee or agent of another
Corporation, partnership, joint venture, trust or other enterprise against any liability asserted
against him and incurred by him in any such capacity, or arising out of his status as such,
whether or not the Corporation would have the power to indemnify him against such liability under
the provisions of the Delaware Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.8 <U>Definitions</U>. For purposes of this Article, references to &#147;the
Corporation&#148; shall include, in addition to the resulting corporation, any constituent corporation
(including any constituent of a constituent) absorbed in a consolidation or merger which, if its
separate existence had continued, would have had the power and authority to indemnify any or all
of its directors, officers, employees and agents, so that any person who was a director, officer,
employee or agent of such constituent corporation, or was serving at the request of such
constituent corporation in any other capacity, shall stand in the same position under the
provisions of this Article with respect to the resulting or surviving corporation as such person
would have had with respect to such constituent corporation if its separate existence had
continued as such corporation was constituted immediately prior to such merger.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Article, references to &#147;other capacities&#148; shall include serving as a
trustee or agent for any employee benefit plan; references to &#147;fines&#148; shall include any excise
taxes assessed on a person with respect to an employee benefit plan; and references to &#147;serving at
the request of the Corporation&#148; shall include any service as a director, officer, employee or agent
of the Corporation which imposes duties on, or involves services by such director, officer,
employee, or agent with respect to an employee benefit plan, its participants, or beneficiaries. A
person who acted in good faith and in a manner he or she reasonably believed to be in the best
interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have
acted in a manner &#147;not opposed to the best interests of the Corporation&#148; as referred to in this
Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.9 <U>Severability</U>. If any provision hereof is invalid or unenforceable in any
jurisdiction, the other provisions hereof shall remain in full force and effect in such
jurisdiction, and the remaining provisions hereof shall be liberally construed to effectuate the
provisions hereof, and the invalidity of any provision hereof in any jurisdiction shall not affect
the validity or enforceability of such provision in any other jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.10 <U>Amendment</U>. The right to indemnification conferred by this Article shall
be deemed to be a contract between the Corporation and each person referred therein until amended
or repealed, but no amendment to or repeal of these provisions shall apply to or have any effect
on the right to indemnification of any person with respect to any liability or alleged liability
of such person for or with respect to any act or omission of such person occurring prior to such
amendment or repeal.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>GENERAL PROVISIONS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.1 <U>Fiscal Year</U>. The fiscal year of the Corporation shall be fixed from time
to time by resolution of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.2 <U>Corporation Seal</U>. The corporate seal, if any, of the Corporation shall be
in such form as may be approved from time to time by the Board of Directors. The seal may be used
by causing it or a facsimile thereof to be impressed or affixed or in any other manner reproduced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.3 <U>Notices and Mailing</U>. Except as otherwise provided in Delaware Law, the
Certificate of Incorporation or these By-laws, all notices required to be given by any provision
of these By-laws shall be deemed to have been given (i)&nbsp;when received, if given in person, (ii)&nbsp;on
the date of acknowledgment of receipt, if sent by telex, facsimile or other wire transmission,
(iii)&nbsp;one day after delivery, properly addressed, to a reputable courier for same day or overnight
delivery or (iv)&nbsp;three (3)&nbsp;days after being deposited, properly addressed, in the U.S. Mail,
certified or registered mail, postage prepaid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.4 <U>Waiver of Notice</U>. Whenever any notice is required to be given under the
Delaware Law or the provisions of the Certificate of Incorporation or these By-laws, a waiver
thereof in writing, signed by the person or persons entitled to said notice, whether before or
after the time stated therein, shall be deemed equivalent to notice.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.5 <U>Interpretation</U>. In these By-laws, unless a clear contrary intention
appears, the singular number includes the plural number and <U>vice versa</U>, and reference to
either gender includes the other gender.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><b>ARTICLE VIII.</b>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><b>AMENDMENTS</b></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These By-laws may be altered, amended or repealed or new By-laws may be adopted by the Board
of Directors. The fact that the power to amend, alter, repeal or adopt the By-laws has been
conferred upon the Board of Directors shall not divest the stockholders of the same powers.
</DIV>


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<TYPE>EX-3.27
<SEQUENCE>28
<FILENAME>o69608exv3w27.htm
<DESCRIPTION>EX-3.27
<TEXT>
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<HEAD>
<TITLE>exv3w27</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.27</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="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960842.gif" alt="(LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Industry<BR>
Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Industrie<BR>
Canada</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Certificate of Continuance</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Certificat de prorogation</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B><I>Canada Business Corporations Act</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B><I>Loi canadienne sur les
soci&#233;t&#233;s par actions</I></B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="border-bottom: 1px solid #000000">GREY WOLF INTERNATIONAL DRILLING CORPORATION</FONT>
</DIV>

<DIV align="center" style="font-size: 10pt">Corporate name / D&#233;nomination sociale</DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">772519-1
</DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">Corporation number / Num&#233;ro de soci&#233;t&#233;</FONT></DIV></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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">I HEREBY CERTIFY that the
above-named corporation, the
articles of continuance of which are
attached, is continued under section
187 of the <I>Canada Business
Corporations Act.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JE CERTIFIE que la soci&#233;t&#233;
susmentionn&#233;e, dont les clauses de
prorogation sont jointes, est
prorog&#233;e en vertu de l&#146;article 187
de la <I>Loi canadienne sur les
soci&#233;t&#233;s par actions.</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960844.gif" alt="-s- Marcie Girouard"><BR>
Marcie Girouard
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">Director / Directeur</FONT></DIV></DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">2010-12-13
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">Date of Continuance (YYYY-MM-DD)</FONT></DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px">Date de prorogation (AAAA-MM-JJ)</DIV>
</DIV>

</DIV>
</DIV>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960843.gif" alt="(CANADA LOGO)"></DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->


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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960845.gif" alt="(LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Industry<BR>
Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Industrie<BR>
Canada</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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Form&nbsp;11</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Formulaire 11</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Articles of Continuance</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Clauses de prorogation</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Canada Business Corporations Act</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>Loi canadienne sur les soci</I>&#233;<I>t</I>&#233;<I>s par</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(CBCA) (s. 187)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>actions</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(LCSA) (art. 187)</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Corporate name<BR>
D&#233;nomination sociale<BR>
GREY WOLF INTERNATIONAL DRILLING 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="1%" nowrap align="left">2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The province or territory in Canada where the registered office is situated<BR>
La province ou le territoire au Canada o&#250; est situ&#233; le
si&#233;ge social<BR>
AB</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The classes and the maximum number of shares that the corporation is authorized to issue<BR>
Cat&#233;gories et le nombre maximal d&#146;actions que la
soci&#233;t&#233; est autoris&#233;e &#224; &#233;mettre<BR>
See attached schedule / Voir I&#146;annexe ci-jointe</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restrictions on share transfers<BR>
Restrictions sur le transfert des actions<BR>
See attached schedule / Voir I&#146;annexe ci-jointe</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Minimum and maximum number of directors<BR>
Nombre minimal et maximal d&#146;administrateurs<BR>
Min. 1 Max. 11</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Restrictions on the business the corporation may carry on<BR>
Limites impos&#233;es &#224; I&#146;activit&#233;
commerciale de la soci&#233;t&#233;<BR>
None</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">7</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If change of name effected, previous name<BR>
S&#146;il y a changement de d&#233;nomination sociale, indiquer la d&#233;nomination sociale ant&#233;rieure<BR>
GREY WOLF INTERNATIONAL DRILLING 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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Details of incorporation<BR>
D&#233;tails de la constitution<BR>
Incorporated under the Alberta Business Corporations Act on November&nbsp;5, 2007.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other Provisions<BR>
Autres dispositions<BR>
See attached schedule / Voir I&#146;annexe ci-jointe</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Declaration: I certify that I am a director or an officer of the company continuing into the
CBCA.<BR>
D&#233;claration : J&#146;atteste que je suis un administrateur ou un dirigeant de la soci&#233;t&#233; se prorogeant
sous le r&#233;gime de la<BR>
LCSA.</TD>
</TR>

</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="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Original signed by / Original sign&#233; par</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="center" 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="center" valign="top">Wane Stickland</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="center" 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="center" valign="top">Wane Stickland</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">

    <TD colspan="3"><B>Note:</B> Misrepresentation constitutes an offence and, on summary conviction, a person is liable to a
fine not exceeding $5000 or to imprisonment for a term not exceeding six months or both (subsection
250(1) of the CBCA).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

    <TD colspan="3"><B>Nota :</B> Faire une fausse d&#233;claration
constitue une infraction et son auteur, sur d&#233;claration de
culpabilit&#233; par procedure sommairc, est passible d&#146;une
amende maximale de 5 000 $ ou d&#146;un
emprisonnement maximal de six mois, ou de ces deux peines (paragraphe
250(1) de la LCSA).</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="o69608o6960846.gif" alt="(CANADA LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">IC 3247 (2008/04)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Schedule / Annexe<BR>
Description of Classes of Shares / Description des cat&#233;gories d&#146;actions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. An unlimited number of Common shares, the holders of which are entitled:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;to receive notice of and to attend and vote at all meetings of shareholders, except meetings at
which only holders of a specified class of shares are entitled to vote;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;to receive any dividend declared by the Corporation on this class of shares; provided that the
Corporation shall be entitled to declare dividends on the Preferred shares, or on any of such
classes of shares without being obliged to declare any dividends on the Common voting shares of the
Corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;subject to the rights, privileges, restrictions and conditions attaching to any other class of
shares of the Corporation, to receive the remaining property of the Corporation upon dissolution in
equal rank with the holders of all other Common shares of the Corporation; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;to the rights, privileges and restrictions normally attached to common shares;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. An unlimited number of Preferred shares, which as a class, have attached thereto the
following rights, privileges, restrictions and conditions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;the Preferred shares may from time to time be issued in one or more series, and the Directors
may fix from time to time before such issue the number of Preferred shares which is to comprise
each series and the designation, rights, privileges, restrictions and conditions attaching to each
series of Preferred shares including, without limiting the generality of the foregoing, any voting
rights, the rate or amount of dividends or the method of calculating dividends, the dates of
payment thereof, the terms and conditions of redemption, purchase and conversion if any, and any
sinking fund or other provisions;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;the Preferred shares of each series shall, with respect to the payment of dividends and the
distribution of assets or return of capital in the event of liquidation, dissolution or winding-up
of the Corporation, whether voluntary or involuntary, or any other return of capital or
distribution of the assets of the Corporation amongst its shareholders for the purpose of winding
up its affairs, be entitled to preference over the voting and non-voting Common shares and over any
other shares of the Corporation ranking by their terms junior to the Preferred shares of that
series. The Preferred shares of any series may also be given such other preferences, not
inconsistent with these Articles, over the Common shares and any other such Preferred shares as may
be fixed in accordance with clause (2)(a); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;if any cumulative dividends or amounts payable on the return of capital in respect of a series
of Preferred shares are not paid in full, all series of Preferred shares shall participate rateably
in
respect of accumulated dividends and return of capital.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Schedule / Annexe<BR>
Restrictions on Share Transfers / Restriction sur le transfert d&#146;actions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No securities (other than non-convertible debt securities) of the Corporation shall be transferred
without the approval of the Board of Directors.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Schedule / Annexe<BR>
Other Provisions / Autres dispositions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. The directors may, between annual meetings, appoint one or more additional directors of the
Corporation to serve until the next annual meeting, but the number of additional directors shall
not at any time exceed one-third (1/3) of the number of directors who held office at the expiration
of the last annual meeting of the Corporation.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960845.gif" alt="(LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Industry<BR>
Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Industrie<BR>
Canada</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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Form&nbsp;2</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Formulaire 2</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Initial Registered Office Address</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Si&#233;ge social initial et premier</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>and First Board of Directors</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>conseil d&#146;administration</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Canada Business Corporations Act</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>Loi canadienne sur les soci&#233;t&#233;s par</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(CBCA) (s. 19 and 106)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>actions (LCSA) (art. 19 et 106)</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Corporate name<BR>
D&#233;nomination sociale</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>GREY WOLF INTERNATIONAL DRILLING 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="1%" nowrap align="left">2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Address of registered office<BR>
Adresse du si&#233;ge social</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>4200, 150 - 6th Avenue SW<BR>
Calgary AB T2P 3Y7</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Additional address <BR>
Autre adresse</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Members of the board of directors<BR>
Membres du conseil d&#146;administration</TD>
</TR>

</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="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Resident Canadian</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">R&#233;sident Canadien</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JOANNE L. ALEXANDER
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 - 6th Avenue Sw, Calgary AB<BR> T2P 3Y7, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Yes/Oui</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ROBERT J. MCNALLY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 - 6th Avenue SW, Calgary AB<BR> T2P 3Y7, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Yes / Oui</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WANE J. STICKLAND
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 - 6th Avenue SW, Calgary AB<BR> T2P 3Y7, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Yes / Oui</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GENE C. STAHL
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">600, 10370 Richmond Avenue, Houston TX<BR> 77042, United States
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No / Non</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Declaration; I certify that I have relevant knowledge and
that I am authorized to sign this
form.<BR>
D&#233;claration : .I&#146;atteste que je poss&#233;de une connaissance suffisante et que je suis
autoris&#233;(e) &#224; signer le pr&#233;sent formulaire.</TD>
</TR>

</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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Original signed by / Original sign&#233; par</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Wane Stickland</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="center" 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="center" 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="center" valign="top">Wane Stickland</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">403-716-4505</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt"><B>Note.</B> Misrepresentation constitutes an offence and, on summary conviction, a person is liable to
a fine not exceeding $5000 or to imprisonment for a term not exceeding six months or both
(subsection 250(1) of the CBCA).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Nota
</B>: Faire une fausse d&#233;claration constitue une infraction et son auteur, sur d&#233;claration
de culpabilit&#233; par proc&#233;dure sommaire, est passible
d&#146;une amende maximale de 5 000 $ ou d&#146;un
emprisonnement maximal de six mois, ou de ces deux peines (paragraphe 250(1) de la LCSA).
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="o69608o6960843.gif" alt="(CANADA LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">IC 2904 (2008/04)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit 3.27</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORPORATE ACCESS NUMBER: 2013608597</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="o69608o6960801.gif" alt="(ALBERTA LOGO)">
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BUSINESS CORPORATIONS ACT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INCORPORATION</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>1360859 ALBERTA LTD.</B><BR>
WAS INCORPORATED IN ALBERTA ON 2007/11/05.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960802.gif" alt="(STAMP)">
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Incorporate
Alberta Corporation &#150; Registration Statement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Alberta Registration Date: 2007/11/05</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Corporate Access Number: 2013608597</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="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Service Request Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;10788501</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Alberta Corporation Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Numbered Alberta Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;1360859 ALBERTA LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Equivalent Name:</B></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"><B>Nuans Number:</B></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"><B>Nuans Date:</B></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"><B>French Nuans Number:</B></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"><B>French Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>REGISTERED ADDRESS</B></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"><B>Street:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;4200, 150 6TH AVE. SW</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Description:</B></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"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RECORDS ADDRESS</B></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"><B>Street:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;4200, 150 6TH AVE. SW</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Description:</B></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"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>ADDRESS FOR SERVICE BY MAIL</B></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"><B>Post Office Box:</B></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"><B>City:</B></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"><B>Province:</B></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"><B>Postal Code:</B></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"><B>Internet Mail ID:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Share Structure:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SHARE STRUCTURE SCHEDULE ATTACHED</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Share Transfers Restrictions:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NO SECURITIES (OTHER THAN NON-CONVERTIBLE
DEBT SECURITIES) OF THE CORPORATION SHALL
BE TRANSFERRED WITHOUT THE APPROVAL OF THE
BOARD OF DIRECTORS.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Number of Directors:</B></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"><B>Min Number Of <BR>
Directors:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;1</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Max Number Of <BR>
Directors:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;11</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business Restricted To:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NONE</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business Restricted From:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NONE</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Other Provisions:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OTHER PROVISIONS SCHEDULE ATTACHED</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Professional <BR>
Endorsement <BR>
Provided:</B></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"><B>Future Dating Required:</B></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"><B>Registration Date:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;2007/11/05</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Director</B></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"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">STAHL</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GENE</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B></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"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;4200, 150 6TH AVE. SW</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></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"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">STRONG</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DOUG</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B></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"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;4200, 150 6TH AVE. SW</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></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"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">EVASIUK</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DOUG</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B></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"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;4200,150 6TH AVE SW</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></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"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">STICKLAND</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WANE</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B></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"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;4200, 150 6TH AVE SW</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></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"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; border-top: 0px solid #000000; padding-top: 0pt"><B>Attachment</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="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Attachment Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Microfilm Bar Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date Recorded</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Share Structure
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2007/11/05</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Other Rules or Provisions
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2007/11/05</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Registration Authorized By:</B></TD>
    <TD>&nbsp;</TD>
    <TD>BRIAN E. ROBERTS<BR>
AGENT OF CORPORATION</TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Articles of Incorporation<BR>
For<BR>
1360859 ALBERTA LTD.</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="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Share Structure:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SHARE STRUCTURE SCHEDULE ATTACHED</TD>
</TR>
<tr>
<TD style="font-size:10pt">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Share Transfers Restrictions:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NO SECURITIES (OTHER THAN NON-CONVERTIBLE
DEBT SECURITIES) OF THE CORPORATION SHALL
BE TRANSFERRED WITHOUT THE APPROVAL OF THE
BOARD OF DIRECTORS.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Number of
Directors:</B></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"><B>Min Number of
Directors:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;1</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Max Number of
Directors:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;11</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business Restricted To:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NONE</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business Restricted From:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NONE</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Other Provisions:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OTHER PROVISIONS SCHEDULE ATTACHED</TD>
</TR>
<tr>
<TD style="font-size:10pt">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:80px; text-indent:-0px"><B>Registration Authorized By:</B>
</DIV></TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BRIAN E. ROBERTS<BR>
AGENT OF CORPORATION</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SCHEDULE A
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attached to and forming part of the Articles of Incorporation
of
1360859 ALBERTA LTD.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THE CLASSES OF SHARES AND ANY MAXIMUM NUMBER
OF SHARES THAT THE CORPORATION IS AUTHORIZED
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TO ISSUE ARE:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. An unlimited number of Common shares, the holders of which are entitled:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;to receive notice of and to attend and vote at all meetings of shareholders, except meetings at
which only holders of a
specified class of shares are entitled to vote;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;to receive any dividend declared by the Corporation on this class of shares; provided that
the Corporation shall be entitled
to declare dividends on the Preferred shares, or on any of such classes of shares without
being obliged to declare any dividends on the Common voting shares of the Corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;subject to the rights, privileges, restrictions and conditions attaching to any other class of
shares of the Corporation, to receive the remaining property of the Corporation upon dissolution in
equal rank with the holders of all other
Common shares of the Corporation; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;to the rights, privileges and restrictions normally attached to common shares;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. An unlimited number of Preferred shares, which as a class, have attached thereto the
following rights, privileges, restrictions and conditions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;the Preferred shares may from time to time be issued in one or more series, and the Directors
may fix from time to time
before such issue the number of Preferred shares which is to comprise each series and the
designation, rights, privileges, restrictions and conditions attaching to each series of
Preferred shares including, without limiting the generality of the foregoing, any voting
rights, the rate or amount of dividends or the method of calculating dividends, the dates
of payment thereof, the terms and conditions of redemption, purchase and conversion if
any, and any sinking fund or other provisions;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;the Preferred shares of each series shall, with respect to the payment of dividends and the
distribution of assets or return
of capital in the event of liquidation, dissolution or winding-up of the Corporation,
whether voluntary or involuntary, or any other return of capital or distribution of the
assets of the Corporation amongst its shareholders for the purpose of winding up its
affairs, be entitled to preference over the voting and non-voting Common shares and over
any other shares of the Corporation ranking by their terms junior to the Preferred shares
of that series. The Preferred shares of any series may also be given such other
preferences, not inconsistent with these Articles, over the Common shares and any other
such Preferred shares as may be fixed in accordance with clause (2)(a); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;if any cumulative dividends or amounts payable on the return of capital in respect of a series
of Preferred shares are not paid in full, all series of Preferred shares shall participate rateably
in respect of accumulated dividends and return of capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">-2-
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">OTHER PROVISIONS SCHEDULE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attached to and forming part of the Articles of Incorporation
of
1360859 ALBERTA LTD.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">OTHER RULES OR PROVISIONS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. The directors may, between annual meetings, appoint one or
more additional directors of the Corporation to serve until the
next annual meeting, but the number of additional directors
shall not at any time exceed one-third (1/3) of the number of
directors who held office at the expiration of the last annual
meeting of the Corporation.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.27</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORPORATE ACCESS NUMBER: 2013608597</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960801.gif" alt="(ALBERTA LOGO)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BUSINESS CORPORATIONS ACT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMENDMENT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>GREY WOLF INTERNATIONAL DRILLING CORPORATION</B><BR>
<B>CHANGED ITS NAME TO PRECISION DRILLING INTERNATIONAL<BR>
CORPORATION ON 2010/08/30.</B>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960802.gif" alt="(STAMP)">
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Name
Change Alberta Corporation - Registration Statement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Alberta Amendment Date: 2010/08/30</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Service Request Number: </B>15186622<BR>
<B>Corporate Access Number: </B>2013608597

</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="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Legal Entity Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GREY WOLF INTERNATIONAL DRILLING CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>French Equivalent Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Legal Entity Status:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Active</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Alberta Corporation Type:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Named Alberta Corporation</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>New Legal Entity Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRECISION DRILLING INTERNATIONAL CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>New French Equivalent Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Nuans Number:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100400413</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2010/08/30</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>French Nuans Number:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>French Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Professional Endorsement</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Provided:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Future Dating Required:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Annual Return</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="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>File Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Date Filed</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009/10/29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008/11/07</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Attachment</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="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Attachment Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Microfilm Bar Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Date Recorded</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share Structure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007/11/05</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Rules or Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007/11/05</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Registration Authorized By:</B></TD>
    <TD>&nbsp;</TD>
    <TD>DIVIAN DENNIS<BR>
AGENT OF CORPORATION</TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.27</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORPORATE ACCESS NUMBER: 2013608597</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960801.gif" alt="(ALBERTA LOGO)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BUSINESS CORPORATIONS ACT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMENDMENT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>1360859 ALBERTA LTD.</B><BR>
<B>CHANGED ITS NAME TO GREY WOLF INTERNATIONAL DRILLING<BR>
CORPORATION ON 2010/06/17.</B>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960802.gif" alt="(STAMP)">
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Name
Change Alberta Corporation - Registration Statement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Alberta Amendment Date: 2010/06/17</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Service Request Number: </B>14880010 <B><BR>Corporate
Access Number: </B>2013608597

</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="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Legal Entity Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1360859 ALBERTA LTD.</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>French Equivalent Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Legal Entity Status:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Active</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Alberta Corporation Type:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Named Alberta Corporation</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>New Legal Entity Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GREY WOLF INTERNATIONAL DRILLING CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>New French Equivalent Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Nuans Number:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">99735708</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2010/06/15</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>French Nuans Number:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>French Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Professional Endorsement</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Provided:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Future Dating Required:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Annual Return</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="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>File Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Date Filed</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009/10/29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008/11/07</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Attachment</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="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Attachment Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Microfilm Bar Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" style="border-bottom: 1px solid #000000"><B>Date Recorded</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Share Structure
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">2007/11/05</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Other Rules or Provisions
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">2007/11/05</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Registration Authorized By:</B></TD>
    <TD>&nbsp;</TD>
    <TD>DIVIAN DENNIS<BR>
AGENT OF CORPORATION</TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.27</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORPORATE ACCESS NUMBER: 2013608597</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960801.gif" alt="(ALBERTA LOGO)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BUSINESS CORPORATIONS ACT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMENDMENT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PRECISION DRILLING INTERNATIONAL CORPORATION</B><BR>
<B>CHANGED ITS NAME TO GREY WOLF INTERNATIONAL DRILLING<BR>
CORPORATION ON 2010/11/10.</B>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960802.gif" alt="(STAMP)">
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Name
Change Alberta Corporation - Registration Statement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Alberta Amendment Date: 2010/11/10</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Service Request Number: </B>15508959<BR>
<B>Corporate Access Number: </B>2013608597

</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="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Legal Entity Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRECISION DRILLING INTERNATIONAL CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>French Equivalent Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Legal Entity Status:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Active</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Alberta Corporation Type:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Named Alberta Corporation</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>New Legal Entity Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GREY WOLF INTERNATIONAL DRILLING CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>New French Equivalent Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Nuans Number:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">101021989</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2010/11/09</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>French Nuans Number:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>French Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Professional Endorsement</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Provided:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Future Dating Required:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Annual Return</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="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>File Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Date Filed</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010/11/02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009/10/29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008/11/07</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Attachment</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="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Attachment Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Microfilm Bar Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Date Recorded</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Share Structure
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2007/11/05</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Other Rules or Provisions
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2007/11/05</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Registration Authorized By:</B></TD>
    <TD>&nbsp;</TD>
    <TD>DIVIAN DENNIS<BR>
AGENT OF CORPORATION</TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.28
<SEQUENCE>29
<FILENAME>o69608exv3w28.htm
<DESCRIPTION>EX-3.28
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w28</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.28</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BY-LAW NO. 1</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">A by-law relating generally to<BR>
the transaction of the business<BR>
and affairs of
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>1360859 ALBERTA LTD.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>&#091;PRIVATE&#093;</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">(hereinafter referred to as the &#147;Corporation&#148;)
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DIRECTORS AND OFFICERS</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><B>Calling of and Notice of Meetings </B>&#151; Meetings of the board shall be held at such place and
time and on such day as the chairman of the board, president, chief executive officer or a
vice-president, if any, or any two directors may determine. Notice of meetings of the board
shall be given to each director not less than 48 hours before the time when the meeting is to
be held. Each newly elected board may without notice hold its first meeting for the purposes
of organization and the appointment of officers immediately following the meeting of
shareholders at which such board was elected.</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><B>Quorum </B>&#151; Subject to the residency requirements contained in the Business Corporations Act,
the quorum for the transaction of business at any meeting of the board shall consist of a
majority of the number of directors then elected or appointed or such greater or lesser number
of directors as the board may from time to time determine.</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><B>Place of Meeting </B>&#151; Meetings of the board may be held in or outside Canada.</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><B>Votes to Govern </B>&#151; At all meetings of the board every question shall be decided by a majority
of the votes cast on the question; and in case of an equality of votes the chairman of the
meeting shall not be entitled to a second or casting vote.</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Interest of Directors and Officers Generally in Contracts </B>&#151; No director or officer shall be
disqualified by his office from contracting with the Corporation nor shall any contract or
transaction entered into by or on behalf of the Corporation with any director or officer or in
which any director or officer is in any way interested be liable to be voided nor shall any
director or officer so contracting or being so interested be liable to account to the
Corporation for any profit realized by any such contract or transaction by reason of such
director or officer holding that office or of the fiduciary relationship thereby established;
provided that the director or officer shall have complied with the provisions of the Business
Corporations 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="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Appointment of Officers </B>&#151; Subject to the articles and any unanimous shareholder agreement,
the board may from time to time appoint a president, chief executive officer, chief financial
officer, one or more vice-presidents (to which title may be added words indicating seniority
or function), a secretary, a treasurer and such other officers as the board may determine,
including one or more assistants to any of the officers so appointed. The board may specify
the duties of and, in accordance with this by-law and</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 --> - 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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the provisions of the Business Corporations Act, delegate to such officers
powers to manage the business and affairs of the Corporation. Subject to the provisions of
this by-law, an officer may but need not be a director and one person may hold more than one
office.</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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Chairman of the Board </B>&#151; The board may from time to time also appoint a chairman of the board
who shall be a director. If appointed, the board may assign to him any of the powers and
duties that are by any provisions of this by-law assigned to the managing director or to the
president; and he shall, subject to the provisions of the Business Corporations Act, have such
other powers and duties as the board may specify. During the absence or disability of the
chairman of the board, his duties shall be performed and his powers exercised by the managing
director, if any, or by the president.</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">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Managing Director </B>&#151; The board may from time to time appoint a managing director who shall be
a resident Canadian and a director. If appointed, he shall have such powers and duties as the
board may specify.</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">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>President </B>&#151; If appointed, the president shall be the chief executive officer and, subject to
the authority of the board, shall have general supervision of the business of the Corporation;
and he shall have such other powers and duties as the board may specify. During the absence or
disability of the president, or if no president has been appointed, the managing director
shall also have the powers and duties of that office.</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">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Vice-President </B>&#151; A vice-president shall have such powers and duties as the board or the chief
executive officer may specify.</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">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secretary </B>&#151; The secretary shall attend and be the secretary of all meetings of the board,
shareholders and committees of the board and shall enter or cause to be entered in records kept for
that purpose minutes of all proceedings thereat; he shall give or cause to be given, as and when
instructed, all notices to shareholders, directors, officers, auditors and members of committees of
the board; he shall be the custodian of the stamp or mechanical device generally used for affixing
the corporate seal of the Corporation and of all books, papers, records, documents and instruments
belonging to the Corporation, except when some other officer or agent has been appointed for that
purpose; and he shall have such other powers and duties as the board or the chief executive officer
may specify.</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">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Treasurer </B>&#151; The treasurer shall keep proper accounting records in compliance with the Business
Corporations Act and shall be responsible for the deposit of money, the safekeeping of securities
and the disbursement of the funds of the Corporation; he shall render to the board whenever
required an account of all his transactions as treasurer and of the financial position of the
Corporation; and he shall have such other powers and duties as the board or the chief executive
officer may specify.</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">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Agents and Attorneys </B>&#151; The board shall have the power from time to time to appoint agents and
attorneys for the Corporation in or outside Canada with such powers as the board sees fit.</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 --> - 3 - <!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SHAREHOLDERS&#146; MEETINGS</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">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Quorum </B>&#151; Subject to the requirements of the Business Corporations Act, a quorum for the
transaction of business at any meeting of the shareholders, irrespective of the number of persons
actually present at the meeting, shall be one person present in person being a shareholder entitled
to vote thereat or a duly appointed representative or proxyholder for an absent shareholder so
entitled, and holding or representing in the aggregate not less than a majority of the outstanding
shares of the Corporation entitled to vote at the meeting.</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">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Votes to Govern </B>&#151; At any meeting of shareholders every question shall, unless otherwise
required by the Business Corporations Act, be determined by the majority of votes cast on the
question. In case of an equality of votes either upon a show of hands, a poll or any other manner
permitted by the Business Corporations Act, the chairman of the meeting shall not be entitled a
second or casting vote.</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">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Show of Hands </B>&#151; Subject to the provisions of the Business Corporations Act, any question at a
meeting of shareholders shall be decided by a show of hands or any other manner permitted by the
Business Corporations Act unless a ballot thereon is required or demanded as hereinafter provided.
Upon a show of hands every person who is present and entitled to vote shall have one vote. Whenever
a vote by show of hands shall have been taken upon a question, unless a ballot thereon is so
required or demanded, a declaration by the chairman of the meeting that the vote upon the question
has been carried or carried by a particular majority or not carried and an entry to that effect in
the minutes of the meeting shall be prima facie evidence of the fact without proof of the number or
proportion of the votes recorded in favour of or against any resolution or other proceeding in
respect of the said question, and the result of the vote so taken shall be the decision of the
shareholders upon the said question.</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">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Ballots </B>&#151; On any question proposed for consideration at a meeting of shareholders, and whether
or not a show of hands or other form of voting has been taken thereon, any shareholder or
proxyholder entitled to vote at the meeting may require or demand a ballot. A ballot so required or
demanded shall be taken in such manner as the chairman shall direct. A requirement or demand for a
ballot may be withdrawn at any time prior to the taking of the ballot. If a ballot is taken each
person present shall be entitled, in respect of the shares which he is entitled to vote at the
meeting upon the question, to that number of votes provided by the Business Corporations Act or the
articles, and the result of the ballot so taken shall be the decision of the shareholders upon the
said question.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MEETING BY TELEPHONE</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">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Directors and Shareholders </B>&#151; A director may participate in a meeting of the board or of a
committee of the board and a shareholder or any other person entitled to attend a meeting of
shareholders may participate in a meeting of shareholders by electronic means, telephone or other
communication facilities that permit all persons participating in any such meeting to hear each
other.</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 --> - 4 - <!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEMNIFICATION</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">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Indemnification of Directors and Officers </B>&#151; The Corporation shall indemnify a director or
officer of the Corporation, a former director or officer of the Corporation or a person who acts or
acted at the Corporation&#146;s request as a director or officer of a body corporate of which the
Corporation is or was a shareholder or creditor, and his heirs and legal representatives to the
extent permitted by the Business Corporations 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="3%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Indemnity of Others </B>&#151; Except as otherwise required by the Business Corporations Act and subject
to paragraph 19, the Corporation may from time to time indemnify and save harmless any person who
was or is a party or is threatened to be made a party to any threatened, pending or contemplated
action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an
action by or in the right of the Corporation) by reason of the fact that he is or was an employee
or agent of the Corporation, or is or was serving at the request of the Corporation as a director,
officer, employee, agent of or participant in another body corporate, partnership, joint venture,
trust or other enterprise, against expenses (including legal fees), judgments, fines and any amount
actually and reasonably incurred by him in connection with such action, suit or proceeding if he
acted honestly and in good faith with a view to the best interests of the Corporation and, with
respect to any criminal or administrative action or proceeding that is enforced by a monetary
penalty, had reasonable grounds for believing that his conduct was lawful. The termination of any
action, suit or proceeding by judgment, order, settlement or conviction shall not, of itself,
create a presumption that the person did not act honestly and in good faith with a view to the best
interests of the Corporation and, with respect to any criminal or administrative action or
proceeding that is enforced by a monetary penalty, had no reasonable grounds for believing that his
conduct was lawful.</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">21.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Right of Indemnity Not Exclusive </B>&#151; The provisions for indemnification contained in the by-laws
of the Corporation shall not be deemed exclusive of any other rights to which any person seeking
indemnification may be entitled under any agreement, vote of shareholders or directors or
otherwise, both as to action in his official capacity and as to action in another capacity, and
shall continue as to a person who has ceased to be a director, officer, employee or agent and shall
inure to the benefit of the heirs and legal representatives of such a person.</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">22.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No Liability of Directors or Officers for Certain Matters </B>&#151; To the extent permitted by law, no
director or officer of the Corporation shall be liable for the acts, receipts, neglects or defaults
of any other director or officer or employee or for joining in any receipt or act for conformity or
for any loss, damage or expense happening to the Corporation through the insufficiency or
deficiency of title to any property acquired by the Corporation or for or on behalf of the
Corporation or for the insufficiency or deficiency of any security in or upon which any of the
moneys of or belonging to the Corporation shall be placed out or invested or for any loss or damage
arising from the bankruptcy, insolvency or tortious act of any person, firm or body corporate with
whom or which any moneys, securities or other assets belonging to the Corporation shall be lodged
or deposited or for any loss, conversion, misapplication or misappropriation of or any damage
resulting from any dealings with any moneys, securities or other assets belonging to the
Corporation or for any other loss, damage or misfortune whatever which may happen in the execution
of the duties of his respective office or trust or in relation thereto unless the same shall
happen</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 --> - 5 - <!-- /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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by or through his failure to act honestly and in good faith with a view to the best interests
of the Corporation and in connection therewith to exercise the care, diligence and skill that
a reasonably prudent person would exercise in comparable circumstances. If any director or
officer of the Corporation shall be employed by or shall perform services for the Corporation
otherwise than as a director or officer or shall be a member of a firm or a shareholder,
director or officer of a body corporate which is employed by or performs services for the
Corporation, the fact of his being a director or officer of the Corporation shall not
disentitle such director or officer or such firm or body corporate, as the case may be, from
receiving proper remuneration for such services.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DIVIDENDS</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">23.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Dividends </B>&#151; Subject to the provisions of the Business Corporations Act, the board may from time
to time declare dividends payable to the shareholders according to their respective rights and
interests in the Corporation. Dividends may be paid in money or property or by issuing fully paid
shares 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="3%" nowrap align="left">24.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Dividend Cheques </B>&#151; A dividend payable in cash shall be paid by cheque drawn on the
Corporation&#146;s bankers or one of them to the order of each registered holder of shares of the class
or series in respect of which it has been declared and mailed by prepaid ordinary mail to such
registered holder at his recorded address, unless such holder otherwise directs. In the case of
joint holders the cheque shall, unless such joint holders otherwise direct, be made payable to the
order of all such joint holders and mailed to them at their recorded address. The mailing of such
cheque as aforesaid, unless the same is not paid on due presentation, shall satisfy and discharge
the liability for the dividend to the extent of the sum represented thereby plus the amount of any
tax which the Corporation is required to and does withhold.</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">25.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Non-Receipt of Cheques </B>&#151; In the event of non-receipt of any dividend cheque by the person to
whom it is sent as aforesaid, the Corporation shall issue to such person a replacement cheque for a
like amount on such terms as to indemnify, reimbursement of expenses and evidence of non-receipt
and of title as the board may from time to time prescribe, whether generally or in any particular
case.</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">26.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Unclaimed Dividends </B>&#151; Any dividend unclaimed after a period of 6&nbsp;years from the date on which
the same has been declared to be payable shall be forfeited and shall revert to the Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BANKING ARRANGEMENTS, CONTRACTS, DIVISIONS ETC.</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">27.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Banking Arrangements </B>&#151; The banking business of the Corporation, or any part thereof, shall be
transacted with such banks, trust companies or other financial institutions as the board may
designate, appoint or authorize from time to time by resolution and all such banking business, or
any part thereof, shall be transacted on the Corporation&#146;s behalf by such one or more officers
and/or other persons as the board may designate, direct or authorize from time to time by
resolution and to the extent therein provided.</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">28.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Execution of Instruments</B> &#151; Contracts, documents or instruments in writing requiring execution
by the Corporation may be signed by any two signing officers</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 --> - 6 - <!-- /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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and all contracts, documents or instruments in writing so signed shall be binding upon
the Corporation without any further authorization or formality. The board is authorized from
time to time by resolution to appoint any officer or officers or any other person or persons
on behalf of the Corporation to sign and deliver either contracts, documents or instruments
in writing generally or to sign either manually or by facsimile signature and/or counterpart
signature and deliver specific contracts, documents or instruments in writing. The term
&#147;contracts, documents or instruments in writing&#148; as used in this by-law shall include deeds,
mortgages, charges, conveyances, powers of attorney, transfers and assignments of property of
all kinds (including specifically, but without limitation, transfers and assignments of
shares, warrants, bonds, debentures or other securities), share certificates, warrants,
bonds, debentures and other securities or security instruments of the Corporation and all
paper writings.</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">29.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Voting Rights in Other Bodies Corporate </B>&#151; The signing officers of the Corporation may execute
and deliver proxies and arrange for the issuance of voting certificates or other evidence of the
right to exercise the voting rights attaching to any securities held by the Corporation. Such
instruments shall be in favour of such persons as may be determined by the officers executing or
arranging for the same. In addition, the board may from time to time direct the manner in which and
the persons by whom any particular voting rights or class of voting rights may or shall be
exercised.</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">30.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Creation and Consolidation of Divisions </B>&#151; The board may cause the business and operations of
the Corporation or any part thereof to be divided or to be segregated into one or more divisions
upon such basis, including without limitation, character or type of operation, geographical
territory, product manufactured or service rendered, as the board may consider appropriate in each
case. The board may also cause the business and operations of any such division to be further
divided into sub-units and the business and operations of any such divisions or sub-units to be
consolidated upon such basis as the board may consider appropriate in each case.</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">31.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Name of Division </B>&#151; Any division or its sub-units may be designated by such name as the board
may from time to time determine and may transact business, enter into contracts, sign cheques and
other documents of any kind and do all acts and things under such name. Any such contracts, cheque
or document shall be binding upon the Corporation as if it had been entered into or signed in the
name 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="3%" nowrap align="left">32.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Officers of Divisions </B>&#151; From time to time the board or a person designated by the board, may
appoint one or more officers for any division, prescribe their powers and duties and settle their
terms of employment and remuneration. The board or a person designated by the board, may remove at
its or his pleasure any officer so appointed, without prejudice to such officers rights under any
employment contract. Officers of divisions or their sub-units shall not, as such be officers of the
Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MISCELLANEOUS</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">33.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Invalidity of Any Provisions of This By-law </B>&#151; The invalidity or unenforceability of any
provision of this by-law shall not affect the validity or enforceability of the remaining
provisions of this by-law.</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 --> - 7 - <!-- /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="3%" nowrap align="left">34.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Omissions and Errors </B>&#151; The accidental omission to give any notice to any shareholder, director,
officer or auditor or the non-receipt of any notice by any shareholder, director, officer or
auditor or any error in any notice not affecting the substance thereof shall not invalidate any
action taken at any meeting held pursuant to such notice or otherwise founded thereon.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INTERPRETATION</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">35.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Interpretation </B>&#151; In this by-law and all other by-laws of the Corporation words importing the
singular number only shall include the plural and vice versa; words importing the masculine gender
shall include the feminine and neuter genders; words importing persons shall include an individual,
partnership, association, body corporate, executor, administrator or legal representative and any
number or aggregate of persons; &#147;articles&#148; include the original or restated articles of
incorporation, articles of amendment, articles of amalgamation, articles of continuance, articles
of reorganization, articles of arrangement and articles of revival; &#147;board&#148; shall mean the board of
directors of the Corporation; &#147;Business Corporations Act&#148; shall mean the <I>Business Corporations Act</I>
(Alberta), R.S.A. 2000, c. B-9, as amended from time to time, or any Act that may hereafter be
substituted therefor; &#147;meeting of shareholders&#148; shall mean and include an annual meeting of
shareholders and a special meeting of shareholders of the Corporation; and &#147;signing officers&#148; means
any person authorized to sign on behalf of the Corporation pursuant to paragraph 28.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CONSENTED </B>to by the first directors of the Corporation, as evidenced by the signatures hereto.
</DIV>

<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Gene Stahi
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
<B>GENE STAHI</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Doug Strong
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
<B>DOUG STRONG</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Doug Evasiuk
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
<B>DOUG EVASIUK</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Wane Stickland
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
<B>WANE STICKLAND</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CONFIRMED </B>by the sole voting shareholder of the Corporation, as evidenced by the signature
hereto.
</DIV>

<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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 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"><B>Per:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Doug Strong
<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 align="left" style="font-size: 10pt; margin-top: 12pt"><B>DATED</B>: November&nbsp;5, 2007
</DIV>

</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.29
<SEQUENCE>30
<FILENAME>o69608exv3w29.htm
<DESCRIPTION>EX-3.29
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w29</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
 <DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
 <DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.29</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960847.gif" alt="(GRAPHIC)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">a copy of the Articles of Organization and initial Report of GREY WOLF LLC Domiciled
at BATON ROUGE, LOUISIANA, Was filed and recorded in this Office on December&nbsp;29, 1998, And
all fees having been paid as required by law, the limited liability company is authorized to
transact business in this State, subject to the restrictions imposed by law, including the
provisions of R.S. Title 12, Chapter&nbsp;22. J w ieAlintomM mnefeo&#163;, Jr na/ue neveunto ie6 mm.
natid&#146;and&#146;cau&#038;ed&#146;me C/eatofin/u Viftce fo Se affixed&#146;a.i&#146; ime lail-M, Oa&#163;on Jlouae on,
December&nbsp;2, 1998 BBE Z4723351K</TD>
</TR>
</TABLE>

</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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px"><B>W.
Fox McKeithen</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px"><B>Secretary
of State</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960848.gif" alt="(STAMP)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>LIMITED LIABILITY COMPANY INITIAL REPORT<BR>
(R.S. 12:1305(E))</B></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="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The name of this limited liability company is: Grey Wolf
LLC</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>The location and municipal address, not a post office box only, of this limited liability
company&#146;s registered office:</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>8550 United Plaza Boulevard, Baton Rouge, LA 70809</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="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The full name and municipal address, not a post office box only, of each of this limited
liability company&#146;s registered agent(s) is/are:</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>C T Corporation System, 8550 United Plaza Boulevard, Baton Rouge, LA 70809</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="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The names and municipal addresses, not a post office box only, of the first managers, or
the members:</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 style="border-bottom: 0px solid #000000">Grey Wolf Holdings Company, 10370 Richmond Avenue, Suite&nbsp;600,</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 style="border-bottom: 0px solid #000000">Houston, Texas 77042</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">To be signed by each person who signed the articles of organization:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Allen B. Craig, III
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Allen B. Craig, III, Organizer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AGENT&#146;S AFFIDAVIT AND ACKNOWLEDGMENT OF ACCEPTANCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby acknowledge and accept the appointment of registered agent for and on behalf of the
above named limited liability company.
</DIV>
<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Registered agent(s) signature(s):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Victor Alfano
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</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">Victor Alfano/ Asst. Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sworn to and subscribed before me this 23rd day of December, 1998.
</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="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960849.gif" alt="(STAMP)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ Michael I. De Silva
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Notary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">(See instructions on back)
</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="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960850.gif" alt="(SEAL)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLES OF ORGANIZATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>GREY WOLF LLC</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">(Under Section&nbsp;12.1305 of the Limited Liability Company Act of<BR>
the State of Louisiana)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: The name of the limited liability company is Grey Wolf LLC (hereinafter referred
to as the &#147;company&#148;.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: The purpose of the company is to engage in any lawful activity for which limited
liability companies may be formed under the provisions of the Limited Liability Company Law of the
State of Louisiana.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: The limitations on the authority of the members to bind the company are contained in
the written regulations of the company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH: The company will not be managed by managers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIFTH: The latest date on which the company is to dissolve is December&nbsp;30, 2098.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNED this 22<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> day of December, 1998.
</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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960851.gif" alt="(STAMP)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Allen B. Craig III
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Allen B. Craig III, Organizer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-1-<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">STATE OF TEXAS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">) SS:</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">COUNTY OF HARRIS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On this 22<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> day of December, 1998, before me, the undersigned authority,
personally appeared Allen B. Craig, III, known to me to be the person who signed the foregoing
Articles of Organization, and acknowledged to me that (he)&nbsp;signed the foregoing Articles of
Organization as organizer.
</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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960852.gif" alt="(STAMP)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Tracey Parkes
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Notary Public in and for the
</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">State of Texas</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">(Seal)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">My commission expires:</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">8/13/2002</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.29</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATE OF AMENDMENT<BR>
TO THE<BR>
ARTICLES OF ORGANIZATION<BR>
OF<BR>
GREY WOLF LLC</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the provisions of Section&nbsp;12:1309 of the Louisiana Revised
Statutes Code, the
undersigned Grey Wolf LLC (the &#147;Company&#148;) adopts the following Certificate of Amendment to its
Articles of Organization:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;That the Articles of Organization of the Company, filed December&nbsp;29, 1998, is hereby
amended by changing paragraph &#147;First&#148; thereof so that, as amended, said paragraph shall read in its
entirety as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">FIRST: The name of the limited liability company is Precision Drilling LLC
(hereinafter referred to as the &#147;company&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;That the domicile address of the Company is c/o CT Corporation System, 5615
Corporate Boulevard, Suite&nbsp;400B, Baton Rouge, Louisiana 70808.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The above amendments to the Articles of Organization has been adopted and approved in the
manner required by the Louisiana Revised Statutes Code and constituent documents of the Company,
having been approved by the sole member of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;This document will become effective when the document is filed by the secretary of state.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960853.gif" alt="(SEAL)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">JAY DARDENNE
SECRETARY OF STATE
RECEIVED &#038; FILED
DATE MAY 27 2009</TD>
</TR>
</TABLE>



</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF, </B>said Company has caused this certificate to be signed this
18<SUP style="font-size: 85%; vertical-align: text-top">th</sup> day of May, 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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>GREY WOLF LLC</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">GREY WOLF HOLDINGS COMPANY,</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">its sole member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Kenneth J. Haddad
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Kenneth J. Haddad
</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">Title: Vice President, Business Development</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THE STATE OF TEXAS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#167;</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">&#167;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">COUNTY OF HARRIS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#167;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before me, a notary public, on May&nbsp;18, 2009, personally appeared Kenneth J. Haddad, known
to me to be the person whose name is subscribed to the foregoing Certificate of Amendment and,
being by me first duly sworn, declared that the statements therein contained are true and correct.
</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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960854.gif" alt="(STAMP)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Henrietta Judy Rivera
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Notary Public in and for the State of Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.30
<SEQUENCE>31
<FILENAME>o69608exv3w30.htm
<DESCRIPTION>EX-3.30
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w30</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.30</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FIRST AMENDMENT<BR>
TO<BR>
REGULATIONS OF GREY WOLF LLC</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This First Amendment (this <I><b>&#147;Amendment&#148;</b></I>) to the Regulations (the <B><I>&#147;Regulations&#148;</I></B>) of Grey Wolf
LLC, a Louisiana limited liability company, now known as Precision Drilling LLC (the
&#147;<U>Company</U>&#148;), is executed to be effective as of October&nbsp;31, 2009. Capitalized terms used but
not defined in this Amendment have the meanings given them in the
Regulations.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 18pt">RECITALS:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;On May&nbsp;18, 2009, the Company amended its Articles of Incorporation to change its
name to Precision Drilling LLC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;On May&nbsp;19, 2009, the Company&#146;s sole member, Grey Wolf Holdings Company, a
Nevada corporation (the <I><b>&#147;Member&#148;</b></I>), amended its Articles of Incorporation to change its name
to Precision Drilling Holdings Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;The Member desires to create a new class of Member Interests in the Company
having all the same characteristics as the Member Interests existing prior to the effective
date of
this Amendment, except that the new class, designated the &#147;Class&nbsp;B Member Interest,&#148; will not
entitle the holders thereof to vote on any matter submitted to the Members for approval or
other
action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;The Member Interests existing prior to the effective date of this Amendment will
be designated the &#147;Class&nbsp;A Member Interest.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;The Member desires to amend the Regulations to reflect the Company&#146;s and the
Member&#146;s respective name changes, and the creation of two classes of Member Interests, all as
more fully set forth below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE, in consideration of the premises and the mutual benefits and advantages to be
derived from this Amendment, the parties, intending to be legally bound, agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">AGREEMENTS:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Regulations are hereby amended to reflect that (i)&nbsp;the Company has changed its name to
Precision Drilling LLC, and (ii)&nbsp;the Member has changed its name to Precision Drilling Holdings
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Article&nbsp;I of the Regulations is hereby amended to include the following defined terms:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#147;<U>Class&nbsp;A Member Interest</U>&#148; shall mean the entire ownership
interest and rights of a Member in Class&nbsp;A Member Interests of the
Company, such Class&nbsp;A Member Interests having all
the
</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="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">characteristics of Member Interests generally set forth in these
Regulations.&#148;
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#147;<U>Class&nbsp;B Member Interest</U>&#148; shall mean the entire ownership
interest and rights of a Member in Class&nbsp;B Member Interests of the
Company, such Class&nbsp;B Member Interests having all the
characteristics of Member Interests generally set forth in these
Regulations, provided that, notwithstanding anything to the
contrary, Class&nbsp;B Member Interests are non-voting interests that
shall not entitle holders thereof to vote on or consent to any
matter submitted to the Members for approval or other action, and
Class&nbsp;B Member Interests shall not be included for purposes of
determining a majority or other percentage of Member Interests in
connection with a quorum, vote or consent of the Members.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Article&nbsp;I of the Regulations is hereby amended to replace the definition of <I><b>&#147;Member
Interest or Interest&#148;</b></I> with the following: &#147;the entire ownership interests and rights of a Member in
the Company as set forth on <U>Exhibit&nbsp;A</U> hereto, including Class&nbsp;A Member Interests and Class
B Member Interests, but not including Class&nbsp;B Member Interests for purposes of determining a
majority or other percentage of Member Interests in connection with a quorum, vote or consent of
the Members.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Section&nbsp;8.3 of the Regulations is hereby replaced in its entirety with the following:
<I><b>&#147;Action by Written Consent</b></I>. Any action required or permitted to be taken at any annual or special
meeting of Members may be taken without a meeting, without prior notice, and without a vote, (i)
if the Members holding Class&nbsp;A Member Interests unanimously agree, and (ii)&nbsp;if a consent or
consents in writing, setting forth the action so taken, shall be signed by all the Members holding
Class&nbsp;A Member Interests.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Exhibit&nbsp;A</U> of the Regulations is hereby amended and restated in its entirety to
read in the manner set forth in <U>Exhibit&nbsp;A</U> attached to this Amendment and hereby made a
part hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;The parties hereto hereby ratify, confirm and adopt all the terms and provisions of the
Regulations as amended hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Except as hereby expressly modified, all terms of the Regulations remain in full force and
effect. This Amendment (i)&nbsp;shall bind and benefit the Members and their respective heirs,
beneficiaries, administrators, executors, receivers, trustees, successors and assigns, (ii)&nbsp;shall
be modified or amended only in the manner set forth in the Regulations, (iii)&nbsp;SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF LOUISIANA AND THE UNITED STATES OF
AMERICA FROM TIME TO TIME IN EFFECT and (iv)&nbsp;and embodies the entire agreement and understanding
between the parties with respect to modifications of instruments provided for herein and
supersedes all prior conflicting or inconsistent agreements, consents and understandings relating
to such subject matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;This Amendment may be executed in one or more counterparts, each of which will be deemed
to be an original copy and all of which, when taken together, will be deemed to
</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">constitute one and the same Amendment. The exchange of copies of this Amendment and of signature
pages by facsimile transmission shall constitute effective execution and delivery of this Amendment
as to the parties and may be used in lieu of the original document for all purposes. Signatures of
the parties transmitted by facsimile shall be deemed to be their original signatures for all
purposes.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Signature Page to Follow</I>&#093;
</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">EXECUTED effective as of the day first written above.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><u>MEMBER:</u><BR>
<BR>
Precision Drilling Holdings Company<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Kenneth Haddad
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Kenneth Haddad     &nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Vice President, Business Development&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><u>COMPANY:</u><BR>
<BR>
Precision Drilling LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ David Wehlmann
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">David Wehlmann&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President, Investor Relations&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<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"><B>EXHIBIT A</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Member&#146;s Name and Address</B></U>
</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="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Initial Capital</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Class A Member Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Contribution</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Holdings Company,
<BR>
a Nevada corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">1,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4200, 150 &#150; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Ave. S.W.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Calgary, Alberta T2P 3Y7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 10pt"><TD>&nbsp;</TD></TR>


<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Class B Member Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center" style="border-bottom: 1px solid #000000"><B>Additional Contribution</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Holdings Company,
<BR>
a Nevada corporation<BR>4200, 150 &#150;
6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Ave. S.W.<BR>
Calgary, Alberta T2P 3Y7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">198 shares of the
common stock, par value $1.00 per share, of
Precision Drilling Oilfield Services,
Inc., a Delaware corporation</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.30</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THE MEMBERSHIP INTERESTS REPRESENTED HEREBY (OR BY CERTIFICATES IF ANY ARE ISSUED) HAVE BEEN
ACQUIRED FOR INVESTMENT AND WERE ISSUED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (&#147;ACT&#148;), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE INTERESTS MAY NOT BE SOLD,
PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED AT ANY TIME EXCEPT IN ACCORDANCE WITH THE
RESTRICTIONS CONTAINED IN THE REGULATIONS AND PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE ACT AND ANY APPLICABLE STATE SECURITIES LAW OR IN THE EVENT THE COMPANY HAS RECEIVED AN OPINION
OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO IT THAT SUCH TRANSFER DOES NOT REQUIRE
REGISTRATION UNDER ANY APPLICABLE LAWS.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REGULATIONS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>of</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>GREY WOLF LLC</B><BR>
a Louisiana limited liability company
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THESE REGULATIONS OF GREY WOLF LLC (&#147;Regulations&#148;) dated effective as of 29<SUP style="FONT-size: 85%; vertical-align: text-top">th</sup> day of
December, 1998, are adopted, executed and agreed to, for good and valuable consideration, by GREY
WOLF HOLDINGS COMPANY, a Nevada corporation (&#147;Member&#148;).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE I</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Definitions</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following terms, when used in these Regulations, shall have the respective meanings
assigned to them in this Article unless the context otherwise requires:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Act</U> shall mean the Louisiana Limited Liability Company Act of the Louisiana Civil
Statutes Annotated, as amended (or any corresponding provisions of any successor statute).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Articles</U> shall mean the Articles of Organization of the Company filed with the
Secretary of State of Louisiana on <B><U>December&nbsp;29</U>,</B> 1998.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Bankrupt Member</U> shall mean any Member (a)&nbsp;that (i)&nbsp;makes a general assignment for the
benefit of creditors; (ii)&nbsp;files a voluntary bankruptcy petition; (iii)
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">becomes the subject of an order for relief or is declared insolvent in any federal or state
bankruptcy or insolvency proceedings; (iv)&nbsp;files a petition or answer seeking for the Member a
reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief
under any law; (v)&nbsp;files an answer or other pleading admitting or failing to contest the material
allegations of a petition filed against the Member in a proceeding of the type described in
subclauses (i)&nbsp;through (iv)&nbsp;of this clause (a); or (vi)&nbsp;seeks, consents to, or acquiesces in the
appointment of a trustee, receiver, or liquidator of the Member&#146;s or all or any substantial part of
the Member&#146;s properties; or (b)&nbsp;against which a proceeding seeking reorganization, arrangement,
composition, readjustment, liquidation, dissolution, or similar relief under any law has been
commenced and 120&nbsp;days have expired without dismissal thereof or with respect to which, without the
Member&#146;s consent or acquiescence, a trustee, receiver, or liquidator of the Member or of all or any
substantial part of the Member&#146;s properties has been appointed and 90&nbsp;days have expired without the
appointment&#146;s having been vacated or stayed, or 90&nbsp;days have expired after the date of expiration
of a stay, if the appointment has not previously been vacated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capital Contribution</U> shall mean any contribution by a Member to the capital of the
Company of money or property other than money.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Code</U> shall mean the Internal Revenue Code of 1986, as amended and in effect from time
to time, as interpreted by the applicable regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Commitment</U> shall mean the total contribution to the capital of the Company for which
a Member is legally bound and obligated and which initial amount shall be in the amount set forth
for such Member on <U>Exhibit&nbsp;A</U> hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company</U> shall mean GREY WOLF LLC, the limited liability company organized pursuant to
the Articles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Member</U> shall mean any Person executing these Regulations as of the date of these
Regulations as a Member or hereafter admitted to the Company as a Member as provided in this
Regulations, but does not include any Person who has ceased to be a Member in the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Member Interest</U> or <U>Interest</U> shall mean the entire ownership interests and
rights of a Member in the Company. Member Interests are as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GREY WOLF HOLDINGS COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100%
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Net Income</U> shall mean, for any taxable period, the excess, if any, of the Company&#146;s
items of income and gain for such taxable period over the Company&#146;s items of loss and deduction
for such taxable period.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Net Loss</U> shall mean, for any taxable period, the excess, if any, of the Company&#146;s
items of loss and deduction for such taxable period over the Company&#146;s items of income and gain for
such taxable period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Person</U> includes any individual, trust, partnership, limited liability company,
corporation or other organization or entity.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE II</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>ORGANIZATION</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <U>Formation</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has been organized as a Louisiana limited liability company by
the filing of Articles under and pursuant to the Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rights and liabilities of the Members shall, except as may be
expressly provided otherwise herein, be as provided in the Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Member Interest in the Company shall be personal property for all
purposes. All real and other property owned by the Company shall be deemed owned by
the Company as an entity and no Member, individually, shall have any ownership of
such property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <U>Name</U>. The name of the Company is &#147;Grey Wolf LLC&#148; and all Company business must be
conducted in that name or such other names that comply with applicable law as the Members may
select from time to time in accordance <font style="white-space: nowrap">with Section&nbsp;7.1(a)</font>&nbsp;hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <U>Offices</U>. The registered office of the Company in the State of Louisiana shall be
the office of the initial registered agent named in the Articles or such other office (which need
not be a place of business of the Company) as the Members may designate from time to time in
accordance with Section&nbsp;7.1 (a)&nbsp;hereof. The registered agent of the Company in the State of
Louisiana shall be the initial registered agent named in the Articles or such other Person or
Persons as the Members may designate from time to time in the manner in accordance with Section
7.1(a) hereof. The principal office of the Company shall be at 333 Texas Street, Suite&nbsp;925,
Shreveport, Louisiana 71101, or such other place as the Members shall designate from time to time
in accordance with Section&nbsp;7.1(a) hereof, and the Company shall maintain records there as required
by the Act. The Company may have such other offices as the Members may designate from time to time
in accordance with Section&nbsp;7.1(a) hereof.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <U>Term</U>. The Company shall commence on the date the Secretary of State of the State
of Louisiana issues a certificate of organization for the Company, and shall continue in existence
for the period fixed in the Articles.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE III</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Purposes and Powers</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <U>Purposes of the Company</U>. The purposes for which the Company is
organized are to engage in any business or activity in which the Company lawfully
may engage under the Act, and any other business or activity that now or hereafter
may be necessary, incidental, proper, advisable, or convenient to accomplish the
foregoing purposes and that is not forbidden by the law of the jurisdiction in which
the Company engages in that business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Powers of the Company</u>. The Company purposes set forth in Section
3.1 hereof may be accomplished by taking any action which is permitted under the
Act and which is customary or directly related to such purposes.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE IV</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Membership</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <U>Initial Members</U>. The initial Members of the Company are the Persons executing
these Regulations as of the date of these Regulations as Members, each of which is admitted to the
Company as a Member effective contemporaneously with the execution by such Person of these
Regulations. The name and address of each initial Member is set forth on <U>Exhibit&nbsp;A</U> hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <U>Additional Members</U>. Additional Persons may be admitted to the Company as Members
and Member Interests may be created and issued to those Persons and to existing Members on such
terms and conditions as may be determined at the time of admission. The terms of admission or
issuance must specify the Member Interest and the Commitments applicable thereto and may provide
for the creation of different classes or groups of Members having different rights, powers and
duties. The Members shall reflect the creation of any new class or group in an amendment to these
Regulations indicating such different rights, powers and duties. Any such admission also must
comply with the provisions of Article&nbsp;XII if involving a transfer of a Member Interest, and is
effective only after the new Member (and, if an individual, such person&#146;s spouse) has executed and
delivered to the Members a document including the new Member&#146;s notice address and an agreement to
be bound by these Regulations.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.3 <U>Admission of New Members</U>. In the case of a person acquiring a Membership Interest
directly from the Company, such person shall become a new Member only upon compliance with the
provisions of these Regulations governing admission of new Members. In the case of an assignee of a
Member Interest, such assignee may be admitted as a Member upon the consent of all the Members and
as otherwise provided in the Act; provided, however, that any assignment of a Member Interest shall
be subject to the restrictions set forth in Article&nbsp;XII hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <U>No Liability to Third Parties</U>. No Member shall be liable for the debts,
obligations or liabilities of the Company, including under a judgment decree or order of a court,
except as may be provided in a separate, written agreement executed by a Member wherein they
expressly agree to assume such obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <U>Withdrawal</U>. Except as otherwise provided herein, no Member has the right or power
to resign or withdraw from the Company as a Member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <U>No State-Law Partnership</U>. The Members intend that the Company not be a
partnership (including, without limitation, a limited partnership) or joint venture, and that no
Member be a partner or joint venturer of any other Member, for any purposes other than federal and
state tax purposes, and these Regulations may not be construed to suggest otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <U>Lack of Authority</U>. Except as otherwise provided herein, no Member has the
authority or power to act for or on behalf of or bind the Company or to incur any expenditures on
behalf of the Company.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE V</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Contributions</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <U>Initial Contributions</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Member shall contribute to the Company the amount of its Capital
Contribution contemporaneously with the execution by such Member of these
Regulations. In exchange for their respective initial Capital Contributions, the
Members shall own, hold and be entitled to the initial Member Interests reflected
on <U>Exhibit&nbsp;A</U>,<SUB style="FONT-size: 85%; vertical-align: text-bottom"></SUB> such Member Interests to be subject to all of the
terms, provisions and conditions of these Regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The initial Capital Contributions shall be as more fully set forth on
<U>Exhibit&nbsp;A</U>.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <U>Additional Contributions</U>. Without creating any rights in favor of third
parties, after the expenditure or commitment of all funds of the Company, each Member agrees to
contribute, from time to time, additional cash to the capital of the Company pro rata in accordance
with his or her respective Member Interest in the amounts determined by approval of the Members.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <U>Loans by Members</U>. If any additional funds are required for additional working
capital to operate the Company and without regard to the ability of the Members to call for
Additional Contributions, then, in lieu of borrowing funds from unaffiliated lenders or calling
for Additional Contributions, the Members may cause the Company to borrow from one or more Members
such amounts as may reasonably be required and as are necessary to operate the Company as shall be
determined by the Members (&#147;Member Loans&#148;). Nothing herein shall obligate any Member to make any
such loans to the Company. Any Member Loans shall bear reasonable interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <U>Interest</U>. No interest shall be paid by the Company on any Capital Contributions
by the Members.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <U>Return of Capital</U>. No Member shall be entitled to have any Capital Contribution
returned to it or to receive any distributions from the Company upon withdrawal or otherwise,
except in accordance with the express provisions of these Regulations. No unrepaid Capital
Contribution shall be deemed or considered to be a liability of the Company or any Member. No
Member shall be required to contribute any cash or property to the Company to enable the Company
to return any Members&#146; Capital Contribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <U>Creditors of the Company</U>. No creditor of the Company will have or shall acquire
at any time any direct or indirect interest in the profits, capital or property of the Company
other than as a secured creditor as a result of making a loan to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <U>Capital Accounts</U>. A Capital Account shall be established and maintained for each
Member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <U>Reimbursements</U>. The Members shall be entitled to be reimbursed for any and all
reasonable, direct out-of-pocket costs and expenses of the Company paid or incurred by the Members
on behalf of the Company and within the scope of its business.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE VI</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Allocations and Distributions</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <U>Allocations</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All items of Net Income and Net Loss and credit of the Company shall be allocated among
the Members in accordance with their Member Interests.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, all items of income, gain, loss, deduction, and
credit allocable to any Member Interest that may have been transferred shall be allocated between
the transferor and the transferee based on the portion of the calendar year during which each was
recognized as owning that Member Interest, without regard to the results of Company operations
during any particular portion of that calendar year and without regard to whether cash
distributions were made to the transferor or the transferee during that calendar year; provided,
however, that this allocation must be made in accordance with a method permissible under Section
706 of the Code and the IRS regulations thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <U>Distributions</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From time to time (but at least once each year) the Members, upon the vote as provided in
Section&nbsp;7.1(a) hereof, shall determine in their reasonable judgment to what extent (if any) the
Company&#146;s cash on hand exceeds its current and anticipated needs, including, without limitation,
for operating expenses, debt service (including Member Loans), acquisitions, and a reasonable
contingency reserve. If such an excess exists, then upon the affirmative vote of the Members in
accordance with Section&nbsp;7.1(a)&nbsp;in favor of distributing such excess, the Members shall cause the
Company to distribute to the Members, in accordance with their respective Member Interests (&#147;pro
rata&#148;), an amount in cash equal to that excess.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From time to time, the Members also may cause property of the Company other than cash to
be distributed to the Members, which distribution must be made in accordance with their Member
Interests and may be made subject to existing liabilities and obligations.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <U>Accounting Matters</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The fiscal year of the Company shall be the calendar year, with the first
fiscal year of the Company ending on December&nbsp;31, 1998. The books and records of
account of the Company shall, at the expense of the Company, (i)&nbsp;be kept, or caused
to be kept, by the Company at the principal place of business of the Company, (ii)
be on a basis consistent with the method of accounting used for federal income tax
purposes, (iii)&nbsp;reflect all Company transactions, and (iv)&nbsp;be appropriate and
adequate for conducting Company business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Company books and records (including all files and documents), as well as
any tangible assets of the Company, will be available for inspection by any Member
or such Member&#146;s duly authorized representative (at the expense of such Member)
during business hours at (in the case of books and records) the principal office of
the Company or (in the case of tangible assets) the place where such assets are
physically located.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may, within 90&nbsp;days after the end of each calendar year cause
to be prepared and distributed to each Member unaudited financial statements
(&#147;Annual Financial Statement&#148;). In addition, any Member at any time may require to
be prepared and distributed to each Member an audited financial statement prepared
by an auditor selected by such Member provided such audit shall not reasonably
interfere with continuing operations of the Company and further provided that all
costs and expenses of such audit shall be paid directly by the Members requesting
such audit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Within a reasonable time after the end of each Company fiscal year during
the existence of the Company and in any event no later than the fifteenth day of the
fourth month after the commencement of the next succeeding fiscal year (unless an
extension request has been filed with the Internal Revenue Service), the Members
will prepare (or cause to be prepared) and file for the Company appropriate tax
returns and send all Members a copy thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <U>Accounts</U>. The Members shall establish and maintain one or more
separate bank and investment accounts and arrangements for Company funds in the
Company name with financial institutions and firms that the Members determine.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE VII</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Members</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <U>Management by Members</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The powers of the Company shall be exercised by or under the authority of and the business
and affairs of the Company shall be managed under the direction of the Members; and the Members may
make all decisions and take all actions for the Company upon the vote of a majority of the Member
Interests thereof, including, without limitation, the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) entering into, making, and performing contracts, agreements, and other
undertakings binding the Company that may be necessary, appropriate, or advisable
in furtherance of the purposes of the Company and making all decisions and
waivers thereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) opening and maintaining bank and investment accounts and arrangements,
drawing checks and other orders for the payment of money, and designating
individuals with authority to sign or give instructions with respect to those
accounts and arrangements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintaining the assets of the Company in good order;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) collecting sums due the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to the extent that funds of the Company are available therefor, paying
debts and obligations of the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) acquiring, utilizing for Company purposes, and disposing of any asset
of the Company in the normal course of Company business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) borrowing money or otherwise committing the credit of the Company for
Company activities and voluntary prepayments or extensions of debt;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) selecting, removing, and changing the authority and responsibility of
lawyers, accountants, and other advisers and consultants;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) obtaining insurance for the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) determining distributions of Company cash and other property as provided
in Section&nbsp;6.2;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) taking any and all other action that may be necessary, appropriate or
advisable in furtherance of the purposes of the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">provided, however, that nothing contained in these Regulations shall obligate any Member to take
any action on behalf of the Company that the Member deems (i)&nbsp;not in the best interests of the
Company, (ii)&nbsp;not in the best interest of the Member or (iii)&nbsp;not reasonably necessary to
accomplish the intended business of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2
<U>Actions by Members; Delegation of Authority and Duties</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In managing the business and affairs of the Company and exercising its powers, the
Members shall act (i)&nbsp;collectively through meetings and written consents and (ii)&nbsp;through officers
to whom authority and duties have been delegated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Members hereby delegate to the officers the responsibility for the day-to-day
management of the affairs of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Person dealing with the Company may rely on the authority of any officer in taking
any action in the name of the Company without inquiry into the provisions of these Regulations or
compliance herewith, regardless of whether that action actually is taken in accordance with the
provisions of these Regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Members may, from time to time, designate one or more persons to be officers of the
Company. Any officers so designated shall have such authority and perform such duties as the
Members may, from time to time, delegate to them. The Members may assign titles to particular
officers. Unless the Members decide otherwise, if the title is one commonly used for officers of a
business corporation formed under the Act, the assignment of such title shall constitute the
delegation to
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">such officer of the delegation of authority and duties commonly made to such officer.
Each officer shall hold office until his successor shall be duly designated and shall
qualify or until his death or until he shall resign or shall have been removed in the
manner hereinafter provided. Any number of offices may be held by the same person. The
salaries or other compensation, if any, of the officers and agents of the Company shall be
fixed from time to time by the Members.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any officer may resign as such at any time. Such resignation shall be made in
writing and shall take effect at the time specified therein, or if no time be specified, at
the time of its receipt by the Members. The acceptance of a resignation shall not be
necessary to make it effective, unless expressly so provided in the resignation. Any
officer may be removed as such, either with or without cause, by the Members whenever in
their judgment the best interests of the Company will be served thereby; provided, however,
that such removal shall be without prejudice to the contract rights, if any, of the Person
so removed. Designation of an officer shall not of itself create contract rights. Any
vacancy occurring in any office of the Company may be filled by a Member in accordance with
Section&nbsp;7.1(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective upon the execution hereof by the Members, the following persons are
hereby elected as the officers specified opposite their respective names, to serve in such
capacity for a term ending on December&nbsp;31, 1998, and year-to-year thereafter until he shall
die, resign, or be removed for cause by a vote of the Members in accordance with Section
7.1(a).
</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="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Thomas P. Richards
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David W. Wehlmann
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President,
Chief Financial Officer and Secretary</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ronnie E. McBride
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President &#150; Domestic Operations</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dale M. Love
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President &#150; Gulf Coast</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert Bujol
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President &#150; Ark-La-Tex</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Merrie S. Costley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Controller</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald J. Guedry, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Treasurer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE VIII</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Meetings of Members</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <U>Meetings</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A quorum shall be present at a meeting of the Members if the holders of a
majority of the Member Interests are represented at the meeting in person or by
proxy. With respect to any matter, other than a matter for which the affirmative
vote of the holders of specified Member Interest of all Members entitled to vote is
required by the Act of a greater percentage of Member Interest than provided herein,
the affirmative vote of majority in Member Interest at a meeting of Members at which
a quorum is present shall be the act of the Members.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All meetings of the Members shall be held at the principal place of
business of the Company or at such other place within or without the State of
Louisiana as shall be specified or fixed in the notices or waivers of notice
thereof. The Members may participate in and hold a meeting of Members by means of
conference telephone or similar communications equipment by means of which all
persons participating in the meeting may hear each other. Participation in a meeting
by telephonic equipment constitutes presence in person at the meeting for the
express purpose of objecting to the transaction of any business on the ground that
the meeting is not lawfully called or convened.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An annual meeting of the Members, for the appointment or election of the
officers and for the transaction of such other business as may properly come before
the meeting, shall be held at such place, within or without the State of Louisiana,
on such date and at such time as the Members shall fix and set forth in the notice
of the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Special meetings of the Members for any proper purpose or purposes may be
called at any time by any Member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <U>Proxies</U>. A Member may vote either in person or by proxy executed in writing by the
Member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <U>Action by Written Consent</U>. Any action required or permitted to be taken at any
annual or special meeting of Members may be taken without a meeting, without prior notice, and
without a vote, (i)&nbsp;if the Members unanimously agree, and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii)&nbsp;if a consent or consents in writing, setting forth the action so taken, shall be signed
by all Members.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE IX</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Interests Certificates Representing Member Interests</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests of the Company may be represented by certificates in such form or forms as the
Members may approve, provided that such form or forms shall comply with all applicable
requirements of law and the Articles.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE X</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Right to Indemnification</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the limitations and conditions as provided in this Article, each Person who was or
is made a party or is threatened to be made a party to or is involved in any threatened, pending
or completed action, suit or proceeding, whether civil, criminal, administrative, arbitrative or
investigative (hereinafter, a &#147;Proceeding&#148;), or any appeal in such a Proceeding or any inquiry or
investigation that could lead to such a Proceeding, by reason of the fact that he or she, or a
Person of whom he or she is the legal representative, is or was a Member or officer of the Company
or while a Member or officer of the Company is or was serving at the request of the Company as a
director, officer, partner, venturer, proprietor, trustee, employee, agent, or similar functionary
of another foreign or domestic limited liability company, corporation, partnership, joint venture,
sole proprietorship, trust, employee benefit plan or other enterprise shall be indemnified by the
Company to the fullest extent permitted by the Act, as the same exist or may hereinafter be
amended (but, in the case of any such amendment, only to the extent that such amendment permits
the Company to provide broader indemnification rights than said law permitted the Company to
provide prior to such amendment) against judgments, penalties (including excise and similar taxes
and punitive damages), fines, settlements and reasonable expenses (including, without limitation,
attorneys&#146; fees) actually incurred by such Person in connection with such Proceeding, and
indemnification under this Article shall continue as to a Person who has ceased to serve in the
capacity which initially entitled such Person to indemnity hereunder.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE XI</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Taxes</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <U>Tax Returns</U>. The Members shall cause to be prepared and filed all necessary
federal and state income tax returns for the Company, including making the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">elections described in Section&nbsp;11.2.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Tax Elections.</u> The Company shall make the following elections on the
appropriate tax returns:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to adopt the calendar year as the Company&#146;s fiscal year;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to adopt the accrual method of accounting and to keep the Company&#146;s books
and records on generally accepted accounting principles;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if a distribution of Company property as described in Section&nbsp;734 of the
Code occurs or if a transfer of a Member Interest as described in Section&nbsp;743 of the
Code occurs, on written request of any Member, to elect, pursuant to Section&nbsp;754 of
the Code, to adjust the basis of Company properties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to elect to amortize the organization expenses of the Company and the
start-up expenditures of the Company under Section&nbsp;195 of the Code ratably over a
period of 60&nbsp;months as permitted by Section 709(b) of the Code; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other election the Members may deem appropriate and in the best
interests of the Members.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Neither the Company nor any Member may make an election for the Company to be excluded from the
application of the provisions of subchapter K of chapter 1 of subtitle A of the Code or any
similar provisions of applicable state law, and no provision of these Regulations (including,
without limitation, Section&nbsp;4.6) shall be construed to sanction or approve such an election.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <U>Tax Matters Partner</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Members in accordance with Section&nbsp;7.1(a) shall designate a Member to
be the &#147;tax matters partner&#148; of the Company pursuant to Section&nbsp;6231(a)(7) of the
Code. Any Member who is designated &#147;tax matters partner&#148; shall inform all other
Members of all significant matters that may come to its attention in its capacity
as &#147;tax matters partner&#148; by giving notice thereof on or before the tenth business
day after becoming aware thereof and, within that time, shall forward to all other
Members copies of all significant written communications it may receive in that
capacity. Any Member who is designated &#147;tax matters partner&#148; may not take any
action contemplated by Sections
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">6222 through 6232 of the Code without the vote pursuant to Section&nbsp;7.1(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Grey Wolf Holdings Company is hereby designated as the initial &#147;tax
matters partner.&#148;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE XII</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Restrictions on Transfers</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <U>Restrictions on Transfer</U>. Except as may be provided otherwise in these
Regulations, none of the issued and outstanding Member Interests nor any interest therein may be
sold, assigned, pledged or otherwise transferred or hypothecated by operation of law or otherwise
without the unanimous consent of the Members, in their sole discretion, and in accordance with the
other terms and conditions of these Regulations. Any transferee or assignee acquiring a Member
Interest in the Company shall take subject to all of the terms and conditions of these Regulations.
Unless and until any such sale, assignment, pledge or other transfer or hypothecation of an Member
Interest shall be approved by the unanimous consent of the Members, (i)&nbsp;the assignee of such Member
Interest shall, upon appropriate notice to the Company of such assignment, be entitled only to the
allocated income, gain, loss, deduction, credit or similar items, and to receive distributions to
which the assignor Member was entitled to the extent those items are assigned, and (ii)&nbsp;the
assignor Member shall remain a Member for all other purposes including the right to vote on any
Company matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <U>Death, Insanity, Bankruptcy, Retirement, Resignation, or Expulsion of a Member</U>.
The death, insanity, bankruptcy, retirement, resignation, or expulsion of any Member shall not
cause a dissolution of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <U>Member Interests Acquired Subsequent to the Date of these Regulations</U>. All
Member Interests subsequently issued by the Company to the Members or otherwise sold, transferred,
or acquired by the Members shall be subject to these Regulations.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE XIII</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Dissolution and Liquidation</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <U>Dissolution of the Company</U>. The Company shall be dissolved upon the occurrence
of any of the following events:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The majority vote of the Members;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The sale or other disposition of all or substantially all of the
assets of the Company and the receipt of all payments therefor in cash;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If there is any period fixed in the Articles for the duration of the
Company, the expiration of such period; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Entry of a decree of judicial dissolution of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 <U>Liquidation and Termination</U>. On dissolution of the Company, the Members may
appoint one or more Members as liquidator. The liquidator shall proceed diligently to wind up the
affairs of the Company and make final distributions as provided herein and in the Act. The costs of
liquidation shall be borne and paid as a Company expense. Until final distribution, the liquidator
shall continue to operate the Company with all of the power and authority of the Members.
Maintenance of property, borrowing and expenditures of Company funds for legitimate Company
purposes to effectuate or facilitate the winding up or the liquidation of the Company affairs shall
be authorized if the liquidating trustee, in the exercise of his business judgment, believes that
the interest of the Company would be best served thereby and shall not be construed to involve a
continuation of the Company. Upon dissolution of the Company, a true, just and final accounting of
all transactions relating to the business of the Company shall be made. Liabilities of the Company
shall be paid and assets of the Company shall be distributed in accordance with the provisions of
Section&nbsp;13.3 hereof as soon as is reasonably practicable after the dissolution of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 <U>Payment of Liabilities and Distribution of Assets</U>. Upon dissolution of the
Company, the liquidator shall distribute the assets of the Company which shall be distributed as
follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the creditors of the Company, including the Members to the extent of
Member Loans;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The liquidator may sell any or all Company property, including to
Members, and any resulting gain or loss from each sale shall be computed and
allocated to the Capital Accounts of the Members;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) With respect to all Company property that has not been sold, the fair
market value of that property shall be determined and the Capital Accounts of the
Members shall be adjusted to reflect the manner in which the unrealized income,
gain, loss, and deduction inherent in property that has not been reflected in the
Capital Accounts previously would be allocated among the Members if there
were a taxable
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-16-<!-- /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; margin-left: 2%">disposition of that property for the fair market value of that property on the date
of distribution; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Company property shall be distributed among the Members, first, in such
proportions and in such amounts (to the extent of available funds) as necessary to
cause the respective balances in the Members&#146; Capital Accounts to be in proportion
to their respective Interests and, thereafter, in accordance with the positive
Capital Account balances of the Members, as determined after taking into account
all Capital Account adjustments for the taxable year of the Company during which
the liquidation occurs (other than those made by reason of this clause (iv)); and
those distributions shall be made by the end of the taxable year of the Company
during which the liquidation of the Company occurs (or, if later, 90&nbsp;days after the
date of the liquidation).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>ARTICLE XIV</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Miscellaneous Provisions</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 <U>Amendment or Modification</U>. These Regulations may be amended or modified from time
to time only by a written instrument unanimously adopted by all of the Members and executed and
agreed to unanimously by all of the Members.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 <U>Successors and Assigns</U>. These Regulations, and all the terms and provisions
hereof, shall be binding upon and shall inure to the benefit of the Members, their spouses and
their (and their spouses&#146;) respective heirs, personal representatives, successors and assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 <U>Construction</U>. The captions used in these Regulations are for convenience only
and shall not be construed in interpreting these Regulations. Wherever the context so requires,
the masculine shall include the feminine and the neuter, and the singular shall include the plural
and vice versa, unless the context clearly requires a different interpretation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 <U>Governing Law</U>. All provisions of these Regulations shall be construed according
to the laws of the State of Louisiana. The rights and liabilities of the Members shall, except as
otherwise provided in these Regulations, be as provided for in the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 <U>Severability</U>. These Regulations are intended to be performed in accordance with,
and only to the extent permitted by, all applicable laws, ordinances, rules and regulations of the
jurisdictions in which the Company does business. In the event of a direct conflict between the
provisions of these Regulations and (a)&nbsp;any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-17-<!-- /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">provision of the Articles, or (b)&nbsp;any mandatory provision of the Act, the Articles or the Act, as
the case may be, shall control. If any provision of these Regulations or the application thereof to
any Person or circumstances is for any reason and to any extent invalid or unenforceable, the
remainder of these Regulations and the application of such provision to the other persons or
circumstances will not be affected thereby, but rather are to be enforced to the greatest extent
permitted by law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 <U>Waiver of Partition</U>. Each Member hereby irrevocably waives during the term of
the Company any right that he may have to maintain any action for partition with respect to any
assets of the Company and, except as provided in Article&nbsp;XIII, any right he may have to maintain
any action for dissolution of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 <U>No Third Party Beneficiaries</U>. These Regulations are intended for the exclusive
benefit of the Members and their respective personal representatives, successors and permitted
assigns, and nothing contained in these Regulations shall be construed as creating any rights or
benefits in or to any third party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned have executed these Regulations as of the
date first set forth hereinabove.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U>MEMBER</U>:<BR>
<BR>
GREY WOLF HOLDINGS COMPANY<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

<TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/
David W. Wehlmann
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->-18-<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>EXHIBIT A</U>
</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Name and Address of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Member</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Initial Capital</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Each Member</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Interest</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Contributions</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grey Wolf Holdings Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">$1,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-19-<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.31
<SEQUENCE>32
<FILENAME>o69608exv3w31.htm
<DESCRIPTION>EX-3.31
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w31</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.31</B>
</DIV>


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Corporations Section <BR>
P.O.Box 13697<BR>
Austin, Texas 78711-3697
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="o69608o6960816.gif" alt="(SEAL)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Hope Andrade<BR>
Secretary of State</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Office of the Secretary of State</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE OF FILING<BR>
OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Oilfield Services Corporation<BR>
801020272
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;formerly: Precision Lobos Corporation&#093;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned, as Secretary of State of Texas, hereby certifies that a Certificate of
Amendment for the above named entity has been received in this office and has been
found to conform to the applicable provisions of law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ACCORDINGLY, the undersigned, as Secretary of State, and by virtue of the authority
vested in the secretary by law, hereby issues this certificate evidencing filing
effective on the date shown below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: 02/02/2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective: 02/02/2009
</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="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="o69608o6960817.gif" alt="(SEAL)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="o69608o6960818.gif" alt="-s- Hope Andrade">
<BR style="font-size: 3pt">
Hope Andrade<BR>
Secretary of State</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="31%"></TD>
    <TD width="3%"></TD>
    <TD width="31%"></TD>
    <TD width="3%"></TD>
    <TD width="31%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Phone: (512) 463-5555<BR>
Prepared by: Linda Gemuenden
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap><I>Come visit us on the internet at http://www.sos.state.tx.us/<br></I>
Fax: (512) 463-5709<BR>
TID: 10303
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Dial: 7-1-1 for Relay Services<BR>
Document: 244932550002</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATE OF AMENDMENT<BR>
TO THE<BR>
CERTIFICATE OF FORMATION<BR>
OF<BR>
PRECISION LOBOS CORPORATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the provisions of Section&nbsp;3.053 of the Texas Business Organizations Code, the
undersigned corporation adopts the following Certificate of Amendment to its Certificate of
Formation:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;That the Certificate of Formation of the Corporation, dated August&nbsp;22, 2008, as
amended by the Certificate of Amendment of Certificate of Formation of the Corporation, dated
December&nbsp;18, 2008 (the &#147;<U>Certificate</U>&#148;), is hereby amended by changing Article &#147;One&#148;
thereof so that, as amended, said Article shall read in its entirety as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE ONE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the corporation is Precision Drilling Oilfield Services Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The above amendment to the Certificate of Formation has been adopted and approved in the
manner required by the Texas Business Organizations Code and constituent documents of the
Corporation, having been approved by the board of directors and shareholders of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;This document will become effective when the document is filed by the secretary of state.
</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>IN
WITNESS WHEREOF</b>, said Corporation has caused this certificate to be signed this 30th day of
January, 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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><b>PRECISION LOBOS
CORPORATION</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:<BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kenneth J. Haddad
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Kenneth J. Haddad
</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">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, Business Development</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><b>Exhibit
3.31</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="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Corporations Section <BR>
P.O.Box 13697<BR>
Austin, Texas 78711-3697
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="o69608o6960816.gif" alt="(SEAL)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Hope Andrade<BR>
Secretary of State</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Office of the Secretary of State</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE OF FILING<BR>
OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Precision Lobos Corporation<BR>
File Number: 801020272
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned, as Secretary of State of Texas, hereby certifies that a Certificate of
Formation for the above named Domestic For-Profit Corporation has been received in this
office and has been found to conform to the applicable provisions of law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ACCORDINGLY, the undersigned, as Secretary of State, and by virtue of the authority
vested in the secretary by law, hereby issues this certificate evidencing filing
effective on the date shown below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The issuance of this certificate does not authorize the use of a name in this state in
violation of the rights of another under the federal Trademark Act of 1946, the Texas
trademark law, the Assumed Business or Professional Name Act, or the common law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: 08/22/2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective: 08/22/2008
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="o69608o6960817.gif" alt="(SEAL)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER" valign="top"><IMG src="o69608o6960818.gif" alt="-s- Hope Andrade">
<BR style="font-size: 2pt">
Hope Andrade<BR>
Secretary of State</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="31%"></TD>
    <TD width="3%"></TD>
    <TD width="31%"></TD>
    <TD width="3%"></TD>
    <TD width="31%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Phone: (512) 463-5555<BR>
Prepared by: Debi Mojica
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap><I>Come visit us on the internet at http://www.sos.state.tx.us/<br></I>
Fax: (512) 463-5709<BR>
TID: 10306
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Dial: 7-1-1 for Relay Services<BR>
Document: 227024940002</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960855a.gif" alt="(STAMP)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATE OF FORMATION<BR>
FOR-PROFIT CORPORATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PRECISION LOBOS CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned natural person of the age of eighteen years or more, acting as an organizer of
a corporation under the Texas Business Organizations Code (&#147;TBOC&#148;), hereby adopts the following
Certificate of Formation for such corporation:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE ONE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the corporation is Precision Lobos Corporation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE TWO</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The period of the corporation&#146;s duration is perpetual.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE THREE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose or purposes for which the corporation is incorporated is for the transaction of
any and all lawful business for which corporations may be incorporated under the TBOC.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE FOUR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares of capital stock that the corporation shall have authority to
issue is one thousand (1,000) shares, consisting of one thousand (1,000) shares of common stock,
par value $0.10 per share.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE FIVE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporation will not commence business until it has received for the issuance of its
shares consideration of the value of $100.00, consisting of money, labor done or property actually
received.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE SIX</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The street address of the corporation&#146;s registered office is 350 N. St. Paul Street, Dallas,
Texas 75201, and the name of its registered agent at such address is CT Corporation System.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE SEVEN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of directors of the corporation shall be fixed by, or in the manner provided in,
the bylaws. Initially, the number of directors constituting the board of directors is
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">one and the name and address of the person who is initially to serve as director until the first
annual meeting of the shareholders or until such director&#146;s respective successor is elected and
qualified is:
</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="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Address</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Joanne Alexander
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue SW <BR>
Calgary Alberta T2P 3Y7<BR>
Canada</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE EIGHT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elections of directors need not be written ballot unless the bylaws of the corporation shall
so provide.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE NINE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this Certificate of Formation, in furtherance and not in
limitation of the powers conferred by statute, the board of directors is expressly authorized to
make, repeal, alter, amend and rescind any or all of the bylaws of the corporation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE TEN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No director of the corporation shall be personally liable to the corporation or its
shareholders for monetary damages for an act or omission in the director&#146;s capacity as a director,
except to the extent otherwise expressly provided by a statute of the State of Texas.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All directors of the corporation shall be entitled to indemnification by the corporation to
the maximum extent permitted by the TBOC (or such comparable statutory provision governing
indemnification by a Texas corporation of its directors as may from time to time be applicable).
If the TBOC or the Texas Miscellaneous Corporation Laws Act hereafter is amended to authorize the
further elimination or limitation of the liability of directors, then the liability of a director
of the corporation, in addition to the limitation on personal liability provided herein, shall be
eliminated or limited to the fullest extent permitted by the amended statute.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any amendment, repeal, or modification of this Article&nbsp;Ten shall be prospective only and
shall not adversely affect any right or protection of a director of the corporation existing at
the time of such amendment, repeal or modification.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE ELEVEN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporation reserves the right to amend, alter, change, or repeal any provision contained
in this Certificate of Formation, in the manner now or hereafter prescribed by statute, and all
rights conferred upon shareholders herein are granted subject to this reservation.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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"><B>ARTICLE TWELVE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent allowed by Section&nbsp;6.202 of the TBOC or any successor statutory
provision, as from time to time amended, any action required or permitted to be taken at any
meeting of the shareholders of the corporation may be taken without a meeting, without prior notice
and without a vote, if a consent or counterpart consents in writing, setting forth the action so
taken, shall be signed by the holder or holders of shares having not less than the minimum number
of votes that would be necessary to authorize the taking of such action at a meeting at which all
shares entitled to vote on such action were present and voted. Prompt notice of the taking of any
corporate action without a meeting by less than unanimous written consent shall be given to those
shareholders who did not consent in writing to such action.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE THIRTEEN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings of shareholders may be held within or without the State of Texas, as the bylaws may
provide.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE FOURTEEN</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and address of the organizer is:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Address</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert F. Gray, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 Louisiana, Suite&nbsp;3400 <BR>
Houston, TX 77002</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned, being the organizer of Precision Lobos Corporation, has
executed this certificate of formation this 22nd day of August, 2008.
</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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
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<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">/s/ Robert F. Gray, Jr.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert F. Gray, Jr.
</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">Organizer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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<DOCUMENT>
<TYPE>EX-3.32
<SEQUENCE>33
<FILENAME>o69608exv3w32.htm
<DESCRIPTION>EX-3.32
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w32</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.32</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BYLAWS</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>PRECISION LOBOS CORPORATION</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;1<BR>
<U>Offices</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1.1</U>
<U>Registered Office</U>. The registered office of the Corporation in the State
of Texas is 350 N. St. Paul Street, Dallas, Texas 75201, or such other location in the State of
Texas as the Board of Directors shall designate from time to time in accordance with these Bylaws.
The name of the registered agent of the Corporation at such address shall be CT Corporation System,
or such other registered agent as the Board of Directors shall designate from time to time in
accordance with these Bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1.2</U>.
<U>Other Offices</U>. The Corporation may also have offices at such other
places both within and without the State of Texas as the Board of Directors may from time to time
determine or the business of the Corporation may require.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;2<BR>
<U>Shareholders</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.1</U>. <U>Place of Meetings</U>. All meetings of the shareholders shall be
held at the principal office of the Corporation, or at such other place within or without the
state of incorporation of the Corporation as shall be specified or fixed in the notices or waivers
of notice thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.2</U>. <U>Quorum; Adjournment of Meetings</U>. Unless otherwise required by
law or provided in the charter documents of the Corporation or these Bylaws, (i)&nbsp;the holders of a
majority of the stock issued and outstanding and entitled to vote thereat, present in person or
represented by proxy, shall constitute a quorum at any meeting of shareholders for the transaction
of business, (ii)&nbsp;in all matters other than election of directors, the affirmative vote of the
holders of a majority of such stock so present or represented at any meeting of shareholders at
which a quorum is present shall constitute the act of the shareholders, and (iii)&nbsp;where a separate
vote by a class or classes is required, a majority of the outstanding shares of such class or
classes, present in person or represented by proxy shall constitute a quorum entitled to take
action with respect to that vote on that matter and the affirmative vote of the majority of the
shares of such class or classes present in person or represented by proxy at the meeting shall be
the act of such class. The shareholders present at a duly organized meeting may continue to
transact business until adjournment, notwithstanding the withdrawal of enough shareholders to
leave less than a quorum, subject to the provisions of <U>clauses (ii)</U> and <U>(iii)
</U>above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors shall be elected by a plurality of the votes of the shares present in person or
represented by proxy at the meeting and entitled to vote on the election of directors.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the other provisions of the charter documents of the Corporation or these
Bylaws, the chairman of the meeting or the holders of a majority of the issued and outstanding
stock, present in person or represented by proxy and entitled to vote thereat, at any meeting of
shareholders, whether or not a quorum is present, shall have the power to adjourn such meeting from
time to time, without any notice other than announcement at the meeting of the time and place of
the holding of the adjourned meeting. If the adjournment is for more than thirty (30)&nbsp;days, or if
after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each shareholder of record entitled to vote at such meeting. At
such adjourned meeting at which a quorum shall be present or represented any business may be
transacted which might have been transacted at the meeting as originally called.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.3</U>. <U>Annual Meetings</U>. An annual meeting of the shareholders, for the
election of directors to succeed those whose terms expire and for the transaction of such other
business as may properly come before the meeting, shall be held at such place (within or without
the state of incorporation of the Corporation), on such date, and at such time as the Board of
Directors shall fix and set forth in the notice of the meeting, which date shall be within
thirteen (13)&nbsp;months subsequent to the last annual meeting of shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.4</U>. <U>Special Meetings</U>. Unless otherwise provided in the charter
documents of the Corporation, special meetings of the shareholders for any purpose or purposes may
be called at any time by the Chairman of the Board, by the President, by the Vice Chairman of the
Board, by a majority of the Board of Directors, or by a majority of the executive committee (if
any), at such time and at such place as may be stated in the notice of the meeting. Business
transacted at a special meeting shall be confined to the purpose(s) stated in the notice of such
meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.5</U>. <U>Record Date</U>. For the purpose of determining shareholders
entitled to notice of or to vote at any meeting of shareholders, or any adjournment thereof, or
entitled to receive payment of any dividend or other distribution or allotment of any rights, or
entitled to exercise any rights in respect of any change, conversion or exchange of stock or for
the purpose of any other lawful action, the Board of Directors of the Corporation may fix a date
as the record date for any such determination of shareholders, which record date shall not precede
the date on which the resolutions fixing the record date are adopted and which record date shall
not be more than sixty (60)&nbsp;days nor less than ten (10)&nbsp;days before the date of such meeting of
shareholders, nor more than sixty (60)&nbsp;days prior to any other action to which such record date
relates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Board of Directors does not fix a record date for any meeting of the shareholders, the
record date for determining shareholders entitled to notice of or to vote at such meeting shall be
at the close of business on the day next preceding the day on which notice is given, or, if in
accordance with <U>Article&nbsp;7</U>, <U>Section&nbsp;7.3</U> of these Bylaws notice is waived, at the
close of business on the day next preceding the day on which the meeting is held. The record date
for determining shareholders for any other purpose (other than the consenting to corporate action
in writing without a meeting) shall be at the close of business on the day on which the Board of
Directors adopts the resolution relating thereto. A determination of shareholders of record
entitled to notice of or to vote at a meeting of shareholders shall apply to any adjournment of
the meeting; <U>provided</U>, <U>however</U>, that the Board of Directors may fix a new record
date for the adjourned meeting.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of determining the shareholders entitled to consent to corporate action in
writing without a meeting, the Board of Directors may fix a record date, which record date shall
not precede the date upon which the resolution fixing the record date is adopted by the Board of
Directors, and which date shall not be more than ten (10)&nbsp;days after the date upon which the
resolution fixing the record date is adopted by the Board of Directors. If the Board of Directors
does not fix the record date, the record date for determining shareholders entitled to consent to
corporate action in writing without a meeting, when no prior action by the Board of Directors is
necessary, shall be the first date on which a signed written consent setting forth the action taken
or proposed to be taken is delivered to the Corporation at its registered office in the state of
incorporation of the Corporation or at its principal place of business. If the Board of Directors
does not fix the record date, and prior action by the Board of Directors is necessary, the record
date for determining shareholders entitled to consent to corporate action in writing without a
meeting shall be at the close of business on the day on which the Board of Directors adopts the
resolution taking such prior action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section 2.6</U>. <U>Notice of Meetings</U>. Written notice of the place, date and hour
of all meetings, and, in case of a special meeting, the purpose or purposes for which the meeting
is called, shall be given by or at the direction of the Chairman of the Board, the President, the
Vice Chairman of the Board, the Secretary or the other person(s) calling the meeting to each
shareholder entitled to vote thereat not less than ten (10)&nbsp;nor more than sixty (60)&nbsp;days before
the date of the meeting. Such notice may be delivered either personally or by mail. If mailed,
notice is given when deposited in the United States mail, postage prepaid, directed to the
shareholder at such shareholder&#146;s address as it appears on the records of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.7</U>. <U>Shareholder List</U>. A complete list of shareholders entitled to
vote at any meeting of shareholders, arranged in alphabetical order for each class of stock and
showing the address of each such shareholder and the number of shares registered in the name of
such shareholder, shall be open to the examination of any shareholder, for any purpose germane to
the meeting, during ordinary business hours, for a period of at least ten (10)&nbsp;days prior to the
meeting, either at a place within the city where the meeting is to be held, which place shall be
specified in the notice of the meeting, or, if not so specified, at the place where the meeting is
to be held. The shareholder list shall also be produced and kept at the time and place of the
meeting during the whole time thereof, and may be inspected by any shareholder who is present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.8</U>. <U>Proxies</U>. Each shareholder entitled to vote at a meeting of
shareholders or to express consent or dissent to a corporate action in writing without a meeting
may authorize another person or persons to act for such shareholder by proxy. Proxies for use at
any meeting of shareholders shall be filed with the Secretary, or such other officer as the Board
of Directors may from time to time determine by resolution, before or at the time of the meeting.
All proxies shall be received and taken charge of and all ballots shall be received and canvassed
by the secretary of the meeting, who shall decide all questions touching upon the qualification of
voters, the validity of the proxies, and the acceptance or rejection of votes, unless an inspector
or inspectors shall have been appointed by the chairman of the meeting, in which event such
inspector or inspectors shall decide all such questions.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No proxy shall be valid after eleven (11)&nbsp;months from its date, unless the proxy provides for
a longer period. Each proxy shall be revocable unless expressly provided therein to be irrevocable
and coupled with an interest sufficient in law to support an irrevocable power.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should a proxy designate two or more persons to act as proxies, unless such instrument shall
provide the contrary, a majority of such persons present at any meeting at which their powers
thereunder are to be exercised shall have and may exercise all the powers of voting or giving
consents thereby conferred, or if only one be present, then such powers may be exercised by that
one; or, if an even number attend and a majority do not agree on any particular issue, each proxy
so attending shall be entitled to exercise such powers in respect of such portion of the shares as
is equal to the reciprocal of the fraction equal to the number of proxies representing such shares
divided by the total number of shares represented by such proxies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.9</U>. <U>Voting; Election; Inspectors</U>. Unless otherwise required by law
or provided in the charter documents of the Corporation, each shareholder shall on each matter
submitted to a vote at a meeting of shareholders have one vote for each share of the stock
entitled to vote which is registered in his name on the record date for the meeting. For the
purposes hereof, each election to fill a directorship shall constitute a separate matter. Shares
registered in the name of another corporation, domestic or foreign, may be voted by such officer,
agent or proxy as the bylaws (or comparable body) of such corporation may determine. Shares
registered in the name of a deceased person may be voted by the executor or administrator of such
person&#146;s estate, either in person or by proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All voting, except as required by the charter documents of the Corporation or where otherwise
required by law, may be by a voice vote; provided, however, upon request of the chairman of the
meeting or upon demand therefor by shareholders holding a majority of the issued and outstanding
stock present in person or by proxy at any meeting a stock vote shall be taken. Every stock vote
shall be taken by written ballots, each of which shall state the name of the shareholder or proxy
voting and such other information as may be required under the procedure established for the
meeting. All elections of directors shall be by written ballots, unless otherwise provided in the
charter documents of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any meeting at which a vote is taken by written ballots, the chairman of the meeting may
appoint one or more inspectors, each of whom shall subscribe an oath or affirmation to execute
faithfully the duties of inspector at such meeting with strict impartiality and according to the
best of such inspector&#146;s ability. Such inspector shall receive the written ballots, count the
votes, and make and sign a certificate of the result thereof. The chairman of the meeting may
appoint any person to serve as inspector, except no candidate for the office of director shall be
appointed as an inspector.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided in the charter documents of the Corporation, cumulative voting for
the election of directors shall be prohibited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.10</U>. <U>Conduct of Meetings</U>. The meetings of the shareholders shall be
presided over by the Chairman of the Board (if any), or, if the Chairman of the Board is not
present, by the President, or, if the President is not present, by the Vice Chairman of the Board
(if any), or, if neither the Chairman of the Board, the President nor the Vice Chairman of the
Board is present, by a
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">chairman elected at the meeting. The Secretary of the Corporation, if present, shall act as
secretary of such meetings, or, if the Secretary is not present, an Assistant Secretary (if any)
shall so act; if neither the Secretary or an Assistant Secretary is present, then a secretary shall
be appointed by the chairman of the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chairman of any meeting of shareholders shall determine the order of business and the
procedure at the meeting, including such regulation of the manner of voting and the conduct of
discussion as seem to the chairman in order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.11</U>. <U>Treasury Stock</U>. The Corporation shall not vote, directly or
indirectly, shares of its own stock owned by it and such shares shall not be counted for quorum
purposes. Nothing in this <U>Section&nbsp;2.11</U> shall be construed as limiting the right of the
Corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary
capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;2.12</U>. <U>Action Without Meeting</U>. Unless otherwise provided in the
charter documents of the Corporation, any action permitted or required by law, the charter
documents of the Corporation or these Bylaws to be taken at a meeting of shareholders, may be
taken without a meeting, without prior notice and without a vote, if a consent or consents in
writing, setting forth the action so taken, shall be signed by the holders of outstanding stock
having not less than the minimum number of votes that would be necessary to authorize or take such
action at a meeting at which all shares entitled to vote thereon were present and voted and shall
be delivered to the Corporation by delivery to its registered office in the state of
incorporation, its principal place of business, or an officer or agent of the Corporation having
custody of the book in which proceedings of meetings of shareholders are recorded. Delivery made
to the Corporation&#146;s registered office shall be by hand or by certified or registered mail, return
receipt requested.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every written consent shall bear the date of signature of each shareholder who signs the
consent, and no written consent shall be effective to take the corporate action referred to
therein unless, within sixty (60)&nbsp;days of the earliest dated consent delivered in the manner
required by this Section to the Corporation, written consents signed by a sufficient number of
holders to take action are delivered to the Corporation by delivery to its registered office in
the state of incorporation, its principal place of business, or an officer or agent of the
Corporation having custody of the book in which proceedings of meetings of shareholders are
recorded. Delivery made to the Corporation&#146;s registered office shall be by hand or by certified or
registered mail, return receipt requested.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prompt
notice of the taking of corporation action without a meeting by less than a unanimous
written consent shall be given by the Secretary to those shareholders who have not consented in
writing.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;3<BR>
<U>Board of Directors</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.1</U>. <U>Power; Number; Term of Office</U>. The business and affairs of the
Corporation shall be managed by or under the direction of the Board of Directors, and, subject to
the restrictions imposed by law or the charter documents of the Corporation, the Board of
Directors may exercise all the powers of the Corporation.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of directors which shall constitute the whole Board of Directors shall be
determined from time to time by the Board of Directors (provided that no decrease in the number of
directors which would have the effect of shortening the term of an incumbent director may be made
by the Board of Directors). If the Board of Directors makes no such determination, the number of
directors shall be one. Each director shall hold office for the term for which such director is
elected, and until such director&#146;s successor shall have been elected and qualified or until such
director&#146;s earlier death, resignation or removal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided in the charter documents of the Corporation, directors need not be
shareholders nor residents of the state of incorporation of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.2</U>. <U>Quorum; Voting</U>. Unless otherwise provided in the charter
documents of the Corporation, a majority of the number of directors fixed in accordance with
<U>Section&nbsp;3.1</U> shall constitute a quorum for the transaction of business of the Board of
Directors and the vote of a majority of the directors present at a meeting at which a quorum is
present shall be the act of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.3</U>. <U>Place of Meetings; Order of Business</U>. The directors may hold
their meetings and may have an office and keep the books of the Corporation, except as otherwise
provided by law, in such place or places, within or without the state of incorporation of the
Corporation, as the Board of Directors may from time to time determine. At all meetings of the
Board of Directors business shall be transacted in such order as shall from time to time be
determined by the Chairman of the Board (if any), or in the Chairman of the Board&#146;s absence by the
President, or in the President&#146;s absence by the Vice Chairman of the Board (if any), or by the
Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.4</U>. <U>First Meeting</U>. Each newly elected Board of Directors may hold
its first meeting for the purpose of organization and the transaction of business, if a quorum is
present, immediately after and at the same place as the annual meeting of the shareholders. Notice
of such meeting shall not be required. At the first meeting of the Board of Directors in each year
at which a quorum shall be present, held after the annual meeting of shareholders, the Board of
Directors shall elect the officers of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.5</U>. <U>Regular Meetings</U>. Regular meetings of the Board of Directors
shall be held at such times and places as shall be designated from time to time by the Chairman of
the Board (if any), or in the absence of the Chairman of the Board, by the President, or in the
President&#146;s absence, by the Vice Chairman of the Board (if any), or in the absence of the Vice
Chairman of the Board, by another officer of the Corporation. Notice of such regular meetings
shall not be required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.6</U>. <U>Special Meetings</U>. Special meetings of the Board of Directors may
be called by the Chairman of the Board (if any), the President or the Vice Chairman of the Board
(if any) or, on the written request of any director, by the Secretary, in each case on at least
twenty-four (24)&nbsp;hours&#146; personal, written, telegraphic, cable or wireless notice to each director.
Such notice, or any waiver thereof pursuant to <U>Article&nbsp;7</U>, <U>Section&nbsp;7.3</U> hereof, need
not state the purpose or purposes of such meeting, except as may otherwise be required by law or
provided for in the charter documents of the Corporation or these Bylaws. Meetings may be held at
any time without notice if all the directors are present or if those not present waive notice of
the meeting in writing.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.7</U>. <U>Removal</U>. Any director or the entire Board of Directors may be
removed, with or without cause, by the holders of a majority of the shares then entitled to vote at
an election of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.8</U>. <U>Vacancies; Increases in the Number of Directors</U>. Unless
otherwise provided in the charter documents of the Corporation, vacancies existing on the Board of
Directors for any reason may be filled by the affirmative vote of a majority of the directors
then in office, although less than a quorum, or by a sole remaining director or by the holders of
a majority of the shares then entitled to vote at an election of directors if there are no
remaining directors; and any director so chosen shall hold office until the next annual election
and until such director&#146;s successor shall have been elected and qualified, or until such
director&#146;s earlier death, resignation or removal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.9</U>. <U>Compensation</U>. Directors and members of standing committees may
receive such compensation as the Board of Directors from time to time shall determine to be
appropriate, if any, and shall be reimbursed for all reasonable expenses incurred in attending and
returning from meetings of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.10</U>. <U>Action Without a Meeting; Telephone Conference Meeting</U>. Unless
otherwise restricted by the charter documents of the Corporation, any action required or permitted
to be taken at any meeting of the Board of Directors or any committee designated by the Board of
Directors may be taken without a meeting if all members of the Board of Directors or committee, as
the case may be, consent thereto in writing, and the writing or writings are filed with the
minutes of proceedings of the Board of Directors or committee. Such consent shall have the same
force and effect as a unanimous vote at a meeting, and may be stated as such in any document or
instrument filed with the Secretary of State of the state of incorporation of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise restricted by the charter documents of the Corporation, subject to the
requirement for notice of meetings, members of the Board of Directors, or members of any committee
designated by the Board of Directors, may participate in a meeting of such Board of Directors or
committee, as the case may be, by means of a conference telephone connection or similar
communications equipment by means of which all persons participating in the meeting can hear each
other, and participation in such a meeting shall constitute presence in person at such meeting,
except where a person participates in the meeting for the express purpose of objecting to the
transaction of any business on the ground that the meeting is not lawfully called or convened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.11</U>. <U>Approval or Ratification of Acts or Contracts by Shareholders</U>.
The Board of Directors in its discretion may submit any act or contract for approval or
ratification at any annual meeting of the shareholders, or at any special meeting of the
shareholders called for the purpose of considering any such act or contract, and any act or
contract that shall be approved or be ratified by the vote of the shareholders holding a majority
of the issued and outstanding shares of stock of the Corporation entitled to vote and present in
person or by proxy at such meeting (provided that a quorum is present) shall be as valid and as
binding upon the Corporation and upon all the shareholders as if it has been approved or ratified
by every shareholder of the Corporation. In addition, any such act or contract may be approved or
ratified by the written consent of shareholders holding a majority of the issued and outstanding
shares of capital stock of the Corporation entitled to
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">vote, and such consent shall be as valid and binding upon the Corporation and upon all the
shareholders as if it had been approved or ratified by every shareholder of the Corporation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;4<BR>
<U>Committees</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.1</U>. <U>Designation; Powers</U>. The Board of Directors may, by resolution
passed by a majority of the whole board, designate one or more committees, including, if they shall
so determine, an executive committee, with each such committee to consist of one or more of the
directors of the Corporation. Any such designated committee shall have and may exercise such of the
powers and authority of the Board of Directors in the management of the business and affairs of the
Corporation as may be provided in such resolution, except that no such committee shall have the
power or authority of the Board of Directors in reference to amending the charter documents of the
Corporation, adopting an agreement of merger or consolidation, recommending to the shareholders the
sale, lease or exchange of all or substantially all of the Corporation&#146;s property and assets,
recommending to the shareholders a dissolution of the Corporation or a revocation of a dissolution
of the Corporation, or amending, altering or repealing these Bylaws or adopting new bylaws for the
Corporation. Any such designated committee may authorize the seal of the Corporation to be affixed
to all papers which may require it. In addition to the above, such committee or committees shall
have such other powers and limitations of authority as may be determined from time to time by the
Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.2</U>. <U>Procedure; Meetings; Quorum</U>. Any committee designated pursuant
to this <U>Article&nbsp;4</U> shall keep regular minutes of its actions and proceedings in a book
provided for that purpose and report the same to the Board of Directors at its meeting next
succeeding such action, shall fix its own rules or procedures, and shall meet at such times and at
such place or places as may be provided by such rules, or by such committee or the Board of
Directors. Should a committee fail to fix its own rules, the provisions of these Bylaws,
pertaining to the calling of meetings and conduct of business by the Board of Directors, shall
apply as nearly as may be possible. At every meeting of any such committee, the presence of a
majority of all the members thereof shall constitute a quorum, except as provided in <U>Section
4.3</U> of this <U>Article&nbsp;4</U>, and the affirmative vote of a majority of the members present
shall be necessary for the adoption by it of any resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;4.3</U>. <U>Substitution and Removal of Members; Vacancies</U>. The Board of
Directors may designate one or more directors as alternate members of any committee, who may
replace any absent or disqualified member at any meeting of such committee. In the absence or
disqualification of a member of a committee, the member or members present at any meeting and not
disqualified from voting, whether or not constituting a quorum, may unanimously appoint another
member of the Board of Directors to act at the meeting in the place of the absent or disqualified
member. The Board of Directors shall have the power at any time to remove any member(s) of a
committee and to appoint other directors in lieu of the person(s) so removed and shall also have
the power to fill vacancies in a committee.
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;5<BR>
<U>Officers</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.1</U>. <U>Number, Titles and Term of Office</U>. The officers of the
Corporation shall be a President, one or more Vice Presidents (any one or more of whom may be
designated Executive Vice President or Senior Vice President), a Secretary, and such other
officers as the Board of Directors may from time to time elect or appoint (including, but not
limited to, a Chairman of the Board, a Vice Chairman of the Board, a Treasurer, one or more
Assistant Treasurers and one or more Assistant Secretaries). Each officer shall hold office until
such officer&#146;s successor shall be duly elected and shall qualify or until such officer&#146;s death or
until such officer shall resign or shall have been removed. Any number of offices may be held by
the same person, unless the charter documents of the Corporation provide otherwise. No officer
need be a director.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.2</U>. <U>Powers and Duties of the President</U>. The President shall be the
chief executive officer of the Corporation. Subject to the control of the Board of Directors and
the Executive Committee (if any), the President shall have general executive charge, management and
control of the properties, business and operations of the Corporation
with all such powers as may be
reasonably incident to such responsibilities; may agree upon and execute all leases, contracts,
evidences of indebtedness and other obligations in the name of the Corporation and may sign all
certificates for shares of capital stock of the Corporation; and shall have such other powers and
duties as designated in accordance with these Bylaws and as from time to time may be assigned to
the President by the Board of Directors. The President shall preside at all meetings of the
shareholders and of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.3</U>. <U>Vice Presidents</U>. Each Vice President shall at all times possess
power to sign all certificates, contracts and other instruments of the Corporation, except as
otherwise limited in writing by the President or the Board of the Corporation. Each Vice President
shall have such other powers and duties as from time to time may be assigned to such Vice
President by the Board of Directors or the President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.4</U>. <U>Secretary</U>. The Secretary shall keep the minutes of all meetings
of the Board of Directors, committees of the Board of Directors and the shareholders, in books
provided for that purpose; shall attend to the giving and serving of all notices; may in the name
of the Corporation affix the seal of the Corporation to all contracts and attest the affixation of
the seal of the Corporation thereto; may sign with the other appointed officers all certificates
for shares of capital stock of the Corporation; shall have charge of the certificate books,
transfer books and stock ledgers, and such other books and papers as the Board of Directors may
direct, all of which shall at all reasonable times be open to inspection of any director upon
application at the office of the Corporation during business hours; shall have such other powers
and duties as designated in these Bylaws and as from time to time may be assigned to the Secretary
by the Board of Directors or the President; and shall in general perform all acts incident to the
office of Secretary, subject to the control of the Board of Directors or the President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.5</U>. <U>Assistant Secretaries</U>. Each Assistant Secretary shall have the
usual powers and duties pertaining to such offices, together with such other powers and duties as
designated in
these Bylaws and as from time to time may be assigned to an Assistant Secretary by the Board
of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Directors, the President or the Secretary. The Assistant Secretaries shall exercise the powers of
the Secretary during that officer&#146;s absence or inability or refusal to act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.6</U>. <U>Treasurer</U>. The Treasurer shall have responsibility for the
custody and control of all the funds and securities of the Corporation, and shall have such other
powers and duties as designated in these Bylaws and as from time to time may be assigned to the
Treasurer by the Board of Directors or the President. The Treasurer shall perform all acts incident
to the position of Treasurer, subject to the control of the Board of Directors or the President;
and the Treasurer shall, if required by the Board of Directors, give such bond for the faithful
discharge of the Treasurer&#146;s duties in such form as the Board of Directors may require.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.7</u>
<u>Assistant Treasurers</U>. Each Assistant Treasurer shall have the usual
powers and duties pertaining to such office, together with such other powers and duties as
designated in these Bylaws and as from time to time may be assigned to each Assistant Treasurer by
the Board of Directors, the President, or the Treasurer. The Assistant Treasurers shall exercise
the powers of the Treasurer during that officer&#146;s absence or inability or refusal to act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.8</u>
<u>Action with Respect to Securities of Other Corporations</U>. Unless otherwise
directed by the Board of Directors, the President, together with the Secretary or any Assistant
Secretary shall have power to vote and otherwise act on behalf of the Corporation, in person or by
proxy, at any meeting of security holders of or with respect to any action of security holders of
any other corporation in which this Corporation may hold securities and otherwise to exercise any
and all rights and powers which this Corporation may possess by reason of its ownership of
securities in such other corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.9</U>. <U>Delegation</U>. For any reason that the Board of Directors may deem
sufficient, the Board of Directors may, except where otherwise provided by statute, delegate the
powers or duties of any officer to any other person, and may authorize any officer to delegate
specified duties of such office to any other person. Any such delegation or authorization by the
Board shall be effected from time to time by resolution of the Board of Directors.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;6<BR>
<U>Capital Stock</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6.1</U>. <U>Certificates of Stock</U>. The certificates for shares of the
capital stock of the Corporation shall be in such form, not inconsistent with that required by law
and the charter documents of the Corporation, as shall be approved by the Board of Directors.
Every holder of stock represented by certificates shall be entitled to have a certificate signed
by or in the name of the Corporation by the President and the Secretary or such other officer or
officers as the Board of Directors shall designate; <U>provided</U>, <U>however</U>, that any of
or all the signatures on the certificate may be facsimile. The stock record books and the blank
stock certificate books shall be kept by the Secretary or at the office of such transfer agent or
transfer agents as the Board of Directors may from time to time determine. In case any officer,
transfer agent or registrar who shall have signed or whose facsimile signature or signatures shall
have been placed upon any such certificate or certificates shall have ceased to be such officer,
transfer agent or registrar before such certificate is issued by the Corporation, such certificate
may nevertheless be issued by the Corporation with the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">same effect as if such person were such officer, transfer agent or registrar at the date of issue.
The stock certificates shall be consecutively numbered and shall be entered in the books of the
Corporation as they are issued and shall exhibit the holder&#146;s name and number of shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6.2</U>. <U>Transfer of Shares</U>. The shares of stock of the Corporation shall
be transferable only on the books of the Corporation by the holders thereof in person or by their
duly authorized attorneys or legal representatives upon surrender and cancellation of certificates
for a like number of shares. Upon surrender to the Corporation or a transfer agent of the
Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of
succession, assignment or authority to transfer, it shall be the duty of the Corporation to issue
a new certificate to the person entitled thereto, cancel the old certificate and record the
transaction upon its books.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6.3</U>. <U>Ownership of Shares</U>. The Corporation shall be entitled to treat
the holder of record of any share or shares of capital stock of the Corporation as the holder in
fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or
interest in such share or shares on the part of any other person, whether or not it shall have
express or other notice thereof, except as otherwise provided by the laws of the state of
incorporation of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6.4</U>. <U>Regulations Regarding Certificates</U>. The Board of Directors shall
have the power and authority to make all such rules and regulations as they may deem expedient
concerning the issue, transfer and registration or the replacement of certificates for shares of
capital stock of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6.5</U>. <U>Lost or Destroyed Certificates</U>. The Board of Directors may
determine the conditions upon which the Corporation may issue a new certificate of stock in place
of a certificate theretofore issued by it which is alleged to have been lost, stolen or destroyed
and may require the owner of such certificate or such owner&#146;s legal representative to give bond,
with surety sufficient to indemnify the Corporation and each transfer agent and registrar against
any and all losses or claims which may arise by reason of the alleged loss, theft or destruction
of any such certificate or the issuance of such new certificate in the place of the one so lost,
stolen or destroyed.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;7<BR>
<U>Miscellaneous Provisions</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7.1</U>. <U>Fiscal Year</U>. The fiscal year of the Corporation shall begin on
the first day of January of each year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
7.2</U>. <U>Corporate Seal</U>. The corporate seal shall be circular in form and
shall have inscribed thereon the name of the Corporation and the state of its incorporation, which
seal shall be in the charge of the Secretary and shall be affixed to certificates of stock,
debentures, bonds, and other documents, in accordance with the direction of the Board of Directors
or a committee thereof, and as may be required by law; however, the Secretary may, if the
Secretary deems it expedient, have a facsimile of the corporate seal inscribed on any such
certificates of stock, debentures, bonds, contract or other documents. Duplicates of the seal may
be kept for use by any Assistant Secretary.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7.3</U>. <U>Notice and Waiver of Notice</U>. Whenever any notice is required to
be given by law, the charter documents of the Corporation or under the provisions of these Bylaws,
said notice shall be deemed to be sufficient if given (i)&nbsp;by telegraphic, cable or wireless
transmission (including by telecopy or facsimile transmission) or (ii)&nbsp;by deposit of the same in a
post office box or by delivery to an overnight courier service company in a sealed prepaid wrapper
addressed to the person entitled thereto at such person&#146;s post office address, as it appears on
the records of the Corporation, and such notice shall be deemed to have been given on the day of
such transmission or mailing or delivery to courier, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever notice is required to be given by law, the charter documents of the Corporation or
under any of the provisions of these Bylaws, a written waiver thereof, signed by the person
entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to
notice. Attendance of a person, including without limitation a director, at a meeting shall
constitute a waiver of notice of such meeting, except when the person attends a meeting for the
express purpose of objecting, at the beginning of the meeting, to the transaction of any business
because the meeting is not lawfully called or convened. Neither the business to be transacted at,
nor the purpose of, any regular or special meeting of the shareholders, directors, or members of a
committee of directors need be specified in any written waiver of notice unless so required by the
charter documents of the Corporation or these Bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7.4</U>. <U>Facsimile Signatures</U>. In addition to the provisions for the use
of facsimile signatures elsewhere specifically authorized in these Bylaws, facsimile signatures of
any officer or officers of the Corporation may be used whenever and as authorized by the Board of
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7.5</U>. <U>Reliance upon Books, Reports and Records</U>. A member of the Board
of Directors, or a member of any committee designated by the Board of Directors, shall, in the
performance of such person&#146;s duties, be protected to the fullest extent permitted by law in
relying upon the records of the Corporation and upon information, opinion, reports or statements
presented to the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
7.6</U>. <U>Application of Bylaws</U>. In the event that any provisions of these
Bylaws is or may be in conflict with any law of the United States, of the state of incorporation
of the Corporation or of any other governmental body or power having jurisdiction over this
Corporation, or over the subject matter to which such provision of these Bylaws applies, or may
apply, such provision of these Bylaws shall be inoperative to the extent only that the operation
thereof unavoidably conflicts with such law, and shall in all other respects be in full force and
effect.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;8<BR>
<U>Indemnification of Officers and Directors</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8.1</U>. <U>Indemnification</U>. Each person who at any time shall serve, or
shall have served, as a director, officer, employee or agent of the Corporation, or any person
who, while a director, officer, employee or agent of the Corporation, is or was serving at the
request of the Corporation as a director, officer, partner, venturer, proprietor, trustee,
employee, agent, member, manager or similar functionary of another foreign or domestic
corporation, partnership, limited partnership, joint venture, sole proprietorship, trust, limited
liability company, employee benefit plan
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or other enterprise (each such person referred to herein as an &#147;<U>Indemnitee</U>&#148;), shall be
entitled to indemnification as and to the fullest extent permitted by Chapter&nbsp;8 of the Texas
Business Organizations Code (the &#147;<U>TBOC</U>&#148;) or any successor statutory provision, as from time
to time amended. The foregoing right of indemnification shall not be deemed exclusive of any other
rights to which those to be indemnified may be entitled as a matter of law or under any agreement,
other provision of these Bylaws, vote of shareholders or directors, or other arrangement. The
Corporation may enter into indemnification agreements with its executive officers and directors
that contractually provide to them the benefits of the provisions of this <U>Article&nbsp;8</U> and
include related provisions meant to facilitate the Indemnitees&#146; receipt of such benefits and such
other indemnification protections as may be deemed appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8.2</U>. <U>Advancement or Reimbursement of Expenses</U>. The rights of an
Indemnitee provided under the preceding section shall include, but not be limited to, the right to
be indemnified and to have expenses advanced in all proceedings to the fullest extent permitted by
Chapter&nbsp;8 of the TBOC or any successor statutory provisions, as from time to time amended. In the
event that an Indemnitee is not wholly successful, on the merits or otherwise, in a proceeding but
is successful, on the merits or otherwise, as to any claim in such proceeding, the Corporation
shall indemnify such Indemnitee against all expenses actually and reasonably incurred by such
Indemnitee or on such Indemnitee&#146;s behalf relating to each claim. The termination of a claim in a
proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as
to such claim. In addition, to the extent an Indemnitee is, by reason of his corporate status, a
witness or otherwise participates in any proceeding at a time when such Indemnitee is not named a
defendant or respondent in the proceeding, he or she shall be indemnified against all expenses
actually and reasonably incurred by such Indemnitee or on such Indemnitee&#146;s behalf in connection
therewith. The Corporation shall pay all reasonable expenses incurred by or on behalf of an
Indemnitee in connection with any proceeding or claim, whether brought by the Corporation or
otherwise, in advance of any determination respecting entitlement to indemnification pursuant to
this <U>Article&nbsp;8</U> within ten (10)&nbsp;days after the receipt by the Corporation of a written
request from such Indemnitee reasonably evidencing such expenses and requesting such payment or
payments from time to time, whether prior to or after final disposition of such proceeding or
claim; <U>provided</U> that the Indemnitee undertakes and agrees in writing that such Indemnitee
will reimburse and repay the Corporation for any expenses so advanced to the extent that it shall
ultimately be determined by a court, in a final adjudication from which there is no further right
of appeal, that the Indemnitee is not entitled to be indemnified against such expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8.3</u>
<u>Determination of Request</U>. Upon written request to the Corporation by an
Indemnitee for indemnification pursuant to these Bylaws, a determination, if required by
applicable law, with respect to such Indemnitee&#146;s entitlement thereto shall be made in accordance
with Chapter&nbsp;8 of the TBOC or any successor statutory provisions, as from time to time amended;
<U>provided</U>, <U>however</U>, that notwithstanding the foregoing, if a change in control
shall have occurred, such determination shall be made by independent counsel selected by the
Indemnitee, unless the Indemnitee shall request that such determination be made in accordance with
Chapter&nbsp;8 of the TBOC or any successor statutory provisions, as from time to time amended. The
Corporation shall pay any and all reasonable fees and expenses of independent counsel incurred in
connection with any such determination. If a change in control shall have occurred, the Indemnitee
shall be presumed (except as otherwise expressly provided in this <U>Article&nbsp;8</U>) to be
entitled to indemnification under this <U>Article</U>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><u>8</u> upon submission of a request to the Corporation for indemnification, and thereafter the
Corporation shall have the burden of proof in overcoming that presumption in reaching a
determination contrary to that presumption. The presumption shall be used by independent counsel,
or such other person or persons determining entitlement to indemnification, as a basis for a
determination of entitlement to indemnification unless the Corporation provides information
sufficient to overcome such presumption by clear and convincing evidence or the investigation,
review and analysis of independent counsel or such other person or persons convinces him, her or
them by clear and convincing evidence that the presumption should not apply.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8.4</u>
<u>Effect of Certain Proceedings</U>. The termination of any proceeding or of any
claim in a proceeding by judgment, order, settlement or conviction, or upon a plea of <I>nolo
contendere </I>or its equivalent, shall not (except as otherwise expressly provided in this <U>Article
8</U>) by itself adversely affect the right of an Indemnitee to indemnification or create a
presumption that an Indemnitee did conduct himself or herself in good faith and in a manner that
such Indemnitee reasonably believed in the case of conduct in his or her official capacity, that
was in the best interests of the Corporation or, in all other cases, that was not opposed to the
best interests of the Corporation or, with respect to any criminal proceeding, such Indemnitee had
reasonable cause to believe that his conduct was unlawful and such Indemnitee shall be deemed to
have been found liable in respect of any claim only after he or she shall have been so adjudged by
a court in competent jurisdiction after exhaustion of all appeals therefrom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8.5</u>
<u>Expenses of Enforcement of Article</U>. In the event that an Indemnitee,
pursuant to this <U>Article&nbsp;8</U>, seeks a judicial adjudication to enforce such Indemnitee&#146;s
rights under, or to recover damages for breach of, rights created under or pursuant to this
<U>Article&nbsp;8,</U> such Indemnitee shall be entitled to recover from the Corporation, and shall be
indemnified by the Corporation against, any and all expenses actually and reasonably incurred by
such Indemnitee in such judicial adjudication but only if such Indemnitee prevails therein. If it
shall be determined in said judicial adjudication that such Indemnitee is entitled to receive part
but not all of the indemnification or advancement of expenses sought, the expenses incurred by
such Indemnitee in connection with such judicial adjudication shall be reasonably prorated in good
faith by counsel for such Indemnitee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8.6</u>
<u>Insurance</U>. The Corporation may purchase and maintain insurance on behalf
of any person who is or was a director, officer, employee or agent of the Corporation or who is or
was serving at the request of the Corporation as a director, officer, partner, venturer,
proprietor, trustee, employee, agent or similar functionary of another foreign or domestic
corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or
other enterprise against any liability asserted against him or her and incurred by him or her in
such capacity or arising out of his or her status as such a person, whether or not the Corporation
would have the power to indemnify him or her against that liability under this <U>Article&nbsp;8</U>
or the TBOC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8.7</u>
<u>Amendment of the TBOC</U>. If the TBOC hereafter is amended to authorize the
further elimination or limitation of the liability of directors, then the liability of a director
of the Corporation, in addition to the limitation on personal liability provided herein, shall be
limited to the fullest extent permitted by the amended statute. Any amendment, repeal or
modification of this <U>Section&nbsp;8.7</U> shall be prospective only and shall not adversely affect
any right or protection of a director of the Corporation existing at the time of such amendment,
repeal or modification.
</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Article&nbsp;9<BR>
<U>Amendments and Miscellaneous</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;9.1</U>. <U>Amendments</U>. The Board of Directors shall have the power to adopt,
amend and repeal from time to time Bylaws of the Corporation, subject to the right of the
shareholders entitled to vote with respect thereto to amend or repeal such Bylaws as adopted or
amended by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;9.2</U>
<U>Invalid Provisions</U>. If any provision of these Bylaws is held to be
illegal, invalid, or unenforceable under present or future laws, such provision shall be fully
severable; these Bylaws shall be construed and enforced as if such illegal, invalid, or
unenforceable provision or by its severance herefrom. Furthermore, in lieu of such illegal,
invalid, or unenforceable provision there shall be added automatically as a part of these Bylaws a
provision as similar in terms to such illegal, invalid, or unenforceable provision as may be
possible and be legal, valid, and enforceable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;9.3</u>
<u>Headings</U>. The headings used in these Bylaws are for reference purposes
only and do not affect in any way the meaning or interpretation of these Bylaws.
</DIV>


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<DOCUMENT>
<TYPE>EX-3.33
<SEQUENCE>34
<FILENAME>o69608exv3w33.htm
<DESCRIPTION>EX-3.33
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w33</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.33</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Amend Limited Partnership &#151; Proof of Filing</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Alberta Amendment Date: 2008/08/29</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="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Service Request Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12020688</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Registration Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LP12616330</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Limited Partnership Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRECISION LIMITED PARTNERSHIP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Limited Partnership Status:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Active</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note: There is only 1 active General Partner</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>General Partner</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="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>General Partner Status:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Active</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>General Partner Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Entity</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Corporate Access Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2012531964</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name / Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1253196 ALBERTA LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4200, 150 - 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Attachment</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><DIV style="margin-left:70px; text-indent:-0px"><B>Attachment
Type</B></div></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Microfilm Bar Code</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Date Recorded</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certificate of Limited Partnership (AB)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10000904100111104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006/08/15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notice to Amend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10000604100111110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006/12/22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notice to Amend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10000807103426628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008/08/29</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Registration Authorized By:</B></TD>
    <TD>&nbsp;</TD>
    <TD>SEAN R. MASON<br>
SOLICITOR</TD>
</TR>
</TABLE>
</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"><B>AMENDMENT TO CERTIFICATE OF LIMITED PARTNERSHIP<BR>
OF<BR>
TERRA WATER SYSTEMS LIMITED PARTNERSHIP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the provisions of Section&nbsp;70(l)(a) of the <I>Partnership Act </I>(Alberta) (the <B>&#147;Act&#148;)</B>
the undersigned, being the general partner of the limited partnership known as Terra Water
Systems Limited Partnership (the <B>&#147;Partnership&#148;) </B>registered by means of a Certificate of Limited
Partnership (the &#147;<B>Certificate</B>&#148;) on August&nbsp;15, 2006, as LP 12616330, for and on its own behalf
and on behalf of the limited partners, hereby amends the Certificate by changing the name of the
Partnership to be <B>PRECISION LIMITED PARTNERSHIP.</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as set forth above, the Certificate is hereby ratified and confirmed.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF the undersigned has executed this Certificate effective as of the
1<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP> day of September, 2008.
</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="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="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>1253196 Alberta Ltd., </B>an Alberta corporation,
for and on its own behalf as general partner to
the Partnership and on behalf of the limited
partners</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Darren Ruhr
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Darren Ruhr
</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">Title: Corporate Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960856.gif" alt="(STAMP)">
</DIV>

<TABLE width="90%">
<TR><TD style="font-size: 1pt; color: #FFFFFF">REGISTERED ON
THE ALBERTA REGISTRIES
CORES SYSTEM
AUG 2 3 2008</TD>
</TR>
</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.33</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Amend Limited Partnership &#151; Proof of Filing</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Alberta Amendment Date: 2008/12/22</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="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Service Request Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;12505785</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Registration Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">LP12616330</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Limited Partnership Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRECISION LIMITED PARTNERSHIP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Limited Partnership Status:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Active</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note: There is only 1 active General Partner</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>General Partner</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="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>General Partner Status:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inactive</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>General Partner Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Entity</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Corporate Access Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;2012531964</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name / Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;1253196 ALBERTA LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;4200, 150 &#151; 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>General Partner Status:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Active</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>General Partner Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Entity</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Corporate Access Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;2012531964</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name / Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRECISION DRILLING LIMITED</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;4200, 150 &#151; 6TH AVENUE SW</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Attachment</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><DIV style="margin-left:60px; text-indent:-0px"><B>Attachment
Type</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Microfilm Bar Code</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Date Recorded</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certificate of Limited
Partnership (AB)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10000904100111104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006/08/15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notice to Amend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10000604100111110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006/12/22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notice to Amend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10000807103426628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008/08/29</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notice to Amend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10000202000458831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008/12/22</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Registration Authorized By:</B></TD>
    <TD>&nbsp;</TD>
    <TD>RYAN D. SCHINDEL<br>
SOLICITOR</TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960857.gif" alt="(BAR CODE)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT TO CERTIFICATE OF LIMITED<BR>
PARTNERSHIP OF PRECISION LIMITED PARTNERSHIP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS 1253196 Alberta Ltd. has changed its name to Precision Drilling Limited;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND WHEREAS Terra Water Group Ltd. has been amalgamated to form Precision Drilling
Corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND WHEREAS pursuant to the provisions of Section&nbsp;70 of the <I>Partnership Act </I>(Alberta) (the
&#147;<B>Act</B>&#148;) the undersigned, being all of the partners of the limited partnership known as Precision
Limited Partnership (the <B>&#147;Partnership&#148;) </B>registered by means of a Certificate of Limited
Partnership (the &#147;<B>Certificate</B>&#148;) on August&nbsp;15, 2006, as LP 12616330, hereby amend the Certificate
to update the name of the partners and to correct an error in schedule 4 of the Certificate with
respect to the Total Contribution and Number of Limited Partnership Units of Precision Drilling
Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE, the Certificate is amended 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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;4 of the Certificate is deleted in its entirety and in substitution therefore
shall be added the following:</TD>
</TR>

</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="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left"><DIV style="margin-left:60px; text-indent:-0px"><B>Name
&#38;</B><B>Address
of Limited</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Limited</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><DIV style="margin-left:100px; text-indent:-0px"><B>Partner</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Contribution</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Partnership Units</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Limited<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">10 Class A Units</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">4200, 150 &#150;  6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.<BR>
Calgary, Alberta T2P 3Y7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Limited<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">170,000.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">170,000 Class A Units</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">4200, 150 &#150;  6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>  Avenue S.W.<BR>
Calgary, Alberta T2P 3Y7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Corporation<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17,506,783.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">17,506,783 Class A Units</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">4200, 150 &#150; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.<BR>
Calgary, Alberta T2P 3Y7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Corporation<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">990.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">990 Class A Units</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">4200,150 &#150; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.<BR>
Calgary, Alberta T2P 3Y7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth above, the Certificate is hereby ratified and confirmed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF the undersigned has executed this Certificate effective as of the
19<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of December, 2008.
</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="5%">&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="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PRECISION DRILLING LIMITED</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">(Limited Partner)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">(General and Limited Partner)</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>
    <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">/s/ Darren Ruhr
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Darren Ruhr
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&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">Name: Darren Ruhr
</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">Name: Darren Ruhr</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">Title: VP Corporate Services and Secretary
</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">Title: Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960858.gif" alt="(STAMP)">
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.33</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>AMEND LIMITED PARTNERSHIP &#151; Proof of Filing</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Alberta Amendment Date: 2010/05/04</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="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Service Request Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;14678305&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Registration Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;LP12616330&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Limited Partnership Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;PRECISION LIMITED PARTNERSHIP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Limited Partnership Status:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Active</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note: There is only 1 active General Partner</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="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>General Partner</B></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"><B>General Partner Status:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Inactive</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>General Partner Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Legal Entity</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Corporate Access Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;2012531964&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name / Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;1253 196 ALBERTA LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;4200, 150 - 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;T2P 3Y7</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>General Partner Status:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Active</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>General Partner Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Legal Entity</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Corporate Access Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;2012531964</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name / Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;PRECISION DIVERSIFIED OILFIELD SERVICES CORP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;4200, 150 - 6TH AVENUE SW</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;T2P 3Y7</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Attachment</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="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Attachment
Type</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>&nbsp;Microfilm
Bar Code</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>&nbsp;Date
Recorded</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certificate of Limited Partnership (AB)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10000904100111104</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2006/08/15</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notice to Amend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10000604100111110</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2006/12/22</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960829.gif" alt="(STAMP)">
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>


<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Attachment
Type</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>&nbsp;Microfilm
Bar Code</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>&nbsp;Date
Recorded</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notice to Amend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10000807103426628</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2008/08/29</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notice to Amend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10000202000458831</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2008/12/22</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notice to Amend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10000607103428751</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2010/05/04</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Registration Authorized By:</B></TD>
    <TD>&nbsp;</TD>
    <TD>JOANNE ALEXANDER <br>SECRETARY</TD>
</TR>
</TABLE>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT TO CERTIFICATE OF LIMITED PARTNERSHIP<BR>
OF PRECISON LIMITED PARTNERSHIP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS Precision Drilling Limited has changed its name to Precision Diversified
Oilfield Services Corp.;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND WHEREAS pursuant to the provisions of Section&nbsp;70 of the <I>Partnership Act</I>
(Alberta) (the &#147;<B>Act</B>&#148;) the undersigned, being all of the partners of the limited
partnership known as Precision Limited Partnership (the <B>&#147;Partnership&#148;) </B>registered by
means of a Certificate of Limited Partnership (the <B>&#147;Certificate&#148;) </B>on August&nbsp;15, 2006, as
LP 12616330, hereby amend the Certificate to update the name of the general partner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE, the Certificate is amended 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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;3 of the Certificate is deleted in its entirety and
in substitution therefore shall be added the following:</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The general partner of the Limited Partnership is <B>PRECISION DIVERSIFIED
OILFIELD SERVICES CORP. </B>(the <B>&#147;General Partner&#148;), </B>a body corporate
incorporated under the laws of the Province of Alberta, having its office at
4200,150 &#151; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W., Calgary, Alberta T2P 3Y7.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth above, the Certificate is hereby ratified and confirmed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has executed this Certificate effective as of the
30<SUP style="FONT-size: 85%; vertical-align: text-top">th </SUP>day of April, 2010.
</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="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PRECISION
DIVERSIFIED OILFIELD SERVICES CORP.</B></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">(Limited Partner)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">(General and Limited Partner)</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">Per:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joanne Alexander
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joanne 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" 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">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="0" valign="top" align="left">Joanne Alexander, Vice President, General</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="0" valign="top" align="left">Joanne Alexander, Vice President, General</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="0" valign="top" align="left">Counsel and Corporate Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="0" valign="top" align="left">Counsel and  Corporate
Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.33</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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">REGISTER LIMITED PARTNERSHIP &#151; Registration Statement
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 1 of 1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>REGISTER LIMITED PARTNERSHIP &#151; Registration Statement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Alberta Registration Date: 2006/08/15</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Registration Number: LP12616330</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="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Service Request Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;9006338</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Limited Partnership Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;TERRA WATER SYSTEMS LIMITED PARTNERSHIP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Nuans Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;87414590</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Nuans Date:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;2006/08/11</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Home Jurisdiction:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Termination Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>General Partner</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>General Partner Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Legal Entity</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Corporate Access Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;2012531964</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name / Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;1253196 ALBERTA LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B></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"><B>Middle Name:</B></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"><B>Street:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;4200, 150 - 6TH AVENUE S.W.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;CALGARY</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></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"><B>Internet Mail ID:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Attachment</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="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Attachment Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Microfilm Bar Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date Recorded</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Certificate of Limited Partnership (AB)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">l0000904100111104</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2006/08/15</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Registration Authorized By:</B></TD>
    <TD>&nbsp;</TD>
    <TD>SUZANNE L. DAVIES <br>AGENT OF CORPORATION</TD>
</TR>
</TABLE>
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960859.gif" alt="(BAR CODE)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>IN THE MATTER OF<BR>
TERRA WATER SYSTEMS LIMITED PARTNERSHIP<BR>
AND IN THE MATTER OF<BR>
SECTION 52 OF THE <i>PARTNERSHIP ACT</i> (ALBERTA), AS AMENDED (THE &#147;ACT&#148;)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>CERTIFICATE</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned wish to form a limited partnership (the <B>&#147;Limited Partnership&#148;) </B>in compliance with
Part&nbsp;2 of the Act and have entered into a limited partnership agreement made as of the
15<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of August, 2006 (the <B>&#147;Limited Partnership Agreement&#148;) </B>and, in respect thereof,
<B>HEREBY CERTIFY THAT:</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>The firm name under which the Limited Partnership is to be conducted is <B>&#147;Terra Water Systems
Limited Partnership&#148;.</B></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>The character of the business of the Limited Partnership is carrying on all aspects of an oil
and gas (and other energy sources) services entity, of any nature or kind, which shall include
but not be limited to:</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 creation and development of technically innovative
equipment and procedures for use in the design, manufacture, production, sale,
service and rental or lease of portable water and wastewater treatment and
disposal equipment 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the design, manufacture, production, sale, service and rental
or lease of portable water and wastewater treatment and disposal equipment;</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>drilling or servicing of oil and gas (or any other energy source) wells;</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>all services related to the drilling or servicing of oil and
gas (or any other energy source) wells;</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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>engaging in such other activities which (1)&nbsp;the General
Partner deems incidental, necessary or appropriate, and (2)&nbsp;are permitted by
applicable law, in order to carry out the business and purpose specified in
paragraphs (i)&nbsp;through (iv); 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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to carry on any other business which, in the sole
determination of the General Partner, should be carried on by the Limited
Partnership.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The purposes of the Limited Partnership set forth in this Section are to be construed as
both purposes and powers of the Limited Partnership. The Limited Partnership has, without
limitation, the power to do any and every act and thing necessary, convenient or incidental
to the accomplishment of the purposes of the Limited Partnership.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;- 2 -&nbsp;
</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The general partner of the Limited Partnership is <b>1253196
ALBERTA LTD.</b> (the
&#147;<b>General Partner</b>&#148;), a body corporate incorporated under the laws of the Province of Alberta,
having its office at 4200, 150 &#150; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th </SUP>Avenue S.W., Calgary, Alberta T2P 3Y7.</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>The name and address of the limited partner(s) of the Limited Partnership and
the amount of its (their)&nbsp;contribution(s) is as follows:</TD>
</TR>

</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name &#038; Address of Limited</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Limited</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Partner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Contribution</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Partnership Units</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Precision Drilling Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">990.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>990 Class A Units</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4200, 150 &#150; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Calgary,
Alberta T2P 3Y7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1253196 Alberta Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>10 Class A Units</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4200, 150
&#150; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Calgary,
Alberta T2P 3Y7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</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="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term for which the Limited Partnership is to exist continues indefinitely
until dissolved or wound-up by the express written mutual agreement of the partners or until:</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 removal or deemed resignation of the
General Partner, unless the General Partner is replaced as provided
hereunder;</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>any event which makes it unlawful for the Partnership business to be
continued;</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>subject to the consent of the General Partner,
the passing of an Extraordinary Resolution of the Partners dissolving
the Partnership; 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any event which causes the dissolution of a
limited partnership under the laws of the Province of Alberta.</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="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No limited partner is obligated to make any additional capital contributions to
the Limited Partnership.</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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A limited partner is entitled to a return of his capital contribution upon
dissolution and winding-up of the Limited Partnership, in accordance with the Limited Partnership 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="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The share of the profits or other compensation by way of income which each limited
partner is entitled to by reason of its contribution is in the same proportion that his Units
in the Limited Partnership bears to the Units of all limited partners.</TD>
</TR>





</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 style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;- 3 -&nbsp;
</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">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A limited partner may substitute an assignee as contributor in his place on filing
acceptable transfer documents with the General Partner and the amendment of this Certificate to reflect
such substitution.</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">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner may, in its discretion, admit additional limited partners to the Limited
Partnership from time to 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="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No limited partner has priority over another limited partner, either to a return of
contributions or to compensation by way of income.</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">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A limited partner does not have the right to demand and receive property other than cash in
return for his contribution.</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">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The General Partner is nominated, constituted and appointed true and lawful attorney for the
Limited Partners, and is hereby given and granted full and absolute power and authority to
do and execute all acts, deeds, matters and things necessary to be done for and on behalf of the
Limited Partners.</TD>
</TR>

</TABLE>
</DIV>

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</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;- 4 -&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>DATED </B>at the City of Calgary, in the Province of Alberta, this 15<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of August,
2006.
</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="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>GENERAL PARTNER:</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><B>1253196 ALBERTA LTD.</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="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&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="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><b>Per:</b></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">/s/ Darren J. Ruhr</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="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" 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="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>INITIAL LIMITED PARTNER:</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="bottom" align="left"><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="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&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="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom"><b>Per:</b></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">/s/ Doug Strong</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="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom" style="border-top: 1px solid #000000">&nbsp;</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-3.34
<SEQUENCE>35
<FILENAME>o69608exv3w34.htm
<DESCRIPTION>EX-3.34
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w34</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.34</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRECISION LIMITED PARTNERSHIP</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>LIMITED PARTNERSHIP AGREEMENT AMENDING AGREEMENT</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>This Agreement made as of the 19<SUP style="FONT-size: 85%; vertical-align: text-top">th</sup>  day of December, 2008:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BETWEEN:</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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>PRECISION DRILLING LIMITED, </B>a corporation incorporated under the
laws of the Province of Alberta (hereinafter called the <B>&#147;General
Partner&#148;)</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">- and -
</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"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>PRECISION DRILLING CORPORATION </B>a corporation amalgamated under
the laws of the Province of Alberta, Precision Drilling Limited, a
corporation incorporated under the laws of the Province of Alberta
and each person who, from time to time, is accepted as and becomes a
limited partner of the Partnership (as herein defined) (collectively,
the <B>&#147;Limited Partners&#148;)</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>WHEREAS </B>1253196 Alberta Ltd. (the former name of the General Partner) and the Limited Partners have
entered into a Limited Partnership Agreement (the <B>&#147;Limited Partnership Agreement&#148;) </B>made effective
August&nbsp;15, 2006 which created Terra Water Systems Limited Partnership (which subsequently had its
name changed to &#147;Precision Limited Partnership&#148;) (the <B>&#147;Partnership&#148;)</B>;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AND WHEREAS </B>the parties hereto wish to amend the Limited Partnership Agreement to provide that
interests in the Partnership are &#147;securities&#148; for purposes of the <I>Securities Transfer Act</I>
(Alberta) and any similar legislation in Canada;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NOW THEREFORE </B>for valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree 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="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;5.9 is added to the Limited Partnership Agreement as follows:
<BR><BR style="font-size: 6pt">&#147;Class&nbsp;A Units, Partnership Units, Units and any general partner interests in the
Partnership are &#147;securities&#148; for purposes of the <I>Securities Transfer Act </I>(Alberta) and any
similar legislation in Canada.&#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="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is declared and agreed that covenants, clauses, agreements, provisos, stipulations,
conditions, powers, matters and things whatsoever contained in or implied from the said
Limited Partnership Agreement shall continue in force and apply, except as to those
which are amended by the terms as set forth herein, and the said Limited Partnership
Agreement as amended hereunder, is hereby ratified and confirmed.</TD>
</TR>





</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 style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&nbsp;- 2 -&nbsp;
</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement may be executed in one or more counterparts and when each party has
executed and delivered a counterpart to the other parties hereto, each of such counterparts
shall be deemed to be an original and all of such counterparts when taken together shall
constitute one and the same agreement. This Agreement or a counterpart hereof may be
executed and transmitted by fax, with transmission confirmed as complete, and if so
executed and transmitted, this Agreement shall be for all purposes as effective and
binding upon the faxing party as if such party had delivered an originally executed
document. A party transmitting an executed document by facsimile transmission shall
forthwith deliver to the other parties the original of the executed document.</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>The terms of this Agreement are governed under the laws of the Province of Alberta.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF the parties have executed Agreement as of the date first above written.
</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>PRECISION DRILLING LIMITED</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><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>
    <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">/s/ Darren J. Ruhr</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Darren J. Ruhr</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>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.34</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>TERRA WATER SYSTEMS LIMITED PARTNERSHIP </B></u>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B><u>LIMITED PARTNERSHIP AGREEMENT</U></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS LIMITED PARTNERSHIP AGREEMENT </B>is made effective this 15<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of August, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BETWEEN:</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>1253196 ALBERTA LTD., </B>a body corporate, incorporated under the laws
of the Province of Alberta (hereinafter referred to as the <B>&#147;General
Partner&#148;)</B>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">OF THE FIRST PART
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- and -
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>PRECISION DRILLING CORPORATION, </B>a body corporate incorporated under
the laws of the Province of Alberta (hereinafter referred to as the
<B>&#147;Initial Limited Partner&#148;)</B>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">OF THE SECOND PART
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- and -
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">each person who, from time to time, is accepted as and becomes a
limited partner of the partnership formed pursuant to this Agreement
in accordance with the terms and conditions of this Agreement (the
<B>&#147;Limited Partners&#148;).</B>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">OF THE THIRD PART
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS </B>the General Partner and the Initial Limited Partner wish to form and organize a
limited partnership as set out herein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW THEREFORE THIS AGREEMENT WITNESSES </B>that in consideration of the premises, mutual
covenants and agreements herein set forth, the parties covenant and agree, each with the others,
as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 1<BR>
DEFINITIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.1 In this Agreement, including the following definitions and the schedules hereto, unless
the context otherwise clearly requires, the following words or phrases shall have the following
meanings:
</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><B>&#147;Available Cash&#148; </B>means cash on hand, credit balances with banks and the
realizable value of short term investments;</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><B>&#147;Business&#148; </B>has the meaning set forth in Section&nbsp;4.1;</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><B>&#147;Capital Contribution&#148; </B>means the amount agreed to be contributed to the capital
of the Partnership from time to time by each Partner for the purchase of Class&nbsp;A Units;</TD>
</TR>

</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="center" style="font-size: 10pt; margin-top: 12pt">2</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><b>&#147;Certificate&#148;</b> means that certificate of limited partnership no. 12616330 and any
amendments thereto filed and recorded in respect of the Partnership pursuant to the
<I>Partnership Act </I>in the Corporate Registry for the Province of Alberta and all notices to
amend such certificates filed and recorded as aforesaid;</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><B>&#147;Class&nbsp;A Unit&#148; </B>means a Class&nbsp;A Unit of the Partnership;</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><B>&#147;Dollars&#148; </B>or <b>&#147;$&#148;</b> means Canadian dollars;</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><b>&#147;ETA&#148;</b> shall mean the <I>Excise Tax Act </I>(Canada), as amended from time to 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Existing Limited Partners&#148; </B>means the General Partner and the Initial Limited Partner;</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><B>&#147;Extraordinary Resolution&#148; </B>means a
resolution passed by not less than 66<b>&#149;</b> % of the votes
cast by Partners who voted with respect to such resolution at a meeting of Partners (or any
adjournment thereof) called to consider, among other matters, the specific subject matter of
the resolution; or a resolution consented to in writing by Partners
holding at least 66<b>&#149;</b> % of
the Units in the Partnership entitled to vote if the resolution were being passed at a
meeting;</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><b>&#147;Fiscal Year&#148;</b> means the fiscal year of the Partnership as referred to in Section&nbsp;10.1 and
<B>&#147;Fiscal Year End&#148; </B>means the end of a Fiscal Year;</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><B>&#147;General Partner&#148; </B>means 1253196 Alberta Ltd. and each other party who becomes an additional
General Partner or substitute General Partner pursuant to the terms and conditions 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Initial Limited Partner&#148; </B>means Precision Drilling 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">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><b>&#147;ITA&#148;</b> shall mean the <I>Income Tax Act </I>(Canada), as amended from time to 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Limited Partners&#148; </B>means all of those parties who acquire and hold Class&nbsp;A Units in the
Partnership and whose names are set out in a Certificate;</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">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Ordinary Resolution&#148; </B>means a resolution passed by more than 50% of the votes cast by
Partners who vote with respect to such resolution at a meeting of Partners (or any
adjournment thereof) called to consider, among other matters, the subject matter of the
resolution; or a resolution consented to in writing by Partners holding more than 50% of the
Units in the Partnership entitled to vote if the resolution were being passed at a meeting;</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><B>&#147;Partners&#148; </B>means the General Partner together with the Limited Partners and <B>&#147;Partner&#148; </B>means
any one of them;</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><B>&#147;Partnership&#148; </B>means Terra Water Systems Limited Partnership, a limited partnership formed
August&nbsp;15<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>, 2006 under the <I>Partnership Act;</I></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><B>&#147;Partnership Act&#148; </B>means the <I>Partnership Act </I>(Alberta), as amended;</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><B>&#147;Partnership Certificate&#148; </B>has the meaning set forth in Section&nbsp;13.1;</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><B>&#147;Partnership Units&#148; </B>means limited partnership units in the Partnership, initially consisting
of Class&nbsp;A Units;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">3</DIV>
<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">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><b>&#147;Reserves&#148;</b> means amounts to be retained by the Partnership which in the opinion
of the General Partner are necessarily retained for the time being, having regard to
the current and anticipated cash needs of the Partnership:</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>in order to provide for the orderly payment of obligations
owing, to become owing or anticipated to be incurred by the Partnership, 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>to comply with any commitments as to the financial condition
of the Partnership as contained in any financing documents providing for or
securing financial accommodation to the Partnership;</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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Sharing Ratio&#148; </B>means the ratio of the aggregate Class&nbsp;A Units held by each
Partner to the aggregate number of outstanding Class&nbsp;A Units held by all Partners;</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><B>&#147;Subscription Form and Power of Attorney&#148; </B>means the form attached hereto as
Schedule &#147;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">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Transfer Form&#148; </B>means the form attached hereto as Schedule &#147;C&#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">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Unit&#148; </B>means a Class&nbsp;A Unit and <B>&#147;Units&#148; </B>means collectively the Class&nbsp;A Units
issued by the Partnership.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">1.2 <B>Interpretation</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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless the context otherwise requires:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;this Agreement&#148;, &#147;herein&#148;, &#147;hereof, &#147;hereto&#148;, &#147;hereunder&#148; and similar
expressions mean and refer to this Agreement as supplemented or amended and not to any
particular Article, Section, Schedule or other part hereof; and the expressions
&#147;Article&#148; and &#147;Section&#148; followed by a number or letter mean and refer to the specified
Article or Section 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where the word &#147;including&#148; or &#147;includes&#148; is used in this Agreement it means
including (or includes), without limitation;</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>words importing the singular number of masculine gender only shall include the
plural number or the feminine gender, and vice versa;</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>all references to &#147;Articles&#148;, &#147;Sections&#148; and &#147;Schedules&#148; are references to
Articles, Sections of, and Schedules to and forming part 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the division of this Agreement into Articles, Sections, paragraphs, Schedules
and other subdivisions and the insertion of headings are for convenience of reference
only and shall not affect the construction or interpretation of 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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where in this Agreement a term is defined, a derivative of that term shall
have a corresponding meaning.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 2<BR>
FORMATION OF PARTNERSHIP</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.1 The General Partner and the Initial Limited Partner have agreed to and hereby do
establish the Partnership as a limited partnership pursuant to the laws of the Province of Alberta
and the provisions of this Agreement.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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: 12pt">4</DIV>

<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">2.2 A person shall become a Limited Partner of the Partnership upon acceptance by the General
Partner of that person&#146;s subscription for Class&nbsp;A Units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.3 Except as provided in this Agreement, no action or consent by any other Limited Partner shall
be required for the admission of any new Limited Partners.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.4 As soon as practicable following the execution hereof, the General Partner shall cause to be
executed and filed the Certificate and such other certificates, instruments and documents as may be
required under the Partnership Act or other laws of the Province of Alberta to evidence the
formation of the Partnership and the admission of the Initial Limited Partner to the Partnership or
otherwise. The General Partner and each Limited Partner shall execute and deliver as promptly as
possible any documents that may be necessary or desirable to accomplish the purposes of this
Agreement or to give effect to the formation and continuance of the Partnership under applicable
laws. The General Partner shall take all necessary actions on the basis of information available to
the General Partner in order to maintain the status of the Partnership as a limited partnership.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 3<BR>
NAME, PLACE OF BUSINESS AND DURATION OF PARTNERSHIP</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.1 The name of the Partnership shall be <B>&#147;Terra Water Systems Limited Partnership&#148; </B>or such other
name or names as the General Partner may from time to time deem appropriate to comply with the
laws of the jurisdictions in which the Partnership may carry on business. The General Partner
shall have the right to change the name of the Partnership and to file an amendment to the
Certificate changing the name of the Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.2 The
principal place of business of the Partnership shall be located at 4200, 150 - 6<SUP style="FONT-size: 85%; vertical-align: text-top">th
</SUP>Avenue S.W., Calgary, Alberta, T2P 3Y7. The General Partner shall have the right to change
the office and place of business of the Partnership from time to time in its sole discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.3 The term of the Partnership commenced August&nbsp;15<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>, 2006 and shall continue
indefinitely pursuant to the provisions of the Partnership Act and this Agreement until such time
as the Partnership is dissolved or wound-up by the express written mutual agreement of the
Partners or under the provisions for dissolution and winding up contained herein.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 4<BR>
BUSINESS PURPOSES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.1 The Partnership has the business purpose of carrying on all aspects of an oil and gas (and
other energy sources) services entity, of any nature or kind which shall include but not be limited
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>to create and develop technically innovative equipment and procedures for use
in the design, manufacture, production, sale, service and rental or lease of portable
water and wastewater treatment and disposal equipment 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the design, manufacture, production, sale, service and rental or lease of
portable water and wastewater treatment and disposal equipment;</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>drilling or servicing of oil and gas (or any other energy source) wells;</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>all services related to the drilling or servicing of oil and gas (or any other
energy source) wells; 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>to carry on any other business which, in the sole determination of the General
Partner, should be carried on by the Partnership;</TD>
</TR>



</TABLE>
</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: 12pt">5</DIV>
<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>(collectively, the <B>&#147;Business&#148;).</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.2 The purposes of the Partnership set forth in Section&nbsp;4.1 and the powers vested in the General
Partner pursuant to Section&nbsp;9.2 shall be construed as both purposes and powers of the Partnership.
The Partnership shall have, without limitation, the power to do any and every act and thing
necessary, convenient or incidental to the accomplishment of the purposes of the Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.3 The Partnership shall not carry on business in any jurisdiction unless the General Partner has
taken all steps which may be required by the laws of that jurisdiction for the Limited Partners to
benefit from the limited liability provisions applicable in such jurisdiction. The Partnership
shall not carry on business in any jurisdiction in which the laws do not recognize the liability of
the Limited Partners to be limited unless, in the opinion of the General Partner, the risks
associated with the possible absence of limited liability in such jurisdiction are not significant
considering the relevant circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.4 The Partnership shall carry on business in such a manner as to ensure, to the greatest extent
possible, the limited liability of the Limited Partners, and the General Partner shall register
the Partnership in other jurisdictions where the General Partner considers it appropriate to do
so.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.5 The Partnership shall not carry on any active business, other than the Business, provided that
the foregoing shall not be interpreted so as to prevent the Partnership from investing and
re-investing its funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.6 Except as otherwise specifically provided in this Agreement, the Partnership shall hold the
property of the Partnership and apply it exclusively for the purposes of the Partnership in
accordance with this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.7 The General Partner is authorized to take legal title in its name to any or all property of the
Partnership, which will be held in trust for the Partnership, but with authority to replace and
dispose of it as deemed prudent in the conduct of the business and affairs of the Partnership.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 5<BR>
UNIT HOLDINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.1 The authorized capital of the Partnership on the date on which the Certificate is filed in
accordance with Section&nbsp;2.4 shall initially consist an unlimited number of Class&nbsp;A Units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.2 The Initial Limited Partner hereby subscribes for 990 Class&nbsp;A Units for an aggregate capital
contribution of $990 and such subscription is accepted by the General Partner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.3 The General Partner hereby subscribes for 10 Class&nbsp;A Units for an aggregate capital
contribution of $10 and such subscription is accepted by the General Partner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.4 Each Partnership Unit shall rank equally with all other Partnership Units of the same class or
series and shall entitle the holder thereof to the same rights and obligations as the holder of
any other Partnership Unit of the same class or series and no Limited Partner shall be entitled to
any privilege, priority or preference hereunder in relation to any other Limited Partner holding
Partnership Units of the same class or series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.5 The General Partner may admit from time to time additional Limited Partners, provided that
such Limited Partners execute and deliver to the General Partner a Subscription Form and Power of
Attorney, substantially in the form attached hereto as Schedule &#147;B&#148; or such other form acceptable
to the General Partner. A subscriber for Partnership Units shall become a Limited Partner upon the
acceptance of the Subscription Form and Power of Attorney by the General Partner and the filing of
an amended Certificate to include the subscriber as a Limited Partner. The General Partner
shall have the
</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: 12pt">6</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">discretionary right to reject any proposed Limited Partner&#146;s subscription and restrict the number
of Partnership Units to be issued to a subscriber.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.6 From time to time as soon as conveniently possible following the admission or retirement of
any Limited Partners, an amended Certificate shall be filed in accordance with the <I>Partnership
Act, </I>evidencing the interest in the Partnership of all Limited Partners.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.7 Capital Contributions may be made in the form of property, money or the conversion or
forgiveness of indebtedness owing to a Partner by the Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5.8 In the event that a Limited Partner fails to make a required payment in connection with a
subscription for Units upon the date required or within 14&nbsp;days thereafter then the interest of
the Limited Partner represented by such Units subscribed for in the Partnership will be
immediately terminated and all money paid in connection with that subscription by the Limited
Partner to the Partnership shall absolutely belong to the Partnership as liquidated damages and
the General Partner is authorized to use the Power of Attorney granted hereunder to amend any
certificates or other documents to reflect such termination.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 6<BR>
ACCOUNTS AND ALLOCATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.1 A capital account shall be established for each Partner on the books of account of the
Partnership which shall initially be credited with each Partner&#146;s Capital Contribution. The
capital accounts shall also be credited with any additional Capital Contributions made by the
Partners and shall be charged with any distributions to the respective Partners from time to time
during any Fiscal Year. The capital account of each Partner shall be credited or charged with its
respective share of the net profit or net loss of the Partnership in accordance with Section&nbsp;6.5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.2 No Partner shall have the right to withdraw any amount or receive any distribution from the
Partnership, except as expressly provided in this Agreement, or except as approved by an
Extraordinary Resolution of the Partners.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.3 No interest shall be paid to any Partner on any amount in its capital account. Partners may
loan money to or otherwise become a creditor of the Partnership, which activity will in no way
impact upon or be impacted by their status as a Partner, and may charge interest thereon, which
interest shall not be considered as a capital distribution from the Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.4 The net profit or net loss of the Partnership for each Fiscal Year shall be determined in
accordance with generally accepted accounting principles and shall be binding upon the Partners.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.5 The net profit or net loss for each Fiscal Year of the Partnership shall be credited or
charged to the respective capital accounts of the Partners. The holders of Partnership Units shall
be entitled to an allocation of the net profit or net loss for each Fiscal Year of the Partnership
in proportion to their respective holding of Units on the last day of the Fiscal Year. Any other
amounts attributable to the Partnership (including a share of expenses or expenditures) for each
Fiscal Year of the Partnership shall be allocated to the Limited Partners in proportion to their
respective holding of Units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.6 Amounts accrued or required to be allocated pursuant to Section&nbsp;6.5 shall be allocated to the
Partners simultaneously as of the end of the last day of each Fiscal Year of the Partnership to
those Partners who are Partners at the end of the last day of the particular Fiscal Year. Until
the Partnership has been dissolved, the General Partner shall cause the Partnership to distribute,
from time to time, the amount by which the Available Cash exceeds the Reserves at such Fiscal Year
End.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6.7 Partners shall look solely to the assets of the Partnership for the return of their respective
Capital Contributions or any other capital distributions with respect to their Units. If the
assets remaining
</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: 12pt">7</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">after payment or discharge, or provision for payment or discharge, of the debts and liabilities of
the Partnership are insufficient to return the Capital Contributions or to make any other capital
distribution to the Partners, a Partner shall not have any recourse against the assets of any
other Partner for that purpose.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 7<BR>
MANAGEMENT OF THE PARTNERSHIP</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.1 The General Partner shall be responsible for the management, control and operation of the
business of the Partnership and to do or cause to be done in a prudent and reasonable manner any
and all acts necessary, appropriate or incidental to the business of the Partnership and shall have
full, exclusive and complete discretion in the management and operation of the business of the
Partnership. In this regard the General Partner may retain the services of third parties to assist
it in fulfilling its responsibilities hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.2 In consideration for performing the management services for the Partnership, the General
Partner shall be entitled to a fixed allocation per month from the Partnership during the Fiscal
Year of the Partnership equal to a sum to be allocated as may be determined by an Ordinary
Resolution of the Partners. The General Partner shall also be reimbursed for its expenses incurred
on behalf of the Partnership as contemplated in Article&nbsp;8.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7.3 No Limited Partner, as such, shall take part in the management or control of the business of
the Partnership or transact any business for the Partnership nor does any Limited Partner, in that
capacity, have the power to sign for or bind the Partnership.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 8</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>REIMBURSEMENT OF THE GENERAL PARTNER</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.1 All costs and expenses incurred by the General Partner in managing the Partnership and
its business shall be for the account of the Partnership and where the capital of the Partnership
at any particular time is insufficient for the satisfaction of amounts outstanding, the General
Partner may from time to time and as necessary, advance amounts to the Partnership to allow the
Partnership to meet its obligations. There is no obligation on the General Partner to advance any
amount to the Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.2 The General Partner may from time to time incur expenses on behalf of and for the account of
the Partnership in connection with the management, control and operation of the Partnership and
its business, and any such expenses incurred by the General Partner on behalf of or for the
account of the Partnership shall be reimbursed by the Partnership or, in the event that funds on
hand are insufficient for such reimbursement, shall be considered an advance to the Partnership in
accordance with Section&nbsp;8.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8.3 The General Partner is entitled to reimbursement by the Partnership of all costs and expenses
that are incurred by the General Partner for the account of the Partnership (other than the costs
paid by the General Partner for services provided to it by its officers, directors or
shareholders) and any advance by the General Partner to the Partnership shall bear interest at the
rate prescribed by Subsection 14.1(e).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 9<BR>
POWERS AND AUTHORITY OF THE GENERAL PARTNER</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.1 The General Partner is the manager of the Partnership and no person dealing with the
Partnership is required to inquire into the authority of the General Partner to take any action or
to make any decision in the name of the Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.2 The General Partner has the power and authority to transact the business of the Partnership
and has, without limiting the generality of the foregoing, the power and authority to do
</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: 12pt">8</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">anything in respect thereof that a natural person carrying on the same or a similar business would
be able to do.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9.3 The General Partner shall be entitled to sell or otherwise dispose of the assets of the
Partnership in the ordinary course of business and without the approval of the Limited Partners.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 10<BR>
FISCAL YEAR, ACCOUNTING AND REPORTING</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.1 The Fiscal Year of the Partnership runs from January 2 and includes the following January&nbsp;1,
unless an alternative period is selected by an Ordinary Resolution of the Partners.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.2 The General Partner shall cause the Partnership, in calculating its income or loss for any
Fiscal Year, to take the maximum tax deductions available to it for that year, unless an
Extraordinary Resolution to the contrary is passed by the Partners.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.3 The General Partner shall maintain complete and adequate records of all rights and interests
acquired for or disposed of by the Partnership, all correspondence relating to the Partnership
business and the original records of the statements, bills and other instruments furnished to the
Partnership in connection with its business. Such books, records and registers will be kept
available for inspection and audit by any Limited Partner or his duly authorized representatives
(at the expense of such Limited Partner) during normal business hours at the offices of the
General Partner in Calgary, Alberta.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.4 The General Partner shall:
</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>maintain adequate records and accounts of all operations and expenditures;</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>prepare and send to each Limited Partner annual financial statements including
a balance sheet and statement of income, prepared in accordance with generally
accepted accounting principles, within one hundred twenty (120)&nbsp;days after the Fiscal
Year End; 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>within one hundred twenty (120)&nbsp;days after the Fiscal Year End the General
Partner shall forward or cause to be forwarded to each Limited Partner, who was a
Limited Partner as at such Fiscal Year End, all necessary income tax reporting
information to enable the Limited Partner to file an income tax return with respect to
the Limited Partner&#146;s interest in the Partnership with respect to such Fiscal Year.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE
11<BR>
LIABILITY OF PARTNERS AND INSURANCE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.1 The General Partner has unlimited liability for the debts, liabilities and obligations of the
Partnership to the extent of its assets. The liability of each Limited Partner for the liabilities
and obligations of the Partnership is limited to the amount of his Capital Contribution plus his
pro rata share of the undistributed assets of the Partnership provided the Limited Partner is not
in breach of any term hereof or the provisions of the <I>Partnership Act. </I>A Limited Partner will have
no further personal liability for such liabilities and obligations and following the payment of
his Capital Contribution will not be liable for any additional assessments or contributions to the
Partnership, except that the Limited Partners shall be bound to return to the Partnership such
part of any amount distributed to them as may be necessary to restore the capital of the
Partnership to its existing amount before such distribution if, as a
result of such distribution, the capital of the Partnership is reduced and the Partnership is
unable to pay its debts as they become due.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">9</DIV>

<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">11.2 Except for its own gross negligence or wilful misconduct, the General Partner is not
liable to the Limited Partners for:
</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 mistake or error in judgment;</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>any act or omission believed in good faith to be within the scope of
authority conferred by 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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any loss or damage to property of the Partnership caused by circumstances
beyond the control of the General Partner.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.3 The General Partner shall indemnify the Partnership for any damages incurred as a result of
an act of gross negligence or wilful misconduct of the General Partner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.4 The General Partner will purchase, in the name of the Partnership, liability, casualty and
other insurance of such types and coverages as the General Partner considers appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11.5 It is acknowledged by the Limited Partners that upon dissolution of the Partnership, the
Limited Partners may receive undivided interests in the Partnership properties and will thereafter
no longer have limited liability with respect to the ownership of such properties.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 12<BR>
DISSOLUTION AND TERMINATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.1 The Partnership shall dissolve upon the occurrence of any of the following events:
</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 removal or deemed resignation of the General Partner, unless the General
Partner is replaced as provided hereunder;</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>any event which makes it unlawful for the Partnership business to be continued;</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>subject to the consent of the General Partner, the passing of an Extraordinary
Resolution of the Partners dissolving the Partnership; 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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any event which causes the dissolution of a limited partnership under the laws
of the Province of Alberta.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.2 Dissolution is effective on the day on which the event occurs giving rise to the dissolution,
but the Partnership will not terminate until the assets have been distributed. The dissolution,
insolvency, bankruptcy, resignation, admission or liquidation of a Partner will not dissolve the
Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.3 Upon dissolution of the Partnership, the liquidating trustee (which will be the General
Partner unless the General Partner is unable or unwilling to act, in which event the liquidating
trustee will be selected by Ordinary Resolution) shall proceed diligently to wind up the affairs
of the Partnership and distribute the assets of the Partnership in accordance with Section&nbsp;12.4.
Subject to Section&nbsp;12.4, the liquidating trustee may continue to operate and deal with the
properties and undertakings of the Partnership with all of the power and authority of the General
Partner. The liquidating trustee will be paid his reasonable fees and disbursements in carrying
out its duties as such.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.4 The liquidating trustee shall settle the Partnership accounts as expeditiously as possible
and in the following order shall:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</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: 12pt">10</DIV>

<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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell and liquidate the assets of the Partnership as necessary to pay or
compromise the liabilities of the Partnership;</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>place in escrow a cash reserve fund for contingent liabilities in the amount
determined by the liquidating trustee to be appropriate to be held for such period as
the liquidating trustee regards as reasonable and then to be distributed pursuant to
(c)&nbsp;below; 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>distribute the remaining assets and proceeds of sale to the Partners in
accordance with their Sharing Ratio.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 13<BR>
CERTIFICATES, ASSIGNMENTS AND TRANSFERS OF UNITS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.1 The General Partner will issue to each Limited Partner who has remitted his Capital
Contribution and whose subscription has been accepted, as provided herein, a certificate of
ownership representing his interest in the Partnership. Each such certificate, referred to above,
is hereinafter referred to as a <B>&#147;Partnership Certificate&#148; </B>and shall be in such form, consistent
with the foregoing, as is described by the General Partner, indicating that the registered owner
hereof is the owner of the number of Units represented by his Capital Contribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.2 In the event any Partnership Certificate is lost, mutilated or destroyed, the General Partner
shall issue a replacement Partnership Certificate to the Limited Partner upon receipt of evidence
satisfactory to the General Partner of such loss, mutilation or destruction and upon receiving
such indemnification as it deems appropriate in the circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.3 The interest of the General Partner as a general partner of the Partnership may not be
transferred without the approval of the Partners given by Extraordinary Resolution, except that
such consent is not required for a transfer to a person or entity controlling the General Partner,
controlled by the General Partner or controlled by a person or entity controlling the General
Partner, provided that the transferee assumes all of the obligations of the General Partner with
respect to the Partnership. Any transfer requiring approval as provided herein that is transferred
without such approval will not relieve the General Partner of the obligations of the General
Partner set forth in this Agreement but otherwise will be valid and effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.4 A Unit may be assigned, subject to applicable securities laws, regulations and orders and
subject to compliance with the terms and conditions of this Agreement. Upon a Limited Partner
making an assignment of a Unit to any assignee, such assignee shall not be recorded as the holder
of the Unit nor, if such assignee is not a Limited Partner, be entitled to become a Limited
Partner unless such assignee:
</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>has surrendered to the General Partner the Partnership Certificate
representing the Unit to be transferred;</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>has delivered a completed and executed Transfer Form, substantially in the
form attached hereto as Schedule &#147;C&#148;, to the General Partner; 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>has agreed in writing to be bound by the terms of this Agreement and to assume
the obligations of a Limited Partner under this Agreement.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No such assignee will become a Limited Partner until the assignee&#146;s name is set out in a
Certificate. Where the assignee is entitled to become a Limited Partner pursuant to the provisions
hereof (such assignee being sometimes referred to as a &#147;substituted Limited Partner&#148;), the General
Partner shall be authorized to admit the substituted Limited Partner to the Partnership as a
Limited Partner and the Limited Partners hereby consent to the admission of, and will admit, the
assignee to the Partnership as a
Limited Partner, without further act of the Partners (other than the filing of an amended
Certificate).
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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: 12pt">11</DIV>
<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">13.5 If the assignor of a Unit is a firm or corporation, or purports to assign such Unit in any
representative capacity, or if an assignment results from the bankruptcy of a Limited Partner or is
otherwise involuntary, the assignor or his legal representative shall furnish to the General
Partner such documents, certificates, assurances, court orders and other materials as the General
Partner may reasonably require to cause such assignment to be effected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.6 No assignment of less than a Unit may be made or will be recognized unless the General
Partner agrees otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.7 A Unit may only be registered in the name of one firm or corporation unless the General
Partner agrees otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13.8 No conveyance or disposition of any description made pursuant to the foregoing provisions of
this Article shall relieve the Limited Partner of any obligation which has accrued or was incurred
prior to the effective date of such disposition.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 14<BR>
CONDUCT OF BUSINESS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.1 The General Partner agrees to conduct the business of the Partnership in the following
manner:
</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 General Partner shall conduct the Partnership activities in a good,
workmanlike manner, in full compliance with all applicable laws and in accordance with
good industry practice;</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 General Partner shall render services to the Partnership or, in its
absolute discretion, may contract with third parties, including officers, directors,
shareholders and affiliates of the General Partner, for services to be rendered to the
Partnership;</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 General Partner shall appoint a Canadian chartered bank as banker for the
Partnership, establish a bank account and deposit any monies received and pay all such
expenses therefrom on account of the Partnership;</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>the General Partner shall not take any action with respect to the property of
the Partnership which is not for the benefit of the Partnership;</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>if a Partner or an affiliate makes a loan or advance to the Partnership, the
Partner or the affiliate shall not receive interest thereon in excess of the amount of
interest which the General Partner would have paid had it borrowed the money from an
arm&#146;s length third party and the Partner shall not be entitled to any other
remuneration or fees in respect of such loan or advance; 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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where services are supplied to the Partnership by the General Partner or an
affiliate of the General Partner, the cost of such services to the Partnership shall
not exceed the fair market value thereof.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14.2 No cost will be &#147;stepped-up&#148; by reason of transactions between parties not at arm&#146;s length
to the General Partner and accordingly all costs charged to the Partnership will be the lowest
similar cost
incurred by the General Partner or any party not at arm&#146;s length with it.
</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: 12pt">12</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 15<BR>
REPRESENTATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15.1 The General Partner represents that it:
</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>is a corporation incorporated under the laws of the Province of Alberta;</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>is or will become registered and will maintain registration to do business
and has or will obtain all requisite licences and permits to carry on the business of
the Partnership in all provinces in which Partnership activities render such
registration necessary; 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>has the capacity and corporate authority to act as General Partner and the
performance of its obligations hereunder as General Partner does not and will not
conflict with or breach its constating documents or any agreement by which it is
bound.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15.2 Each Limited Partner represents that it has the legal capacity to enter into this Agreement
and execute and deliver the Subscription Form and Power of Attorney and any Transfer Form or other
documentation as the General Partner may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15.3 The representations contained in this Article shall survive execution of this Agreement
and each party is obligated to ensure the continuing accuracy of each representation made by it
throughout the continuation of the Partnership.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 16<BR>
APPOINTMENT OF SUBSTITUTE GENERAL PARTNER</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.1 The General Partner may only be removed as manager of the Partnership by an Ordinary
Resolution of the Partners, in the event of the appointment of a trustee, receiver or liquidator
by reason of the bankruptcy, insolvency, liquidation or winding up of the General Partner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.2 The General Partner shall be deemed to have resigned thirty (30)&nbsp;days after the Limited
Partners have been given notice of the bankruptcy, liquidation or winding up (or the commencement
of steps in connection therewith which are not contested in good faith by the General Partner) of
the General Partner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.3 Removal of the General Partner shall be effective only upon completion of all of the
following:
</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 appointment by the Partners, by an Ordinary Resolution, of a new General
Partner to assume the responsibilities and obligations of the General Partner as
manager of the Partnership; 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 execution by the new General Partner of such documents as may be deemed
necessary by the Partnership to give effect to such appointment and thereupon, the new
General Partner shall have the sole right to exercise all rights and the sole
obligation to perform all obligations of the General Partner.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.4 The General Partner may resign upon written notice to the Limited Partners and such
resignation shall become effective upon the earlier of:
</DIV>


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<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>180&nbsp;days after such written notice is given; 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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the admission of a new General Partner to the Partnership.</TD>
</TR>

</TABLE>
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</TABLE>
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 12pt">13</DIV>

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</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.5 If the General Partner is removed or resigns as manager of the Partnership:
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<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 General Partner will do all things and take all steps to effectively
transfer the records and management of the Partnership; 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 new General Partner will file all certificates and amendments to any
certificate or other instruments necessary to record the addition of another General
Partner or qualify or continue the Partnership as a limited partnership.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16.6 Upon the removal or resignation of the General Partner, the Partnership and the Limited
Partners shall release and hold harmless the General Partner from any and all costs, damages,
liabilities or
expenses incurred by the General Partner or the Partnership in connection with the Partnership
business as
a result of or arising out of events occurring after such resignation or removal and caused by or
deriving
from any act of the General Partner, other than its wilful act or omission, or gross negligence,
prior to the
date of such resignation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 17<BR>
MEETINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.1 The General Partner may secure the written consent or agreement of any Limited Partner to any
matter requiring such consent or agreement which may be used in conjunction with votes given at a
meeting of Partners or without a meeting of Partners to secure the necessary consent or agreement
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.2 The General Partner shall call an annual general meeting of the Partners to be held within
180&nbsp;days after each Fiscal Year End. In addition, the General Partner may call a meeting of
Partners to consider any matter, and shall call a meeting of Partners on receipt of a written
request from Partners representing not less than a 25% interest in the Partnership. If the General
Partner fails or neglects to call such a meeting within 15&nbsp;days after receipt of the written
request, then any of the Limited Partners which made the request may call the meeting. Every
meeting shall be held at the time and place designated by the party calling the meeting in the
notice calling the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.3 Among the business to be transacted at the annual general meeting, the Limited Partners shall
receive and consider the report of the General Partner, the annual financial statements of the
Partnership and the auditor&#146;s report thereon, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.4 Unless otherwise provided herein, any matter to be considered at a meeting of Partners shall
be considered by Ordinary Resolution and any Ordinary Resolution or Extraordinary Resolution
passed by the Partners pursuant to the provisions of this Agreement shall be binding on all
Partners whether or not they voted in favour of such resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.5 All notices of meetings of Partners shall be given at least seven (7)&nbsp;and not more than
twenty-one (21)&nbsp;days prior to the meeting and shall state the time and location of the meeting and
shall state briefly the general nature of the business to be transacted thereat. No Extraordinary
Resolution shall be passed at any meeting unless the subject matter of such resolution shall have
been set out in the notice of meeting. Notice of any meeting may be waived by a Partner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.6 The directors, officers and auditors of the General Partner may attend and take part in the
discussions and proceedings at any meeting of the Partners.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.7 Subject to the provisions of Section&nbsp;17.9, a quorum at any meeting of the Partners will
consist of not less than two persons present in person and holding or representing by proxy not
less than 50% of the aggregate of the Units owned by all Partners in the Partnership.
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 12pt">14</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.8 The President for the time being of the General Partner, or in his absence, any Vice-President
or Director of the General Partner shall be the chairman of all meetings if he is present thereat,
and in the absence of such person, the Limited Partners present in person or represented by proxy
at the meeting shall choose, by Ordinary Resolution, a person present to be chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.9 If a quorum of Partners is not present within 30 minutes from the time fixed for holding such
meeting, the meeting will be adjourned by the chairman of the meeting to a date 10&nbsp;days later
unless such day is a non-business day in which case it shall be adjourned to the next following
business day thereafter at the same time and place. No notice of the adjourned meeting shall be
required other than announcement at the time of adjournment. At the adjourned meeting the Partners
present in person or represented by proxy shall form a quorum and may transact the business for
which the meeting was originally convened notwithstanding that the Partnership interest held or
represented by them may not represent, in the aggregate, more than 50% of the aggregate of the
interests of all Partners in the Partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.10 On any question submitted to a meeting each Partner will be entitled to one vote for each
Unit in the Partnership held by such Partner. Except as otherwise specified in this Agreement,
questions shall be decided by an Ordinary Resolution approved by a majority of the votes cast at
the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.11 Votes at meetings of the Partners may be cast personally or by proxy and resolutions will be
passed, unless a poll is demanded, by a show of hands. The instrument appointing a proxy shall be
in writing under the hand of the person so appointing or his attorney duly authorized in writing,
or if the person so appointing is a corporation, under its seal or by an officer or attorney
thereof duly authorized and shall be valid for the meeting specified therein or any adjournment
thereof. The instrument appointing a proxy shall cease to be valid one year from its date. Any
person may be appointed a proxy, whether or not he is a Partner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.12 The chairman of the meeting will determine the validity of all instruments of proxy to be
utilized at such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.13 A vote cast in accordance with the terms of an instalment of proxy will be valid
notwithstanding the previous death, incapacity, insolvency, bankruptcy or insanity of the Partner
giving the proxy or the revocation of the proxy, provided that no written notice of such death,
incapacity, insolvency, bankruptcy, insanity or revocation has been received at the place of
meeting prior to the time fixed for holding of the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17.14 To
the extent that the rules and procedures for the conduct of a meeting of the Partners are
not prescribed in this Agreement, such rules and procedures shall be determined by the meeting.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 18<BR>
AMENDMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.1 This Agreement may be amended in writing on the initiative of the General Partner with the
approval of the Partners given by an Extraordinary Resolution provided that this Section&nbsp;19.1 may
not be amended, that this Agreement shall not be amended so as to provide for additional Capital
Contributions from any Limited Partner without the approval of such Limited Partner and, in the
case of any amendment that, in the opinion of counsel for the Partnership in any way adversely
affects any material rights of the General Partner, approval of such amendment by the General
Partner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.2 Notwithstanding section 18.1, the General Partner may, without prior notice to or consent
from any Limited Partner, amend any provisions of this Agreement from time to time:
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 12pt">15</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for the purpose of adding to the Agreement any further covenants, restrictions,
deletions or provisions which in the opinion of counsel to the Partnership are for
the protection of the Limited Partners; 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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to cure an ambiguity or to correct or supplement any provisions contained
herein which in the opinion of counsel to the Partnership may be defective or
inconsistent with any other provisions contained herein, provided the cure,
correction or supplemental provision does not and will not adversely affect the
interests of Limited Partners; 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>to make such other provisions in regard to matters or questions arising
under this Agreement which in the opinion of counsel to the Partnership do not and
will not adversely affect the interest of the Limited Partners; 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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to make such amendments or deletions to take into account the effect of the
change in, amendment of or repeal of any applicable legislation, which amendments or
deletions, in the opinion of counsel to the Partnership, do not and will not
adversely affect the interests of the Limited Partners.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18.3 Limited Partners will be notified of full details of any amendments to this Agreement
within 30&nbsp;days of the effective date of the amendment.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 19<BR>
NOTICE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19.1 The addresses for service of the parties are as follows:
</DIV>


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<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><B>General Partner:</B></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"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>1253196 Alberta Ltd.. <br>
4200, 150 - 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.<br>
Calgary, Alberta T2P 3Y7</TD>
</TR>

</TABLE>
</DIV>

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<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><B>Initial Limited Partner:</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Precision Drilling Corporation <br>
4200, 150 - 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.<br>
Calgary, Alberta T2P 3Y7</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Initial Limited Partner and any Limited Partner may from time to time change its address
for service hereunder by written notice to the General Partner. The General Partner may change its
address for service by written notice to the Limited Partners. Any notice provided for in this
Agreement or any other notice which a Partner may desire to give to the other Partners, shall be
in writing and shall be delivered by:
</DIV>


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<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>personal hand delivery to the addressee or, if such addressee is a body
corporate, to an officer of the addressee, or in the absence of an officer, to some
other responsible employee of such addressee; 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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>telecopier message addressed to the party to whom the notice is to be given at
its address for service and will be deemed to be received during normal business
hours, providing confirmation of receipt is received, Sundays and statutory holidays
excepted.</TD>
</TR>

</TABLE>
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 12pt">16</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 20<BR>
POWER OF ATTORNEY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">20.1 Each Limited Partner hereby irrevocably constitutes and appoints the General Partner, or
such other General Partner as from time to time has control over the management of the
Partnership, with full power of substitution, as its true and lawful attorney and agent, with full
power and authority in its name, place and stead to:
</DIV>


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<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>execute, deliver, swear to, file and record in the appropriate public offices
any and all of
the following:</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>this Agreement, all certificates, amendments to certificates,
and other instruments necessary to form, qualify or continue the qualification
of the Partnership as a limited partnership in all jurisdictions in which it
may conduct 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all instruments and certificates necessary or appropriate to
give effect to or to reflect any amendment, change or modification to the
Partnership in accordance with the terms 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all instruments, conveyances and other documents necessary or
appropriate to sell or charge any or all of the assets of the Partnership in
accordance with the terms 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all conveyances and other instruments or documents necessary
to reflect the dissolution and liquidation of the Partnership, including
cancellation of any certificates; 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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>elections in connection with the business of the Partnership
permitted under the ITA, ETA, provincial tax legislation and amendments
thereto;</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>execute and file with any governmental body or instrumentality thereof the
Government
of Canada or a Province any documents necessary or appropriate to be filed in
connection
with the business of the Partnership or in connection with this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power of attorney granted herein is irrevocable, is a power coupled with an interest and,
to the extent permitted by law, is valid and binding on the estate of the Limited Partner and will
be exercisable during any subsequent legal incapacity of the Limited Partner, will survive the
assignment by the Limited Partner of the whole or any part of the interest of the Limited Partner
in the Partnership and extends to and is binding upon the heirs, executors, administrators and
other legal representatives, and the successors and assigns of the Limited Partner and may be
exercised by the General Partner for and on behalf of the Limited Partner in executing any
instrument with a single signature as attorney and agent for each of the Limited Partners and all
of them.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Limited Partner agrees and acknowledges that upon his acquisition of Units, that he or
it will become a Limited Partner of the Partnership and that as a Limited Partner, he or it shall
be bound by the provisions of this Agreement and by any representations and actions made or taken
by the General Partner and any successor thereto, while acting in good faith pursuant to the power
of attorney hereby granted and will make contributions of capital as required pursuant to this
Agreement.
</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="center" style="font-size: 10pt; margin-top: 12pt">17</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 21<BR>
MISCELLANEOUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">21.1 The General Partner and the Limited Partners agree that this Agreement is governed and
construed in accordance with the laws of the Province of Alberta.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">21.2 This Agreement may be executed in as many counterparts as are deemed necessary by the General
Partner, and when so executed, each such counterpart is as valid and binding on all parties hereto
as every other such counterpart.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">21.3 This Agreement will constitute the entire agreement among the parties and there are no other
written or verbal agreements or representations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">21.4 If any provision of this Agreement, or the application of such provision to any person or
circumstance, shall be held invalid, the remainder of this Agreement, or the application of such
provision to any person or circumstance other than those to which it is held invalid, shall not be
affected thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">21.5 Each party hereto agrees to do all such things an take all such actions as may be necessary
to give full force and effect to the matters contemplated by this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">21.6 This Agreement shall enure to the benefit of and be binding upon the parties hereto and their
respective heirs, executors, administrators, personal representatives, successors and permitted
assigns.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;The remainder of this page is intentionally left blank&#093;.</I>
</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: 12pt">18</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>IN
WITNESS WHEREOF</b> this Agreement has been executed as of the day and year first above
written.
</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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>GENERAL PARTNER </B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>1253196 ALBERTA LTD.</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>
</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Darren J. Ruhr
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>INITIAL LIMITED PARTNER:</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>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><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>
    <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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Doug Strong
<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>


<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="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE &#147;A&#148;<BR>
UNITS AND CAPITAL CONTRIBUTIONS</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>UNITHOLDER</b><DIV style="font-size: 1px; border-bottom: 1px solid #000000; width:60%; FONT-SIZE: 1PX">&nbsp;</div></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><b>UNITS</b></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>CAPITAL</b></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1253196 Alberta Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="white-space: nowrap">10 Class A Units</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">10.00</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Precision Drilling Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>990 Class A Units</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">990.00</TD>
    <TD valign="top">&nbsp;</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="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE
&#147;B&#148;<BR>
SUBSCRIPTION FORM AND POWER OF ATTORNEY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">TO: 1253196 Alberta Ltd., General Partner of Terra Water Systems Limited Partnership
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. SUBSCRIPTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
subscriber hereby subscribes for
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Class&nbsp;A Units (at $<B>&#149;</B> per Class&nbsp;A


Unit) in Terra Water Systems Limited Partnership (the <B>&#147;Partnership&#148;). </B>The acceptance of this
subscription shall be effective upon the due execution by the General Partner of this subscription
agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. POWER OF ATTORNEY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The subscriber hereby irrevocably constitutes and appoints 1253196 Alberta Ltd., General
Partner of the Partnership, or such other General Partner as from time to time has control over
the management of the Partnership, with full power of substitution, as its true and lawful
attorney and agent, with full power and authority in its name, place and stead 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>execute, deliver, swear to, file and record in the appropriate public offices
any and all of
the following:</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>the Limited Partnership Agreement, all certificates,
amendments to certificates, and other instruments necessary to form, qualify
or continue the qualification of the Partnership as a limited partnership in
all jurisdictions in which it may conduct 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all instruments and certificates necessary or appropriate to
give effect to or to reflect any amendment, change or modification to the
Partnership in accordance with the terms of the Partnership 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all instruments, conveyances and other documents necessary or
appropriate to sell or charge any or all of the assets of the Partnership in
accordance with the terms of the Partnership 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all conveyances and other instruments or documents necessary
to reflect the dissolution and liquidation of the Partnership, including
cancellation of any certificates; 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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>elections in connection with the business of the Partnership
permitted under the <I>Income Tax Act </I>(Canada), <I>Excise Tax Act </I>(Canada),
provincial income tax legislation and amendments thereto; and</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>execute and file with any governmental body or instrumentality thereof of the
Government of Canada or a Province any documents necessary or appropriate to be
filed
in connection with the business of the Partnership, or in connection with the
Partnership
Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power of attorney granted herein is irrevocable, is a power coupled with an interest and,
to the extent permitted by law, is valid and binding on the estate of the undersigned and will be
exercisable during any subsequent legal incapacity of the undersigned, will survive the assignment
by the undersigned of the whole or any part of the interest of the undersigned in the Partnership
and extends to and is binding upon the heirs, executors, administrators and other legal
representatives, and the successors and assigns of the undersigned and may be exercised by the
General Partner for and on behalf of the
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">2</DIV>

<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">undersigned in executing any instrument with a single signature as attorney and agent for each of
the Limited Partners and all of them.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The subscriber agrees and acknowledges that upon acceptance of this subscription and
registration of the Certificate of Limited Partnership including the subscriber as a Limited
Partner, he or it will become a Limited Partner of the Partnership and that as a Limited Partner,
he or it shall be bound by the provisions of the Partnership Agreement and by any representations
and actions made or taken by the General Partner and any successor thereto, while acting in good
faith pursuant to this power of attorney hereby granted and will make contributions of capital as
required pursuant to the Partnership Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. ACKNOWLEDGMENTS AND CERTIFICATES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby represents, warrants, acknowledges, certifies and declares
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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the undersigned is purchasing the Class&nbsp;A Units hereunder as principal and
not as nominee or agent for any other person or in any other capacity;</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>the undersigned is not a non-resident of Canada for the purposes of the
<I>Income Tax Act </I>(Canada);</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>the undersigned is not a &#147;non-Canadian&#148; within the meaning of the <I>Investment
Canada Act </I>(Canada); 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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the undersigned has the corporate power to execute this subscription to take
all actions required pursuant hereto and to enter into and be bound by the
Partnership Agreement, the consummation of the transactions herein contemplated have
been duly authorized by all necessary corporate action and this subscription has been
duly executed and delivered by the undersigned and is a valid and binding obligation
of the undersigned.</TD>
</TR>

</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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>LIMITED PARTNER:</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>
</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">Per:</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"><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 align="left" style="font-size: 10pt; margin-top: 12pt"><B>ACCEPTED this </b><U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <b>day of </B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>, 200</b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><B>.</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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>1253196 ALBERTA LTD., General Partner of Terra</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>Water Systems Limited Partnership</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>
</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">Per:</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"><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>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE
&#147;C&#148;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>TERRA WATER SYSTEMS LIMITED PARTNERSHIP</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>TRANSFER FORM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, a Limited Partner of Terra Water Systems Limited Partnership (hereafter
called the <B>&#147;Partnership </B>&#148;), hereby transfers, assigns and sells to
</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="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Name of Transferee)
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Residence Address)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">all of its right, title and interest as a Limited Partner in the Partnership and constitutes the
above-named
Transferee as a substituted Limited Partner to the extent of
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Class&nbsp;A Units in the Partnership and
agrees to execute and deliver to the General Partner any documents required to effect a valid
transfer of the said interest in the Partnership (and rights) as necessary or advisable, in the
opinion of the General Partner, to preserve the status of the Partnership as a limited partnership.
The undersigned agrees that the power of attorney previously granted the General Partner will
continue until all certificates, amendments to certificates or other instruments necessary to give
effect to this transfer have been executed and filed as required.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DATED this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 200<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned (being the above-named Transferee) acknowledges that it has read the
Partnership Agreement for Terra Water Systems Limited Partnership (as amended from time to time)
and accepts this transfer and agrees to be bound, as a Limited Partner in the Partnership, by the
terms of the Limited Partnership Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby certifies and declares that it is not non-resident in Canada for
purposes of the <I>Income Tax Act </I>(Canada).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned agrees to provide to the General Partner all such written assurances as may
be requested by the General Partner with respect to the above certificates and declaration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby irrevocably constitutes and appoints the General Partner with full
power of substitution as its true and lawful attorney and agent, with full power and authority in
its name, place and stead 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>execute, deliver, swear to, file and record in the appropriate public
offices any and all of the foregoing:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">2</DIV>

<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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all certificates, amendments to certificates and other instruments
necessary to form, qualify or continue the qualification of the Partnership
as a limited partnership in all jurisdictions in which it may conduct
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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all instruments and certificates necessary to give effect to
or to reflect any amendment, change or modification to the Partnership in
accordance with the terms of the Partnership 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all instruments, conveyances and other documents necessary or
appropriate to sell or charge any or all of the assets of the Partnership in
accordance with the terms of the Partnership 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all conveyances and other instruments or documents necessary
to reflect the dissolution and liquidation of the Partnership, including
cancellation of any certificates; 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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>elections in connection with the business of the Partnership
permitted under the <I>Income Tex Act </I>(Canada), <I>Excise Tax Act </I>(Canada),
provincial income tax legislation and amendments thereto; and</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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>execute and file with any government body or instrumentality thereof of the
Government of Canada or a Province, any documents necessary or appropriate to be filed
in connection with the business of the Partnership or in connection with the
Partnership Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power of attorney granted herein is irrevocable, is a power coupled with an interest and,
to the extent permitted by law, is valid and binding on the estate of the undersigned and will be
exercisable during any subsequent legal incapacity of the undersigned, will survive the assignment
by the undersigned of the whole or any part of the interest of the undersigned in the Partnership
and extends to and is binding upon the heirs, executors, administrators and other legal
representatives, and the successors and assign of the undersigned and may be exercised by the
General Partner for and on behalf of the undersigned in executing any instrument with a single
signature as attorney and agent for each of the Limited Partners and all of them.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby agrees and acknowledges that, upon acceptance of this transfer, he or
it will become a Limited Partner of the Partnership on the effective date of this transfer and
that as a Limited Partner, shall be bound by the provisions of the Partnership Agreement and by
any representations and actions made or taken by the General Partner and any successor thereto,
while acting in good faith pursuant to this power of attorney hereby granted and will make
contributions of capital as required pursuant to the Partnership Agreement.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">3</DIV>

<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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The effective date of this transfer is the last day of the calendar month next following the
month that this transfer is received by the General Partner (or such earlier time as the General
Partner may agree to) and the undersigned acknowledges and agrees that the General Partner will
not be required to recognize the undersigned as a substituted Limited Partner until the effective
date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DATED </B>this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</U>, 200<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>.
</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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>LIMITED PARTNER:</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>
</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">Per:</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"><B><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>This transfer is accepted by the General Partner in the City of Calgary, in the Province of
Alberta, on the <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of </B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>, 200</B><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><B>.</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="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>1253196 ALBERTA LTD., General Partner of</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>Terra Water Systems Limited Partnership</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>
</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">Per:</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"><B><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.35
<SEQUENCE>36
<FILENAME>o69608exv3w35.htm
<DESCRIPTION>EX-3.35
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w35</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.35</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORPORATE
ACCESS NUMBER: 2011936792</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="o69608o6960801.gif" alt="(ALBERTA LOGO)"><BR>
<B>BUSINESS CORPORATION ACT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INCORPORATION</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>1193679 ALBERTA LTD.</B><BR>
WAS INCORPORATED IN ALBERTA ON 2005/09/21.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960802.gif" alt="(SEAL)">
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Incorporate Alberta Corporation &#151; Registration Statement</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="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Service Request</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">7745970</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Alberta</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Corporation Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Numbered Alberta Corporation
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">1193679 ALBERTA
LTD.
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Equivalent</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Name:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Nuans Number:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Nuans</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Number:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>REGISTERED</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>ADDRESS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">4200, 150 - 6TH AVENUE SW
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Description:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">CALGARY
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">ALBERTA
</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">T2P 3Y7</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RECORDS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>ADDRESS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">4200, 150 - 6TH AVENUE SW
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Description:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">CALGARY
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">ALBERTA
</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">T2P 3Y7</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>ADDRESS FOR</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>SERVICE BY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>MAIL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Post Office Box:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Internet Mail ID:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Share Structure:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">SEE ATTACHED &#147;SHARE STRUCTURE&#148;.
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Share Transfers</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">SUBJECT TO THE PROVISIONS OF A UNANIMOUS
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Restrictions:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">SHAREHOLDER AGREEMENT, NO SHARES OF THE CORPORATION
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">SHALL BE TRANSFERRED WITHOUT THE SANCTION OF A MAJORITY OF
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">THE DIRECTORS OF THE CORPORATION.
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Number of</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Directors:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Min Number Of
Directors:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">1</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Max Number Of
Directors:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">15</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business Restricted <BR>
To:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="bottom">NONE.
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business Restricted <BR>
From:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="bottom">NONE.
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Other Provisions:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">SEE ATTACHED &#147;OTHER RULES OR PROVISIONS&#148;.
</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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Professional</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Endorsement</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Provided:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Future Dating</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Required:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Registration Date:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">2005/09/21</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD nowrap 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Director</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">SWARTOUT
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">HANK
</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">B.</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">4200, 150 - 6TH AVENUE SW
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">CALGARY
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">ALBERTA
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">T2P 3Y7</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">Y</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Last Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">STRONG
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>First Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">DOUG
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Middle Name</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Street/Box Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">4200, 150 - 6TH AVENUE SW
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>City:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">CALGARY
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="56%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Province:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ALBERTA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Postal Code:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Country:</B></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"><B>Resident Canadian:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Y</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Attachment</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="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Attachment Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Microfilm Bar Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date Recorded</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Share Structure
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2005/09/21</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Other Rules or Provisions
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2005/09/21</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>

</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Registration Authorized By:</B></TD>
    <TD>&nbsp;</TD>
    <TD>DALE SPACKMAN<br>
INCORPORATOR</TD>
</TR>
</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="center" style="font-size: 10pt; margin-top: 18pt"><B>Articles of Incorporation<BR>
For<BR>
1193679 ALBERTA LTD.</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="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" NOWRAP><DIV style="margin-left:0px; text-indent:-0px"><B>Share
Structure:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">SEE ATTACHED &#147;SHARE STRUCTURE&#148;.
</TD>
</TR>
<TR valign="bottom">

<TD valign="top" NOWRAP><DIV style="margin-left:0px; text-indent:-0px"><B>Share Transfers</B> <B>Restrictions:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">SUBJECT TO THE PROVISIONS OF A UNANIMOUS
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">SHAREHOLDER AGREEMENT, NO SHARES OF THE
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">CORPORATION SHALL BE TRANSFERRED WITHOUT THE
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">SANCTION OF A MAJORITY OF THE DIRECTORS OF THE
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">CORPORATION.
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Number of
Directors:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Min Number of
Directors:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">1</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Max Number of
Directors:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">15</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business <BR>
Restricted To:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">NONE.
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business <BR>
Restricted From:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">NONE.
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Other <BR>
Provisions:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">SEE ATTACHED &#147;OTHER RULES OR
PROVISIONS&#148;.
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>

    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>

</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Registration Authorized By:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap>DALE SPACKMAN <br>
INCORPORATOR</TD>
</TR>
</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">SHARE STRUCTURE<BR>
OF<BR>
1193679 ALBERTA LTD.<BR>
(the &#147;Corporation&#148;)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation is authorized to issue an unlimited number of shares, designated as
Common Shares. The rights, privileges, restrictions and conditions attaching to the Common
Shares are as follows:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. The holders thereof shall have the right to vote at any meeting of shareholders of the Corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. The holders thereof shall have the right to receive any dividend declared by the Corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. The holders thereof shall have the right to receive the remaining property of the Corporation on its dissolution,
liquidation, winding-up or other distribution of its property among
its shareholders for the purpose of winding-up its affairs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing rights, privileges, restrictions and conditions are subject to the rights, privileges, restrictions and conditions attaching to any
other class of shares now or hereafter created and expressed to rank in priority to the Common
Shares.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</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 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">OTHER RULES OR PROVISIONS<BR>
OF<BR>
1193679 ALBERTA LTD.<BR>
(the &#147;Corporation&#148;)

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. The number of shareholders of the Corporation, exclusive of:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.1 persons who are in its employment or that of an affiliate (within the meaning of the Securities Act
(Alberta)), and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.2 persons who, having been formerly in its employment or that of an affiliate (within the
meaning of the Securities Act (Alberta)), were, while in that employment, shareholders of the
Corporation and have continued to be shareholders of that Corporation after termination of that
employment,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">is limited to not more than fifty persons, two or more persons who are the joint registered owners
of one or more shares being counted as one shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. Any
invitation to the public to subscribe for securities of the Corporation is prohibited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. The directors may, between annual meetings, appoint one or more additional directors of the Corporation to serve until the next annual meeting,
but the number of additional directors shall not at any time exceed one-third of the number of
directors who held office at the expiration of the last annual
meeting of the Corporation.
</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="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.35</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORPORATE ACCESS NUMBER: 2011936792</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960801.gif" alt="(ALBERTA LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>BUSINESS CORPORATIONS ACT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATE</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>AMENDMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>1193679 ALBERTA LTD.<BR>
CHANGED ITS NAME TO PRECISION OILFIELD PERSONNEL SERVICES LTD.<BR>
</B>ON 2006/05/12.
</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="98%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="o69608o6960802.gif" alt="(SEAL)"></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"><FONT style="white-space: nowrap">This
is to certify that this is an  original</FONT></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"><FONT style="white-space: nowrap">Certificate produced by &#91;ILLEGIBLE&#93;</FONT></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">of &#91;ILLEGIBLE&#93; Corporate Services Inc.</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">who is an accredited user of the</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">Corporate Registry system.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Name Change Alberta Corporation &#151; Registration Statement</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Alberta Amendment Date: 2006/05/12</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="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Service Request Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8668238&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Corporate Access Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2011936792&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1193679 ALBERTA LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Equivalent Name:</B></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"><B>Legal Entity Status:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Active</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Alberta Corporation Type:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Named Alberta Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>New Legal Entity Name:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRECISION OILFIELD PERSONNEL SERVICES LTD.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>New French Equivalent Name:</B></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"><B>Nuans Number:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">86613277&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Nuans Date:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2006/05/12&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>French Nuans Number:</B></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"><B>French Nuans Date:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" NOWRAP><DIV style="margin-left:0px; text-indent:-0px"><B>Professional Endorsement Provided:</B></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"><B>Future Dating Required:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Annual Return</B></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"><B>No Records returned</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Attachment</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Attachment Type</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Microfilm Bar Code</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date Recorded</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Share Structure
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2005/09/21</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Other Rules or Provisions
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELECTRONIC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2005/09/21</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="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Registration Authorized By:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DARREN J. RUHR</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">SECRETARY</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960829.gif" alt="(SEAL)">
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Articles of Amendment</B><BR>
Business Corporations Act<BR>
Section&nbsp;29 or 177
</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="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>1. Name of Corporation</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><B>2. Corporate Access Number</B>
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193679 ALBERTA LTD.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2011936792</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Item number 1 of the Articles of the above named corporation are amended in accordance
with Section&nbsp;173(1)(a) of the Business Corporations Act.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">With respect to Article&nbsp;1 of the Articles of Incorporation dated 2005/09/21
and filed with the Registrar of Companies on the 21<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP> day of September
2005, the name of the Corporation shall be changed from 1193679 Alberta Ltd. to
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#147;PRECISION OILFIELD PERSONNEL SERVICES LTD.&#148;
</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="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Darren J. Ruhr
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Darren J. Ruhr
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;12, 2006</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Authorized Signature
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Name of Person Authorizing <I>(please print)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Date</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(applicable for societies only)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">DL# 97628-259
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Corporate Secretary</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Identification
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Title <I>(please print)</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(not applicable for societies)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This information is being collected for the purposes of corporate registry records in
accordance with the Business Corporations Act. Questions about the collection of this
information can be directed to the Freedom of Information and Protection of Privacy
Coordinator for Alberta Registries, Box 3140, Edmonton, Alberta T5J
</I>2G7, <I>(780)&nbsp;427-7013.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">REG 3054 (Rev. 2003/05)
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DOCUMENT>
<TYPE>EX-3.36
<SEQUENCE>37
<FILENAME>o69608exv3w36.htm
<DESCRIPTION>EX-3.36
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w36</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.36</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>BY-LAW NO. 1</B></U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">A by-law relating generally to<BR>
the transaction of the business<BR>
and affairs of
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>1193679 ALBERTA LTD.</B><BR>
(hereinafter referred to as the &#147;Corporation&#148;)
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>SHAREHOLDERS</B></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. <U>Participation in Meeting by Telephone</U> &#151; A shareholder or any other person entitled to
attend a meeting of shareholders may participate in the meeting by means of telephone or other
communication facilities that permit all persons participating in the meeting to hear each other.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. <U>Procedure at Meetings of Shareholders</U> &#151; The chairman of any meeting of shareholders
shall be the first mentioned of such of the following officers as have been appointed who is
present at the meeting: Chairman of the Board, President, or a Vice-President. If no such officer
is present within fifteen minutes from the time fixed for holding the meeting, the persons present
and entitled to vote shall choose one of their number to be chairman. If the Secretary of the
Corporation is absent, the chairman shall appoint some person, who need not be a shareholder, to
act as secretary of the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chairman of any meeting of the shareholders shall conduct the procedure thereat in all
respects and his decision on any matters or things, including, but without in any way limiting the
generality of the foregoing, any question regarding the validity or invalidity of any instruments
of proxy, shall be conclusive and binding upon the shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A declaration by the chairman at any meeting that a resolution has been carried or carried
unanimously or carried by any particular majority or lost or not carried by a particular majority
shall be conclusive evidence of the fact.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chairman at any meeting of the shareholders may vote as a shareholder but shall not have
a second or casting vote in case of an equality of votes.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. <U>Scrutineers</U> &#151; The chairman at any meeting of shareholders may appoint one or
more persons (who may, but need not be shareholders, directors, officers or employees of the
Corporation) to act as scrutineers at such meeting.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>DIRECTORS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. <U>Calling Meetings</U> &#151; The Chairman of the Board or the President may at any time,
and the Secretary of the Corporation shall, upon the request of a director, summon a meeting of
the directors.
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 2 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5. <U>Notice of Meetings</U> &#151; Notice of meetings of the board shall be sent to each director not
less than 48 hours before the time when the meeting is to be held. Each newly elected board may
without notice hold its first meeting for the purposes of organization and the election and
appointment of officers immediately following the meeting of the shareholders at which such board
was elected, provided a quorum of directors be present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. <U>Quorum for Directors Meetings</U> &#151; The directors may declare the quorum necessary for the
transaction of business at their meetings, but until the directors determine otherwise, a majority
of directors in office from time to time shall constitute a quorum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7. <U>Votes to Govern</U> &#151; At all meetings of the board every question shall be decided by a
majority of the votes cast on the questions; and in case of an equality of votes the chairman of
the meeting shall be entitled to a second or casting vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8. <U>Participation in Meeting by Telephone</U> &#151; A director may participate in a meeting of
directors or of a committee of directors by means of telephone or other communication facilities
that permit all persons participating in the meeting to hear each other.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>OFFICERS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9. <U>Officers</U> &#151; The officers of the Corporation shall be the President and the Secretary.
The President and Secretary shall be elected or appointed by the board at the first or any
subsequent meeting of the board held after each annual meeting of shareholders. The Board may also
elect or appoint at any time and from time to time as officers a Chairman of the Board, one or
more Vice-Presidents, one or more Assistant Secretaries, a Treasurer, one or more Assistant
Treasurers, or a General Manager and such other officers as the board, from time to time, deem
expedient. All officers of the Corporation shall hold office until their successors are chosen
and, when necessary, qualified in their stead, subject always to removal by the board at any
meeting called for that purpose. All officers shall respectively perform such duties, in addition
to those specified herein, as shall, from time to time, be prescribed by the board. The same
person may hold more than one office, provided, however, that the offices of President and
Vice-President shall not be held by the same person. In case of the absence or inability to act of
the Chairman of the Board, the President, any Vice-President, or any other officer of the
Corporation, or for any other reason that the board may deem sufficient, the board may delegate
all or any of the powers of such officer to any other officer or to any director for the time
being, provided that a majority of the board concur therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10. <U>Chairman of the Board</U> &#151; A Chairman of the Board may be chosen from among the
directors. He shall preside at all meetings of shareholders and at all meetings of the board and
he shall have such other powers and duties as the board may determine from time to time by
resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11. <U>President</U> &#151; If no chairman of the Board is appointed, or in the absence of the
Chairman of the Board, the President shall preside at all meetings of the shareholders and at all
meetings of the board. He shall, subject to the authority of the board, be responsible for the
management of the business and affairs of the Corporation.
</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">- 3 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12.
<U>Vice-President or Vice-Presidents</U> &#151; The Vice-President or
Vice-Presidents shall have
such powers and duties as may be assigned to him or them respectively by resolution of the board.
In case of absence or disability of the Chairman of the Board and the President, one of the
Vice-Presidents may exercise the powers and perform the duties of the Chairman of the Board and the
President and, if such Vice-President exercise any of the powers or perform any of the duties of
the Chairman of the Board and the President, the absence or disability of the Chairman of the Board
and the President shall be presumed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13. <U>Secretary and Assistant Secretaries</U> &#151; The Secretary shall attend to the giving and
service of all notices of the Corporation and shall keep the minutes of all meetings of the
shareholders and of the board and of committees of the board in a book or books to be kept for
that purpose. He shall keep in safe custody the corporate seal of the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assistant Secretaries may perform the duties of the Secretary delegated to them from time to
time by the board or by the Secretary.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14. <U>Treasurer and Assistant Treasurers</U> &#151; The Treasurer shall have general charge of
the finances of the Corporation. He shall deposit all monies and other valuable effects of the
Corporation in the name and to the credit of the Corporation in such banks or other depositories
as the board may from time to time designate by resolution, and shall render to the board,
whenever directed by the board, an account of the financial condition of the Corporation and of
all his transactions as Treasurer; and as soon as possible after the close of each financial year
he
shall make and submit to the board a like report for such financial year. He shall have charge
and custody of and be responsible for the keeping of the books of account required to be kept
pursuant to the laws governing the Corporation. He shall perform all the acts incidental to the
office of Treasurer subject to the control of the board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assistant Treasurers may perform any of the duties of the Treasurer delegated to them from
time to time by the board or by the Treasurer.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15. <U>Secretary-Treasurer</U> &#151; Whenever the Secretary shall also be the Treasurer he may, at
the option of the board, be designated the Secretary-Treasurer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16. <U>General Manager</U> &#151; The board may appoint from time to time a General Manager of the
Corporation. He shall manage the affairs of the Corporation under the supervision of the board and
shall exercise such powers as may be prescribed from time to time by resolutions of the board, and
such authority may be either general or specific.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>INDEMNIFICATION</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17. <U>Indemnification of Directors and Officers</U> &#151; The Corporation shall indemnify a
director or officer of the Corporation, a former director or officer of the Corporation, or a
person
who acts or acted at the Corporation&#146;s request as a director or officer of a body corporate of
which the Corporation is or was a shareholder or creditor, and his heirs and legal representatives
in the circumstances contemplated by, and to the fullest extent permitted by the <I>Business
Corporations Act </I>(Alberta).
</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">- 4 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18. <U>Indemnity of Others</U> &#151; Except as otherwise required by paragraph 19 and subject to
paragraph 17, the Corporation may from time to time indemnify and save harmless any person who was
or is a party or is threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative (other than an action
by or in the right of the Corporation) by reason of the fact that he is or was an employee or agent
of the Corporation, or is or was serving at the request of the Corporation as a director, officer,
employee, agent of or participant in another partnership, joint venture, trust or other enterprise,
against expenses (including legal fees), judgements, fines and any amount actually and reasonably
incurred by him in connection with such action, suit or proceeding if he acted honestly and in good
faith with a view to the best interests of the Corporation, and with respect to any criminal or
administrative action or proceeding that is enforced by a monetary penalty, had reasonable grounds
for believing that his conduct was lawful. The termination of any action, suit or proceeding by
judgement, order, settlement, or conviction, shall not, of itself, create a presumption that the
person did not act honestly and in good faith with a view to the best interest of the Corporation,
and with respect to any criminal or administrative action or proceeding that is enforced by a
monetary penalty, had no reasonable grounds for believing that his conduct was lawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19. <U>Successful Defense</U> &#151; To the extent that a person who is or was an employee or agent of
the Corporation has achieved complete or substantial success as a defendant in any action, suit or
proceeding referred to in paragraph 18, he shall be indemnified against all costs, charges and
expenses actually and reasonably incurred by him in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">20. <U>Right of Indemnity Not Exclusive</U> &#151; The provisions for indemnification contained in the
by-laws of the Corporation shall not be deemed exclusive of any other rights to which those
seeking indemnification may be entitled under any by-law, agreement, vote of shareholders or
disinterested directors or otherwise, both as to action in his official capacity and as to action
in another capacity while holding such office, and shall continue as to a person who has ceased to
be a director, officer, employee or agent and shall enure to the benefit of the heirs, executors
and administrators of such a person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">21. <U>No Liability of Directors or Officers for Certain Acts, etc.</U> &#151; To the extent permitted
by law, no director or officer for the time being of the Corporation shall be liable for the acts,
receipts, neglects or defaults of any other director or officer or employee or for joining in any
receipt or act for conformity or for any loss, damage or expense happening to the Corporation
through the insufficiency or deficiency of title to any property acquired by the Corporation or
for or on behalf of the Corporation or for the insufficiency or deficiency of any security in or
upon which any of the monies of or belonging to the Corporation shall be placed out or invested or
for any loss or damage arising from the bankruptcy, insolvency or tortious act of any person, firm
or corporation with whom or which any monies, securities or effects shall be lodged or deposited
or for any loss, conversion, misapplication or misappropriation of or any damage resulting from
any dealings with any monies, securities or other assets belonging to the Corporation or for any
other loss, damage or misfortune whatever which may happen in the execution of the duties of his
respective office or trust or in relation thereto unless the same shall happen by or through his
failure to act honestly and in good faith with a view to the best interests of the Corporation and
in connection therewith to exercise the care, diligence and skill that a reasonably prudent person
would exercise in comparable circumstances. If any director or
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">







</TABLE>
</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 style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 5 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">officer of the Corporation shall be employed by or shall perform services for the Corporation
otherwise than as a director or officer of shall be a member of a firm or a shareholder, director
or officer of a company which is employed by or performs services for the Corporation, the fact of
his being a director or officer of the Corporation shall not disentitle such director or officer or
such firm or company, as the case may be, from receiving proper remuneration for such services.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>GENERAL</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">22. <U>Execution of Instruments</U> &#151; Deeds, transfers assignments, contracts, obligations,
certificates and other instruments may be signed on behalf of the Corporation by any one or more
of the directors or officers of the Corporation. In addition, the board may from time to time
direct the manner in which and the person or persons by whom any particular instrument or class of
instruments may or shall be signed. Any signing officer may affix the corporate seal to an
instrument requiring the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">23. <U>Surrender of Share Certificates</U> &#151; In the event that this by-law is adopted to become
effective upon the issuance of a Certificate of Continuance of an Alberta corporation, then in
such event, the directors are hereby authorized to require any shareholder to surrender all
certificates for shares of the Corporation owned by such shareholder for the purpose of having
such certificates cancelled and replaced with a new certificate or certificates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">24. <U>Lien of the Corporation</U> &#151; If the articles provide that the Corporation shall have a
lien on shares registered in the name of a shareholder indebted to the Corporation, such lien may
be enforced, subject to the articles and to any unanimous shareholder agreement, by the sale of
the shares thereby affected or by any other action, suit remedy or proceeding authorized or
permitted by law or by equity and, pending such enforcement, the Corporation may refuse to
register a transfer of the whole or any part of such shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">25. <U>Interpretation</U> &#151; In this by-law and all other by-laws of the Corporation words
importing the singular number only shall include the plural and vice versa; words importing the
masculine gender shall include the feminine and neuter genders; words importing persons shall
include an individual, partnership, association, body corporate, executor, administrator or legal
representative and any number or aggregate of persons; &#147;articles&#148; include the original or restated
articles of incorporation, articles of amendment, articles of amalgamation, articles of
continuance, articles of reorganization and articles of revival; &#147;board&#148; shall mean the board of
directors of the Corporation; and &#147;meeting of the shareholders&#148; shall mean and include an annual
meeting of shareholders and a special meeting of shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MADE this 21st day of September, 2005.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">
/s/ Hank B. Swartout
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PRESIDENT&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                                            /s/ Doug Strong
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">SECRETARY&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>38
<FILENAME>o69608exv4w3.htm
<DESCRIPTION>EX-4.3
<TEXT>
<HTML>
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<TITLE>exv4w3</TITLE>
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<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;4.3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PRECISION DRILLING CORPORATION
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">6.50% SENIOR NOTES DUE 2019
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">INDENTURE
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DATED AS OF MARCH 15, 2011
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">VALIANT TRUST COMPANY
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Trustee
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Table of Contents</B>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.1 Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.2 Other Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.3 Rules of Construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.4 Interest Limitation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.5 <I>Interest Act </I>(Canada)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE II THE NOTES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.1 Form and Dating</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.2 Execution and Authentication</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.3 Registrar; Transfer Agent; Depository</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.4 &#091;Intentionally Omitted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.5 Holder Lists</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.6 Book-Entry Provisions for Global Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.7 Replacement Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.8 Outstanding Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.9 Treasury Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.10 Temporary Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.11 Cancellation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.12 Defaulted Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.13 Computation of Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.14 CUSIP Number</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.15 &#091;Intentionally Omitted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.16 Issuance of Additional Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.17 Notes to Rank <I>Pari Passu</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE III REDEMPTION AND PREPAYMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.1 Notices to Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.2 Selection of Notes to Be Redeemed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.3 Notice of Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.4 Effect of Notice of Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.5 Deposit of Redemption Price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.6 Notes Redeemed in Part</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.7 Optional Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD colspan="5" align="center">-i-<BR></TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IV COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.1 Payment of Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.2 &#091;Intentionally Omitted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.3 Provision of Financial Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.4 Compliance Certificate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.5 Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.6 Stay, Extension and Usury Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.7 Limitation on Restricted Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.8 Limitations on Dividend and Other Restrictions Affecting Restricted Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.9 Limitations on Additional Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.10 Limitations on Asset Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.11 Limitation on Transactions with Affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.12 Limitations on Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.13 Payments for Consent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.14 Offer to Purchase upon Change of Control</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.15 Corporate Existence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.16 Business Activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.17 Additional Guarantees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.18 Limitations on Designation of Unrestricted Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.19 Further Instruments and Acts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.20 Covenant Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE V SUCCESSORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.1 Consolidation, Merger, Conveyance, Transfer or Lease</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VI DEFAULTS AND REMEDIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.1 Events of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.2 Acceleration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.3 Remedies Cumulative; Other Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.4 Waiver of Past Defaults</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.5 Control by Majority</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.6 Limitation on Suits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.7 Rights of Holders of Notes to Receive Payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.8 Collection Suit by Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.9 Trustee May File Proofs of Claim</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD colspan="5" align="center">-ii-<BR></TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Table of Contents</B><BR>
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    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.10 Priorities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.11 Undertaking for Costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VII TRUSTEE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.1 Corporate Trustee Required; Eligibility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.2 Replacement of Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.3 Duties of Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.4
Reliance Upon Declarations, Opinions, etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.5
Evidence and Authority to Trustee, Opinions, etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.6 Officers&#146; Certificates Evidence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.7 Experts, Advisers and Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.8 Trustee May Deal in Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.9 Investment of Monies Held By Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.10 Trustee Not Ordinarily Bound</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.11 Trustee Not Required to Give Security</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.12 Trustee Not Bound to Act on the Issuer&#146;s Request</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.13 Conditions Precedent to Trustee&#146;s Obligations to Act Hereunder</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.14 Compensation and Indemnity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.15 Acceptance of Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.16 Third Party Interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.17 Anti-Money Laundering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.18 Privacy Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VIII DEFEASANCE; DISCHARGE OF THIS INDENTURE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.1 Option to Effect Defeasance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.2 Defeasance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.3 &#091;Intentionally Omitted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.4 Conditions to Defeasance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.5 Deposited Money to Be Held in Trust; Other Miscellaneous Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.6 Repayment to Issuer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.7 Reinstatement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.8 Discharge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.1 Without Consent of Holders of the Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.2 With Consent of Holders of Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">-iii-<BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Table of Contents</B><BR>
(continued)
</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>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.3 &#091;Intentionally Omitted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.4 Revocation and Effect of Consents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.5 Notation on or Exchange of Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.6
Trustee to Sign Amendments, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE X GUARANTEES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.1 Guarantees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.2 Execution and Delivery of Guarantee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.3 Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.4 Limitation of Guarantors&#146; Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.5 Releases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.6 Benefits Acknowledged</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.7 Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE XI MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.1 Trust Indenture Legislation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.2 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.3 &#091;Intentionally Omitted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.4 &#091;Intentionally Omitted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.5 &#091;Intentionally Omitted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.6 Rules by Trustee and Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.7 No Personal Liability of Directors, Officers, Employees and Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.8 Applicable Law and Attornment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.9 &#091;Intentionally Omitted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.10 Successors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.11 Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.12 Counterpart Originals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION
11.13 Table of Contents, Headings, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.14 Acts of Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.15 &#091;Intentionally Omitted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.16 &#091;Intentionally Omitted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.17 Documents in English</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.18 Conversion of Currency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.19 Service of Process</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.20 Legal Holidays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">-iv-<BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Table of Contents</B><BR>
(continued)
</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>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 11.21 Time of Essence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">EXHIBITS
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Exhibit&nbsp;A</TD>
    <TD>&nbsp;</TD>
    <TD>FORM OF NOTE</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Exhibit&nbsp;B</TD>
    <TD>&nbsp;</TD>
    <TD>FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS</TD>
</TR>
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">-v-
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture, dated as of March&nbsp;15, 2011 is by and among Precision Drilling Corporation, a
corporation amalgamated under the laws of the Province of Alberta, the guarantors listed on the
signature pages hereto, and Valiant Trust Company, as trustee, transfer agent and registrar (the
&#147;<I>Trustee</I>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer, the Guarantors and the Trustee agree as follows for the benefit of each other and
for the equal and ratable benefit of the Holders (as defined herein) of (i)&nbsp;the Issuer&#146;s 6.50%
Senior Notes due 2019 issued on the date hereof (the &#147;<I>Initial Notes</I>&#148;) and (ii)&nbsp;the Additional Notes
(as defined herein):
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I<BR>
DEFINITIONS AND INCORPORATION BY REFERENCE</B>
</DIV>


<DIV style="margin-top: 6pt">
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    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 1.1 <U>Definitions</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Acquired Indebtedness</I>&#148; means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) with respect to any Person that becomes a Restricted Subsidiary after the Issue
Date, Indebtedness of such Person and its Subsidiaries (including, for the avoidance of
doubt, Indebtedness incurred in the ordinary course of such Person&#146;s business to acquire
assets used or useful in its business) existing at the time such Person becomes a Restricted
Subsidiary; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) with respect to the Issuer or any Restricted Subsidiary, any Indebtedness of a
Person (including, for the avoidance of doubt, Indebtedness incurred in the ordinary course
of such Person&#146;s business to acquire assets used or useful in its business), other than the
Issuer or a Restricted Subsidiary, existing at the time such Person is merged with or into
the Issuer or a Restricted Subsidiary, or Indebtedness expressly assumed by the Issuer or
any Restricted Subsidiary in connection with the acquisition of an asset or assets from
another Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Additional Notes</I>&#148; means Notes (other than the Initial Notes) issued pursuant to Article&nbsp;II
and otherwise in compliance with the provisions of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Affiliate</I>&#148; of any Person means any other Person which directly or indirectly controls or is
controlled by, or is under direct or indirect common control with, the referent Person. For
purposes of this definition, &#147;control&#148; of a Person shall mean the power to direct the management
and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Agent</I>&#148; means any Registrar, transfer agent, co-registrar or other agent appointed pursuant to
this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>AIMCo</I>&#148; means Her Majesty the Queen in Right of the Province of Alberta, as represented by
Alberta Investment Management Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>AIMCo Indenture</I>&#148; means the Note Indenture dated as of April&nbsp;22, 2009 relating to the Issuer&#146;s
10% Senior Unsecured Notes due April&nbsp;22, 2017 and repaid on February&nbsp;23, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>AIMCo Warrants</I>&#148; means the 15,000,000 common share purchase warrants of the Issuer issued to
AIMCo, pursuant to an amended and restated warrant certificate dated June&nbsp;1, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>amend</I>&#148; means to amend, supplement, restate, amend and restate or otherwise modify, including
successively, and &#147;<I>amendment</I>&#148; shall have a correlative meaning.
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Applicable Premium</I>&#148; means, with respect to any Note on any applicable redemption date, the
greater of:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 1.0% of the principal amount of such Note; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the excess, if any, of:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the present value at such redemption date of (i)&nbsp;the redemption price of
such Note at March&nbsp;15, 2015 (such redemption price being set forth in the table
appearing in Section&nbsp;3.7(b)) plus (ii)&nbsp;all required interest payments (excluding
accrued and unpaid interest to such redemption date) due on such Note through March
15, 2015, computed using a discount rate equal to the Government of Canada Rate as
of such redemption date plus 100 basis points; over
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the principal amount of such Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>asset</I>&#148; means any asset or property, including, without limitation, Equity Interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Asset Acquisition</I>&#148; means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an Investment by the Issuer or any Restricted Subsidiary of the Issuer in any other
Person if, as a result of such Investment, such Person shall become a Restricted Subsidiary
of the Issuer, or shall be merged with or into the Issuer or any Restricted Subsidiary of
the Issuer; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the acquisition by the Issuer or any Restricted Subsidiary of the Issuer of all or
substantially all of the assets of any other Person (other than a Restricted Subsidiary of
the Issuer) or any division or line of business of any such other Person (other than in the
ordinary course of business).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Asset Sale</I>&#148; means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any sale, conveyance, transfer, lease, assignment or other disposition by the
Issuer or any Restricted Subsidiary to any Person other than the Issuer or any Restricted
Subsidiary (including by means of a sale and leaseback transaction or a merger or
consolidation), in one transaction or a series of related transactions, of any assets of the
Issuer or any of its Restricted Subsidiaries other than in the ordinary course of business;
or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any issuance of Equity Interests of a Restricted Subsidiary (other than Preferred
Shares of Restricted Subsidiaries issued in compliance with Section&nbsp;4.9) to any Person other
than the Issuer or any Restricted Subsidiary in one transaction or a series of related
transactions (the actions described in these clauses (1)&nbsp;and (2), collectively, for purposes
of this definition, a &#147;transfer&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this definition, the term &#147;Asset Sale&#148; shall not include:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfers of cash or Cash Equivalents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfers of assets (including Equity Interests) that are governed by, and made in
accordance with, Section&nbsp;4.14 or Section&nbsp;5.1;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Permitted Investments and Restricted Payments permitted under Section&nbsp;4.7;
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the creation of or realization on any Permitted Lien and any disposition of assets
resulting from the enforcement or foreclosure of any such Permitted Lien;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) transfers of damaged, worn-out or obsolete equipment or assets that, in the
Issuer&#146;s reasonable judgment, are no longer used or useful in the business of the Issuer or
its Restricted Subsidiaries;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) sales or grants of licenses or sublicenses to use the patents, trade secrets,
know-how and other Intellectual Property, and licenses, leases or subleases of other assets,
of the Issuer or any Restricted Subsidiary to the extent not materially interfering with the
business of the Issuer and the Restricted Subsidiaries;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any sale, lease, conveyance or other disposition of any assets or any sale or
issuance of Equity Interests in each case, made pursuant to a Permitted Joint Venture
Investment;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a disposition of inventory in the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a disposition of receivables in connection with the compromise, settlement or
collection thereof in the ordinary course of business or in bankruptcy or similar
proceedings and exclusive of factoring and similar arrangements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the trade or exchange by the Issuer or any Restricted Subsidiary of any asset for
any other asset or assets that are used in a Permitted Business; provided, that the Fair
Market Value of the asset or assets received by the Issuer or any Restricted Subsidiary in
such trade or exchange (including any cash or Cash Equivalents) is at least equal to the
Fair Market Value (as determined in good faith by the Board of Directors or an executive
officer of the Issuer or of such Restricted Subsidiary with responsibility for such
transaction, which determination shall be conclusive evidence of compliance with this
provision) of the asset or assets disposed of by the Issuer or any Restricted Subsidiary
pursuant to such trade or exchange; and, provided, further, that if any cash or Cash
Equivalents are used in such trade or exchange to achieve an exchange of equivalent value,
that the amount of such cash and/or Cash Equivalents received shall be deemed proceeds of an
&#147;Asset Sale&#148;, subject to the following clause (k); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any transfer or series of related transfers that, but for this clause, would be
Asset Sales, if after giving effect to such transfers, the aggregate Fair Market Value of
the assets transferred in such transaction or any such series of related transactions does
not exceed U.S.$10.0&nbsp;million per occurrence or U.S.$20.0&nbsp;million in any fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Bankruptcy Law</I>&#148; means the <I>Bankruptcy and Insolvency Act (Canada)</I>, the <I>Companies&#146; Creditors
Arrangement Act (Canada) </I>and the <I>Winding Up and Restructuring Act (Canada)</I>, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, winding-up, restructuring, examinership or
similar debtor relief laws of Canada or the United States of America (including Title 11, United
States Code) or other insolvency law in applicable jurisdictions from time to time in effect and
affecting the rights of creditors generally.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Beneficial Holder</I>&#148; means any Person who holds a beneficial interest in a Global Note as shown
on the books of the Depository or a Participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Board of Directors</I>&#148; means, with respect to any Person, (i)&nbsp;in the case of any corporation,
the board of directors of such Person and (ii)&nbsp;in any other case, the functional equivalent of the
foregoing or,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in each case, other than for purposes of the definition of &#147;Change of Control&#148;, any duly
authorized committee of such body.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Business Day</I>&#148; means a day other than a Saturday, Sunday or other day on which banking
institutions in Calgary, Alberta are authorized or required by law to close.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Canadian Securities Laws</I>&#148; means the securities acts or similar statutes of each of the
provinces of Canada and all regulations, rules, policy statements, notices and blanket orders or
rulings thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Capitalized Lease</I>&#148; means a lease required to be capitalized for financial reporting purposes
in accordance with GAAP. Notwithstanding the foregoing, any lease that was classified as an
operating lease by the Issuer on November&nbsp;17, 2010 shall be deemed not to be a Capitalized Lease.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Capitalized Lease Obligations</I>&#148; of any Person means the obligations of such Person to pay rent
or other amounts under a Capitalized Lease, and the amount of such obligation shall be the
capitalized amount thereof determined in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Cash Equivalents</I>&#148; means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) marketable obligations issued or directly and fully guaranteed or insured by the
United States of America, the Canadian government or any agency or instrumentality thereof
(<I>provided, that </I>the full faith and credit of such government is pledged in support thereof),
maturing within one year of the date of acquisition thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) demand and time deposits and certificates of deposit of any lender under any Credit
Facility or any Eligible Bank organized under the laws of the United States, any state
thereof or the District of Columbia or under the laws of Canada or any province or territory
thereof or a U.S. or Canadian branch of any other Eligible Bank maturing within one year of
the date of acquisition thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) commercial paper issued by any Person incorporated in the United States or Canada
rated at least A1 or the equivalent thereof by S&#038;P or at least P-1 or the equivalent thereof
by Moody&#146;s or an equivalent rating by a nationally recognized rating agency if both S&#038;P and
Moody&#146;s cease publishing ratings of commercial paper issuers generally, and in each case
maturing not more than one year after the date of acquisition thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) repurchase obligations with a term of not more than one year for underlying
securities of the types described in clause (1)&nbsp;above entered into with any Eligible Bank
and maturing not more than one year after such time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) securities issued and fully guaranteed by any state, commonwealth or territory of
the United States of America, any province or territory of Canada or by any political
subdivision or taxing authority thereof, rated at least &#147;A&#148; by Moody&#146;s or S&#038;P and having
maturities of not more than one year from the date of acquisition;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) investments in money market or other mutual funds substantially all of whose assets
comprise securities of the types described in clauses (1)&nbsp;through (5)&nbsp;above;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) demand deposit accounts maintained in the ordinary course of business; and
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) in the case of any Subsidiary of the Issuer organized or having its principal place
of business outside the United States or Canada, investments denominated in the currency of
the jurisdiction in which such Subsidiary is organized or has its principal place of
business which are similar to the items specified in clauses (1)&nbsp;through (7)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>CDS</I>&#148; means CDS Clearing and Depository Services Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Change of Control</I>&#148; means the occurrence of any of the following events:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the direct or indirect sale, transfer, conveyance or other disposition (other than
by way of merger or consolidation), in one or a series of related transactions, of all or
substantially all of the properties or assets of the Issuer and its Restricted Subsidiaries,
taken as a whole, to any Person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any Person or group of Persons is or becomes the beneficial owner (with beneficial
ownership being defined and calculated as set forth in Section&nbsp;1.8 of Multilateral
Instrument 62-104 Take-Over Bids and Issuer Bids) of, or controls, directly or indirectly,
Voting Shares representing 50.0% or more of the voting power of the total outstanding Voting
Shares of the Issuer;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) during any period of two consecutive years, individuals who at the beginning of
such period constituted the Board of Directors of the Issuer (together with any new
directors whose election to such Board of Directors or whose nomination for election by the
shareholders of the Issuer was approved by a vote of a majority of the directors of the
Issuer then still in office who were either directors or trustees, as the case may be, at
the beginning of such period or whose election or nomination for election was previously so
approved) cease for any reason to constitute a majority of the Board of Directors of the
Issuer; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the adoption by the shareholders of the Issuer of a Plan of Liquidation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this definition, a Person shall not be deemed to have beneficial ownership of
securities subject to a stock or share purchase agreement, merger or amalgamation agreement or
similar agreement until the consummation of the transactions contemplated by such agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Change of Control Offer</I>&#148; has the meaning set forth in Section&nbsp;4.14.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Common Shares</I>&#148; means with respect to any Person, any and all shares, interest or other
participations in, and other equivalents (however designated and whether voting or nonvoting) in
the capital of such Person whether or not outstanding on the Issue Date, and includes, without
limitation, all series and classes of such common shares in the capital of such Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Amortization Expense</I>&#148; for any period means the amortization expense of the
Issuer and the Restricted Subsidiaries for such period, determined on a consolidated basis in
accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Cash Flow</I>&#148; for any period means, with respect to any specified Person, without
duplication, the sum of the amounts for such period of:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Consolidated Net Income, plus
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in each case only to the extent (and in the same proportion) deducted in
determining Consolidated Net Income and with respect to the portion of Consolidated Net
Income attributable to any Restricted Subsidiary only if a corresponding amount would be
permitted at the date of determination to be distributed to such specified Person by such
Restricted Subsidiary without prior approval (that has not been obtained), pursuant to the
terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes,
rules and governmental regulations applicable to such Restricted Subsidiary or its
shareholders,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Income Tax Expense,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Consolidated Amortization Expense (but only to the extent not included in
Consolidated Interest Expense),
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consolidated Depreciation Expense,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Consolidated Interest Expense,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all other non-cash items reducing the Consolidated Net Income (excluding
any non-cash charge that results in an accrual of a reserve for cash charges in any
future period) for such period,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the amount of any documented extraordinary, non-recurring or unusual
charges; provided, that the aggregate amount of such charges that may be added to
Consolidated Cash Flow pursuant to this clause (f)&nbsp;shall not exceed U.S.$25.0
million in any Four-Quarter Period, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any expenses or charges (other than depreciation or amortization expense)
related to any Qualified Equity Offering, Permitted Investment, acquisition,
disposition, recapitalization, or the incurrence of Indebtedness permitted to be
incurred by this Indenture (including a refinancing thereof) (whether or not
successful), including: (i)&nbsp;such fees, expenses or charges related to the offering
of the Notes, the Unsecured Notes and the Credit Facilities and (ii)&nbsp;any amendment
or other modification of the Notes or the Unsecured Notes, and, in each case,
deducted in computing Consolidated Net Income provided, that the amount of such
expenses or charges that may be added to Consolidated Cash Flow pursuant to this
clause (g)&nbsp;shall not exceed U.S.$15.0&nbsp;million per occurrence,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in each case determined on a consolidated basis in accordance with GAAP, minus
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the aggregate amount of all non-cash items, determined on a consolidated basis, to
the extent such items increased Consolidated Net Income for such period (excluding any
non-cash items to the extent they represent the reversal of an accrual of a reserve for a
potential cash item that reduced Consolidated Cash Flow in any prior period);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any nonrecurring or unusual gain or income (or nonrecurring or unusual loss or
expense), together with any related provision for taxes on any such nonrecurring or unusual
gain or income (or the tax effect of any such nonrecurring or unusual loss or expense),
realized by the Issuer or any Restricted Subsidiary during such period; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) increased or decreased by (without duplication) any unrealized gain or loss
resulting in such period from Hedging Obligations.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Depreciation Expense</I>&#148; for any period means the depreciation and depletion
expense of the Issuer and its Restricted Subsidiaries for such period, determined on a consolidated
basis in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Income Tax Expense</I>&#148; for any period means the provision for taxes of the Issuer
and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Interest Coverage Ratio</I>&#148; means, on any date of determination, with respect to
any Person, the ratio of (x)&nbsp;Consolidated Cash Flow during the most recent four consecutive full
fiscal quarters for which financial statements prepared on a consolidated basis in accordance with
GAAP are available (the &#147;<I>Four-Quarter Period</I>&#148;) ending on or prior to the date of the transaction
giving rise to the need to calculate the Consolidated Interest Coverage Ratio (the &#147;<I>Transaction
Date</I>&#148;) to (y)&nbsp;Consolidated Interest Expense for the Four-Quarter Period. For purposes of this
definition, Consolidated Cash Flow and Consolidated Interest Expense shall be calculated after
giving effect on a pro forma basis for the period of such calculation to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the incurrence of any Indebtedness or the issuance of any Disqualified Equity
Interests of the Issuer or Disqualified Equity Interests or Preferred Shares of any
Restricted Subsidiary (and the application of the proceeds thereof) and any repayment,
repurchase or redemption of other Indebtedness or other Disqualified Equity Interests or
Preferred Shares (and the application of the proceeds therefrom) (other than the incurrence
or repayment of Indebtedness in the ordinary course of business for working capital purposes
pursuant to any revolving credit arrangement) occurring during the Four-Quarter Period or at
any time subsequent to the last day of the Four-Quarter Period and on or prior to the
Transaction Date, as if such incurrence, repayment, repurchase, issuance or redemption, as
the case may be (and the application of the proceeds thereof), occurred on the first day of
the Four-Quarter Period; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any Asset Sale or Asset Acquisition (including, without limitation, any Asset
Acquisition giving rise to the need to make such calculation as a result of the Issuer or
any Restricted Subsidiary (including any Person who becomes a Restricted Subsidiary as a
result of such Asset Acquisition) incurring Acquired Indebtedness and also including any
Consolidated Cash Flow (including any pro forma expense and cost reductions) occurring
during the Four-Quarter Period or at any time subsequent to the last day of the Four-Quarter
Period and on or prior to the Transaction Date), as if such Asset Sale or Asset Acquisition
(including the incurrence of, or assumption or liability for, any such Indebtedness or
Acquired Indebtedness) occurred on the first day of the Four-Quarter Period; provided, that
such pro forma calculations shall be determined in good faith by a Responsible Financial or
Accounting Officer of the Issuer and shall be set forth in an Officers&#146; Certificate signed
by such Officer which states (a)&nbsp;the amount of such adjustment or adjustments, (b)&nbsp;that such
adjustment or adjustments are based on the reasonable good faith belief of the Issuer at the
time of such execution and (c)&nbsp;that the steps necessary for the realization of such
adjustments have been or are reasonably expected to be taken within 12&nbsp;months following such
transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In calculating Consolidated Interest Expense for purposes of determining the denominator (but
not the numerator) of this Consolidated Interest Coverage Ratio:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) interest on outstanding Indebtedness determined on a fluctuating basis as of the
Transaction Date and which will continue to be so determined thereafter shall be deemed to
have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in
effect on the Transaction Date;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if interest on any Indebtedness actually incurred on the Transaction Date may
optionally be determined at an interest rate based upon a factor of a prime or similar rate,
a Eurocurrency interbank offered rate, or other rates, then the interest rate in effect on
the Transaction Date will be deemed to have been in effect during the Four-Quarter Period;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) notwithstanding clause (1)&nbsp;or (2)&nbsp;above, interest on Indebtedness determined on a
fluctuating basis, to the extent such interest is covered by agreements relating to Hedging
Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect
to the operation of such agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Interest Expense</I>&#148; for any period means the sum, without duplication, of the
total interest expense of the Issuer and the Restricted Subsidiaries for such period, determined on
a consolidated basis in accordance with GAAP, including, without duplication:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) imputed interest on Capitalized Lease Obligations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) commissions, discounts and other fees and charges owed with respect to letters of
credit securing financial obligations, bankers&#146; acceptance financing and receivables
financings;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the net costs associated with Hedging Obligations related to interest rates;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) amortization of debt issuance costs, debt discount or premium and other financing
fees and expenses (other than the amortization or write off of any such costs, discounts,
premium, fees or expenses incurred under or in connection with Indebtedness outstanding or
available under the Credit Agreement as of the Issue Date or which was outstanding or
available under the Prior Credit Agreement or the AIMCo Indenture);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the interest portion of any deferred payment obligations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) all other non-cash interest expense;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) capitalized interest;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) all dividend payments on any series of Disqualified Equity Interests of the Issuer
or any of its Restricted Subsidiaries or any Preferred Shares of any Restricted Subsidiary
(other than dividends on Equity Interests payable solely in Qualified Equity Interests of
the Issuer or to the Issuer or a Restricted Subsidiary of the Issuer);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) all interest payable with respect to discontinued operations; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) all interest on any Indebtedness described in clause (7)&nbsp;or (8)&nbsp;of the definition
of Indebtedness, and


excluding, without duplication,
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the cumulative effect of any change in accounting principles or policies and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any penalties and interest related to the Contingent Tax Liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Net Income</I>&#148; for any period means the net income (or loss) of such Person and its
Restricted Subsidiaries, in each case for such period determined on a consolidated basis in
accordance
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with GAAP; provided that there shall be excluded from such net income (to the extent otherwise
included therein), without duplication:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the net income (or loss) of any Person (other than a Restricted Subsidiary) in
which any Person other than the Issuer and the Restricted Subsidiaries has an ownership
interest, except to the extent that cash in an amount equal to any such income has actually
been received by the Issuer or any of its Restricted Subsidiaries during such period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) except to the extent includible in the net income (or loss) of the Issuer pursuant
to the foregoing clause (1), the net income (or loss) of any Person that accrued prior to
the date that (a)&nbsp;such Person becomes a Restricted Subsidiary or is merged into or
consolidated with the Issuer or any Restricted Subsidiary or (b)&nbsp;the assets of such Person
are acquired by the Issuer or any Restricted Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the net income of any Restricted Subsidiary during such period to the extent that
the declaration or payment of dividends or similar distributions by such Restricted
Subsidiary of that income is not permitted by operation of the terms of its charter or any
agreement, instrument, judgment, decree, order, statute, rule or governmental regulation
applicable to that Subsidiary during such period, unless such restriction with respect to
the payment of dividends has been legally waived;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) for the purposes of calculating the Restricted Payments Basket only, in the case of
a successor to the Issuer by merger, amalgamation, consolidation or transfer of its assets,
any income (or loss) of the successor prior to such merger, amalgamation, consolidation or
transfer of assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) other than for purposes of calculating the Restricted Payments Basket, any gain (or
loss), together with any related provisions for taxes on any such gain (or the tax effect of
any such loss), realized during such period by the Issuer or any Restricted Subsidiary upon
(a)&nbsp;the acquisition of any securities, or the extinguishment of any Indebtedness, of the
Issuer or any Restricted Subsidiary or (b)&nbsp;any Asset Sale by the Issuer or any Restricted
Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) gains and losses due solely to fluctuations in currency values and the related tax
effects according to GAAP;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) unrealized gains and losses with respect to Hedging Obligations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the cumulative effect of any change in accounting principles or policies;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) extraordinary gains and losses and the related tax effect; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) any income tax expenses, penalties and interest related to the Contingent Tax
Liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, any return of capital with respect to an Investment that increased the Restricted
Payments Basket pursuant to Section&nbsp;4.7(a)(3)(d) or decreased the amount of Investments outstanding
pursuant to clauses (11)&nbsp;or (17)&nbsp;of the definition of &#147;Permitted Investments&#148; shall be excluded
from Consolidated Net Income for purposes of calculating the Restricted Payments Basket.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Tangible Assets</I>&#148; means, with respect to any Person as of any date, the amount
which, in accordance with GAAP, would be set forth under the caption &#147;Total Assets&#148; (or any like
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">caption) on a consolidated balance sheet of such Person and its Restricted Subsidiaries,
without giving effect to any writedowns or charges, up to an aggregate amount of U.S.$300.0
million, caused by the Issuer&#146;s adoption of IFRS as of January&nbsp;1, 2011, less, to the extent
included in a determination of &#147;Total Assets&#148;, and without duplication, all goodwill, patents,
tradenames, trademarks, copyrights, franchises, experimental expenses, organization expenses and
any other amounts classified as intangible assets in accordance with GAAP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Contingent Tax Liabilities</I>&#148; means the contingent tax liabilities disclosed in Note 10 to the
financial statements of the Issuer as of and for the nine months ended September&nbsp;30, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Corporate Trust Office</I>&#148; means the office of the Trustee at which at any time its corporate
trust business shall be principally administered, which office as of the date hereof is located at
Valiant Trust Company, 310, 606-4th Street SW, Calgary, AB T2P 1T1, Attention: Corporate Trust
Department, or such other address as the Trustee may designate from time to time by notice to the
Holders and the Issuer, or the corporate trust office of any successor trustee (or such other
address as such successor trustee may designate from time to time by notice to the Holders and the
Issuer).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Coverage Ratio Exception</I>&#148; has the meaning set forth in the proviso in Section&nbsp;4.9(a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Credit Agreement</I>&#148; means the Credit Agreement entered into on November&nbsp;17, 2010 by and among
the Issuer, as borrower, Royal Bank of Canada, as administration agent, and the several lenders and
other agents party thereto, including any notes, guarantees, collateral and security documents,
instruments and agreements executed in connection therewith (including Hedging Obligations related
to the Indebtedness incurred thereunder), and in each case as such agreement or facility may be
amended (including any amendment or restatement thereof), supplemented or otherwise modified from
time to time, including any agreement or indenture exchanging, extending the maturity of,
refinancing, renewing, replacing, substituting or otherwise restructuring, whether in the bank or
debt capital markets (or combination thereof) (including increasing the amount of available
borrowings thereunder or adding or removing Subsidiaries as borrowers or guarantors thereunder) all
or any portion of the Indebtedness under such agreement or facility or any successor or replacement
agreement or facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Credit Facilities</I>&#148; means one or more debt facilities or indentures (which may be outstanding
at the same time and including, without limitation, the Credit Agreement) providing for revolving
credit loans, debt securities, term loans, receivables financing or letters of credit and, in each
case, as such agreements may be amended, refinanced, restated, refunded or otherwise restructured,
in whole or in part from time to time (including increasing the amount of available borrowings
thereunder or adding Subsidiaries of the Issuer as additional borrowers or guarantors thereunder)
with respect to all or any portion of the Indebtedness under such agreement or agreements or any
successor or replacement agreement or agreements and whether by the same or any other agent,
lender, group of lenders or institutional lenders or investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Default</I>&#148; means (1)&nbsp;any Event of Default or (2)&nbsp;any event, act or condition that, after notice
or the passage of time or both, would be an Event of Default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Depository</I>&#148; means, with respect to the Notes issuable or issued in the form of one or more
Global Notes, the Person designated as Depository by the Issuer pursuant to this Indenture until a
successor Depository shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter &#147;Depository&#148; shall mean each Person who is then a Depository under this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Designated Non-cash Consideration</I>&#148; means the Fair Market Value of non-cash consideration
received by the Issuer or a Restricted Subsidiary in connection with an Asset Sale that is so
designated as
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Designated Non-cash Consideration pursuant to an Officers&#146; Certificate, setting forth the
basis of such valuation, executed by the Chief Financial Officer of the Issuer, less the amount of
cash or Cash Equivalents received in connection with a subsequent sale of or collection on such
Designated Non-cash Consideration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Designation</I>&#148; has the meaning set forth in Section&nbsp;4.18.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Designation Amount</I>&#148; has the meaning set forth in Section&nbsp;4.18.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Disqualified Equity Interests</I>&#148; of any Person means any class of Equity Interests of such
Person that, by its terms, or by the terms of any related agreement or of any security into which
it is convertible, puttable or exchangeable (in each case, at the option of the holder thereof),
is, or upon the happening of any event or the passage of time would be, required to be redeemed by
such Person, at the option of the holder thereof, or matures or is mandatorily redeemable, pursuant
to a sinking fund obligation or otherwise, in whole or in part, on or prior to the date which is 91
days after the Stated Maturity of the Notes; provided, however, that any class of Equity Interests
of such Person that, by its terms, authorizes such Person to satisfy in full its obligations with
respect to the payment of dividends or upon maturity, redemption (pursuant to a sinking fund or
otherwise) or repurchase thereof or otherwise by the delivery of Equity Interests that are not
Disqualified Equity Interests, and that is not convertible, puttable or exchangeable for
Disqualified Equity Interests or Indebtedness, will not be deemed to be Disqualified Equity
Interests so long as such Person satisfies its obligations with respect thereto solely by the
delivery of Equity Interests that are not Disqualified Equity Interests; <I>provided</I>, <I>further</I>,
however, that any Equity Interests that would not constitute Disqualified Equity Interests but for
provisions thereof giving holders thereof (or the holders of any security into or for which such
Equity Interests are convertible, exchangeable or exercisable) the right to require the Issuer to
repurchase or redeem such Equity Interests upon the occurrence of a change in control or an Asset
Sale occurring prior to the 91st day after the Stated Maturity of the Notes shall not constitute
Disqualified Equity Interests if the change of control or asset sale provisions applicable to such
Equity Interests are no more favourable to such holders than Section&nbsp;4.14 and Section&nbsp;4.10,
respectively, and such Equity Interests specifically provide that the Issuer will not repurchase or
redeem any such Equity Interests pursuant to such provisions prior to the Issuer&#146;s purchase of the
Notes as required pursuant to Section&nbsp;4.14 and Section&nbsp;4.10, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Dollars</I>&#148;, &#147;<I>Canadian dollars</I>&#148; and &#147;<I>$</I>&#148; means dollars in the lawful currency of Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Eligible Bank</I>&#148; shall mean any commercial bank having, or which is the principal banking
subsidiary of a bank holding company having, capital and surplus aggregating in excess of
U.S.$5,000.0&nbsp;million (or in the equivalent thereof in a currency other than U.S. Dollars as of the
date of determination) and a rating of &#147;A&#148; (or such other similar equivalent rating) or higher by
at least one nationally recognized statistical rating organization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Equity Interests</I>&#148; of any Person means (1)&nbsp;any and all shares or other equity interests
(including Common Shares, Preferred Shares, limited liability company interests, trust units and
partnership interests) in such Person and (2)&nbsp;all rights to purchase, warrants or options (whether
or not currently exercisable), participations or other equivalents of or interests in (however
designated) such shares or other interests in such Person, but excluding from all of the foregoing
any debt securities convertible into Equity Interests, regardless of whether such debt securities
include any right of participation with Equity Interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Fair Market Value</I>&#148; means, with respect to any asset, the price (after taking into account any
liabilities relating to such asset) that would be negotiated in an arm&#146;s-length transaction for
cash between a willing seller and a willing and able buyer, neither of which is under any
compulsion to complete the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">transaction as such price is determined in good faith by (a)&nbsp;in the case of an asset whose
price would be greater than U.S.$50.0&nbsp;million, the Board of Directors of the Issuer or a duly
authorized committee thereof, as evidenced by a resolution of such Board of Directors or committee
and (b)&nbsp;in all other cases, management of the Issuer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Foreign Restricted Subsidiary</I>&#148; means any Restricted Subsidiary not organized or existing
under the laws of the United States, any state thereof, the District of Columbia or Canada or any
province or territory thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>GAAP</I>&#148; means generally accepted accounting principles in Canada set forth in the opinions and
pronouncements of the Accounting Principles Board of the Canadian Institute of Chartered
Accountants, which were in effect on November&nbsp;17, 2010 (&#147;<I>Canadian GAAP</I>&#148;). At any time after the
adoption of IFRS by the Issuer for its financial statements and reports for all financial reporting
purposes, the Issuer may elect to apply for all purposes of this Indenture, in lieu of Canadian
GAAP, IFRS, and, upon any such election, references herein to GAAP shall be construed to mean IFRS
as in effect when such election is made; provided that (1)&nbsp;any such election once made shall be
irrevocable (and shall only be made once), (2)&nbsp;all financial statements and reports required to be
provided after such election pursuant to this Indenture shall be prepared on the basis of IFRS and
(3)&nbsp;from and after such election, all ratios, computations and other determinations (A)&nbsp;based on
GAAP contained in this Indenture shall be computed in conformity with IFRS (other than as set forth
in the applicable definitions herein) and (B)&nbsp;in this Indenture that require the application of
GAAP for periods that include fiscal quarters ended prior to the Issuer&#146;s election to apply IFRS
shall remain as previously calculated or determined in accordance with GAAP. The Issuer shall give
written notice of any election to the Trustee and the Holders within 15&nbsp;days of such election. For
the avoidance of doubt, solely making an election (without any other action) referred to in this
definition will not be treated as an incurrence of Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Global Note Legend</I>&#148; means the legend identified as such in <U>Exhibit&nbsp;A</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Global Notes</I>&#148; means the Notes that are in the form of <U>Exhibit&nbsp;A</U> issued in global form
and registered in the name of the Depository or its nominee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Government of Canada Rate</I>&#148; means, in respect of any redemption date, the rate per annum equal
to the arithmetic average of the interest rates quoted to the Issuer by two major Canadian
investment dealers designated by the Issuer as being the annual yield to maturity, compounded
semi-annually and calculated in accordance with generally accepted financial practice, on the
second Business Day prior to such redemption date, which a non-callable actively traded Government
of Canada bond would carry if issued, in Canadian dollars in Canada, at 100% of its principal
amount having a maturity most nearly equal to the period from the redemption date to March&nbsp;15, 2015
that would be utilized at the time of selection and in accordance with generally accepted financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the period
from the redemption date to March&nbsp;15, 2015.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>guarantee</I>&#148; means a direct or indirect guarantee by any Person of any Indebtedness of any
other Person and includes any obligation, direct or indirect, contingent or otherwise, of such
Person (1)&nbsp;to purchase or pay (or advance or supply funds for the purchase or payment of)
Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by
agreements to keep-well, to purchase assets, goods, securities or services (unless such purchase
arrangements are on arm&#146;s-length terms and are entered into in the ordinary course of business), to
take-or-pay, or to maintain financial statement conditions or otherwise); or (2)&nbsp;entered into for
purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or
to protect such obligee against loss in respect thereof (in whole or in part); &#147;guarantee&#148;, when
used as a verb, and &#147;guaranteed&#148; have correlative meanings.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantee</I>&#148; means, individually, any guarantee of payment of the Notes by a Guarantor pursuant
to the terms of this Indenture and any supplemental indenture hereto, and, collectively, all such
guarantees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantors</I>&#148; means each Restricted Subsidiary of the Issuer on the Issue Date that is a
guarantor of the Issuer&#146;s obligations under the Credit Agreement or the Unsecured Note Indenture,
and each other Person that is required to, or at the election of the Issuer, does become a
Guarantor by the terms of this Indenture after the Issue Date, in each case, until such Person is
released from its Guarantee in accordance with the terms of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Hedging Obligations</I>&#148; of any Person means the obligations of such Person under swap, cap,
collar, forward purchase or similar agreements or arrangements dealing with interest rates or
currency exchange rates or commodity prices (including, without limitation, for purposes of this
definition, rates for electrical power used in the ordinary course of business), either generally
or under specific contingencies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Holder</I>&#148; means any registered holder, from time to time, of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>IFRS</I>&#148; means International Financial Reporting Standards, as issued by the International
Accounting Standards Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>incur</I>&#148; means, with respect to any Indebtedness or Obligation, incur, create, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with
respect to such Indebtedness or Obligation; provided that (1)&nbsp;the Indebtedness of a Person existing
at the time such Person became a Restricted Subsidiary of the Issuer shall be deemed to have been
incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary of the Issuer
and (2)&nbsp;neither the accrual of interest nor the accretion of original issue discount or the
accretion or accumulation of dividends on any Equity Interests shall be deemed to be an incurrence
of Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indebtedness</I>&#148; of any Person at any date means, without duplication:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all liabilities, contingent or otherwise, of such Person for borrowed money
(whether or not the recourse of the lender is to the whole of the assets of such Person or
only to a portion thereof);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all obligations of such Person evidenced by bonds, debentures, banker&#146;s
acceptances, notes or other similar instruments;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all reimbursement obligations of such Person in respect of letters of credit,
letters of guaranty and similar credit transactions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) all obligations of such Person to pay the deferred and unpaid purchase price of
property or services, except deferred compensation, trade payables and accrued expenses
incurred by such Person in the ordinary course of business in connection with obtaining
goods, materials or services and not overdue by more than 180&nbsp;days unless subject to a bona
fide dispute;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the maximum fixed redemption or repurchase price of all Disqualified Equity
Interests of such Person or, with respect to any Subsidiary that is not a Guarantor, any
Preferred Shares;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) all Capitalized Lease Obligations of such Person;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) all Indebtedness of others secured by a Lien on any asset of such Person, whether
or not such Indebtedness is assumed by such Person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) all Indebtedness of others guaranteed by such Person to the extent of such
guarantee; provided that Indebtedness of the Issuer or its Subsidiaries that is guaranteed
by the Issuer or the Issuer&#146;s Subsidiaries shall only be counted once in the calculation of
the amount of Indebtedness of the Issuer and its Subsidiaries on a consolidated basis;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) to the extent not otherwise included in this definition, Hedging Obligations of
such Person; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) all obligations of such Person under conditional sale or other title retention
agreements relating to assets purchased by such Person.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amount of any Indebtedness which is incurred at a discount to the principal amount at maturity
thereof as of any date shall be deemed to have been incurred at the accreted value thereof as of
such date. The amount of Indebtedness of any Person at any date shall be the outstanding balance
at such date of all unconditional obligations as described above, the maximum liability of such
Person for any such contingent obligations at such date and, in the case of clause (7), the lesser
of (a)&nbsp;the Fair Market Value of any asset subject to a Lien securing the Indebtedness of others on
the date that the Lien attaches and (b)&nbsp;the amount of the Indebtedness secured. For purposes of
clause (5), the &#147;maximum fixed redemption or repurchase price&#148; of any Disqualified Equity Interests
that do not have a fixed redemption or repurchase price shall be calculated in accordance with the
terms of such Disqualified Equity Interests as if such Disqualified Equity Interests were redeemed
or repurchased on any date on which an amount of Indebtedness outstanding shall be required to be
determined pursuant to this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indenture</I>&#148; means this Indenture, as amended or supplemented from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Independent Director</I>&#148; means a director of the Issuer who:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is independent with respect to the transaction at issue;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) does not have any material financial interest in the Issuer or any of its
Affiliates (other than as a result of holding securities of the Issuer); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) has not, and whose Affiliates or affiliated firm have not, at any time during the
twelve months prior to the taking of any action hereunder, directly or indirectly, received,
or entered into any understanding or agreement to receive, any compensation, payment or
other benefit, of any type or form, from the Issuer or any of their respective Affiliates,
other than customary directors&#146; fees for serving on the Board of Directors of the Issuer or
any Affiliate and reimbursement of out-of-pocket expenses for attendance at the Issuer&#146;s or
any of their respective Affiliates&#146; board and board committee meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Initial Notes</I>&#148; has the meaning set forth in the preamble hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Intellectual Property</I>&#148; means all patents, patent applications, trademarks, trade names,
service marks, copyrights, technology, trade secrets, proprietary information, domain names,
know-how and processes necessary for the conduct of the Issuer&#146;s or any Restricted Subsidiary&#146;s
business.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Investments</I>&#148; of any Person means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all direct or indirect investments by such Person in any other Person (including
Affiliates) in the form of loans, advances or capital contributions or other credit
extensions constituting Indebtedness of such other Person, and any guarantee of Indebtedness
of any other Person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all purchases (or other acquisitions for consideration) by such Person of
Indebtedness, Equity Interests or other securities of any other Person (other than any such
purchase that constitutes a Restricted Payment of the type described in clause (2)&nbsp;of the
definition thereof);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all other items that would be classified as investments on a balance sheet of such
Person prepared in accordance with GAAP (including, if required by GAAP, purchases of assets
outside the ordinary course of business); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Designation of any Subsidiary as an Unrestricted Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly specified in this definition, the amount of any Investment
(other than an Investment made in cash) shall be the Fair Market Value thereof on the date such
Investment is made. The amount of an Investment pursuant to clause (4)&nbsp;shall be the Designation
Amount determined in accordance with Section&nbsp;4.18. If the Issuer or any Restricted Subsidiary
sells or otherwise disposes of any Equity Interests of any Restricted Subsidiary, or any Restricted
Subsidiary issues any Equity Interests, in either case, such that, after giving effect to any such
sale or disposition, such Person is no longer a Subsidiary, the Issuer shall be deemed to have made
an Investment on the date of any such sale or other disposition equal to the Fair Market Value of
the Equity Interests of and all other Investments in such Restricted Subsidiary retained.
Notwithstanding the foregoing, purchases or redemptions of Equity Interests of the Issuer shall be
deemed not to be Investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Issue Date</I>&#148; means the date on which the Initial Notes are originally issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Issuer</I>&#148; means Precision Drilling Corporation, a corporation amalgamated under the laws of the
Province of Alberta, and any successor Person resulting from any transaction permitted by Section
5.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Lien</I>&#148; means, with respect to any asset, any mortgage, deed of trust, lien (statutory or
other), pledge, lease, easement, restriction, covenant, charge, security interest or other
encumbrance of any kind or nature in respect of such asset, whether or not filed, recorded or
otherwise perfected under applicable law, including any conditional sale or other title retention
agreement, but excluding, for certainty, deemed security interests arising under Section
1(1)(tt)(ii) of the <I>Personal Property Security Act </I>(Alberta) or similar legislation with respect to
transfers of accounts, consignments of goods and leases with a term of more than one year that are
not capital leases and do not secure performance of a payment or other obligation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Moody&#146;s</I>&#148; means Moody&#146;s Investors Service, Inc. and its successors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Net Available Proceeds</I>&#148; means, with respect to any Asset Sale, the proceeds thereof in the
form of cash or Cash Equivalents received by the Issuer or any of its Restricted Subsidiaries from
such Asset Sale, net of:
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) brokerage commissions and other fees and expenses (including fees, discounts and
expenses of legal counsel, accountants and investment banks, consultants and placement
agents) of such Asset Sale;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) provisions for taxes payable (including any withholding or other taxes paid or
reasonably estimated to be payable in connection with the transfer to the Issuer of such
proceeds from any Restricted Subsidiary that received such proceeds) as a result of such
Asset Sale (after taking into account any available tax credits or deductions and any tax
sharing arrangements);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) amounts required to be paid to any Person (other than the Issuer or any Restricted
Subsidiary and other than under a Credit Facility) owning a beneficial interest in the
assets subject to the Asset Sale or having a Lien thereon;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) payments of unassumed liabilities (not constituting Indebtedness) relating to the
assets sold at the time of, or within 30&nbsp;days after the date of, such Asset Sale; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) appropriate amounts to be provided by the Issuer or any Restricted Subsidiary, as
the case may be, as a reserve required in accordance with GAAP against any adjustment in the
sale price of such asset or assets or liabilities associated with such Asset Sale and
retained by the Issuer or any Restricted Subsidiary, as the case may be, after such Asset
Sale, including pensions and other post-employment benefit liabilities, liabilities related
to environmental matters and liabilities under any indemnification obligations associated
with such Asset Sale, all as reflected in an Officers&#146; Certificate delivered to the Trustee;
provided, however, that any amounts remaining after adjustments, revaluations or
liquidations of such reserves shall constitute Net Available Proceeds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Net Proceeds Offer</I>&#148; has the meaning set forth in Section&nbsp;4.10(c).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Non-Recourse Debt</I>&#148; means Indebtedness of an Unrestricted Subsidiary:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) as to which neither the Issuer nor any Restricted Subsidiary (a)&nbsp;provides credit
support of any kind (including any undertaking, agreement or instrument that would
constitute Indebtedness), (b)&nbsp;is directly or indirectly liable as a guarantor or otherwise,
or (c)&nbsp;constitutes the lender; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) no default with respect to which (including any rights that the holders thereof may
have to take enforcement action against an Unrestricted Subsidiary) would permit upon
notice, lapse of time or both any holder of any other Indebtedness of the Issuer or any
Restricted Subsidiary to declare a default on the other Indebtedness or cause the payment
thereof to be accelerated or payable prior to its Stated Maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Notes</I>&#148; means the Initial Notes and any Additional Notes. The Initial Notes and the
Additional Notes, if any, shall be treated as a single class for all purposes under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Obligation</I>&#148; means any principal, interest, penalties, fees, indemnification, reimbursements,
costs, expenses, damages and other liabilities payable under the documentation governing any
Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Offering Memorandum</I>&#148; means the Issuer&#146;s offering memorandum, dated March&nbsp;10, 2011, relating
to the offer and sale of the Initial Notes.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Officer</I>&#148; means any of the following of the Issuer or any Guarantor: the Chairman of the
Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the President, any
Vice President, any trustee, the Treasurer or the Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Officers&#146; Certificate</I>&#148; means a certificate signed by two Officers that meets the requirements
of Section&nbsp;7.5 of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Opinion of Counsel</I>&#148; means a written opinion from legal counsel reasonably acceptable to the
Trustee. The counsel may be an employee of or counsel to the Issuer or the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Pari Passu Indebtedness</I>&#148; means any Indebtedness of the Issuer or any Guarantor that ranks
pari passu in right of payment with the Notes or the Guarantees, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Participant</I>&#148; means, with respect to the Depository, a Person who has an account with the
Depository.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Permitted Business</I>&#148; means the businesses engaged in by the Issuer and its Subsidiaries on the
Issue Date as described in the Offering Memorandum and businesses that are reasonably related,
incidental or ancillary thereto or reasonable extensions thereof (other than, in each case,
material exploration or production businesses).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Permitted Investment</I>&#148; means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Investments by the Issuer or any Restricted Subsidiary in (a)&nbsp;any Restricted
Subsidiary or (b)&nbsp;any Person that will become immediately after such Investment a Restricted
Subsidiary or that will merge or consolidate into the Issuer or any Restricted Subsidiary;
provided the surviving or continuing Person of such merger or consolidation is either the
Issuer or a Restricted Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Investments in the Issuer by any Restricted Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) loans and advances to directors, employees and officers of the Issuer and its
Restricted Subsidiaries (i)&nbsp;in the ordinary course of business (including payroll, travel
and entertainment related advances) (other than any loans or advances to any director or
executive officer (or equivalent thereof) that would be in violation of applicable
securities law and (ii)&nbsp;to purchase Equity Interests of the Issuer not in excess of U.S.$2.5
million individually and U.S.$5.0&nbsp;million in the aggregate outstanding at any one time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Hedging Obligations entered into in the ordinary course of business for bona fide
hedging purposes of the Issuer or any Restricted Subsidiary not for the purpose of
speculation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Investments in cash and Cash Equivalents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) receivables owing to the Issuer or any Restricted Subsidiary if created or acquired
in the ordinary course of business and payable or dischargeable in accordance with customary
trade terms; <I>provided</I>, <I>however</I>, that such trade terms may include such concessionary trade
terms as the Issuer or any such Restricted Subsidiary deems reasonable under the
circumstances;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Investments in securities of trade creditors or customers received pursuant to any
plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such
trade
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">creditors or customers or received in compromise or resolution of litigation,
arbitration or other disputes with such parties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Investments made by the Issuer or any Restricted Subsidiary as a result of
consideration received in connection with an Asset Sale made in compliance with Section
4.10;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) lease, utility and other similar deposits in the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) stock, obligations or securities received in settlement of debts created in the
ordinary course of business and owing to the Issuer or any Restricted Subsidiary or in
satisfaction of judgments;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Permitted Joint Venture Investments made by the Issuer or any of its Restricted
Subsidiaries, in an aggregate amount (measured on the date each such Investment was made and
without giving effect to subsequent changes in value), when taken together with all other
Investments made pursuant to this clause (11), that does not exceed U.S.$50.0&nbsp;million;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) guarantees of Indebtedness of the Issuer or any of its Restricted Subsidiaries
permitted in accordance with Section&nbsp;4.9;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) repurchases of, or other Investments in, the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) advances or extensions of credit in the nature of accounts receivable arising from
the sale or lease of goods or services, the leasing of equipment or the licensing of
property in the ordinary course of business and payable or dischargeable in accordance with
customary trade terms; provided that such trade terms may include such concessionary trade
terms as the Issuer or the applicable Restricted Subsidiary deems reasonable under the
circumstances;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Investments existing on the Issue Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Investments the payment for which consists of Equity Interests (exclusive of
Disqualified Equity Interests) of the Issuer; provided, however, that such Equity Interests
will not increase the amount available for Restricted Payments under the Restricted Payments
Basket;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) other Investments in any Person having an aggregate Fair Market Value (measured on
the date each such Investment was made and without giving effect to subsequent changes in
value) that, when taken together with all other Investments made pursuant to this clause
(17)&nbsp;since the Issue Date, do not exceed the greater of (a)&nbsp;U.S.$150.0&nbsp;million or (b)&nbsp;5.0%
of the Issuer&#146;s Consolidated Tangible Assets; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) performance guarantees of any trade or non-financial operating contract (other
than such contract that itself constitutes Indebtedness) in the ordinary course of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining whether any Investment is a Permitted Investment, the Issuer may allocate or
reallocate all or any portion of an Investment among the clauses of this definition and any of the
provisions of Section&nbsp;4.7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Permitted Joint Venture Investment</I>&#148; means, with respect to an Investment by any specified
Person, an Investment by such specified Person in any other Person engaged in a Permitted Business
(a)&nbsp;over which the specified Person is responsible (either directly or through a services
agreement) for day-to-day operations or otherwise has operational and managerial control of such
other Person, or veto power
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">over significant management decisions affecting such other Person and (b)&nbsp;of which at least
20.0% of the outstanding Equity Interests of such other Person is at the time owned directly or
indirectly by the specified Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Permitted Liens</I>&#148; means the following types of Liens:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Liens for taxes, assessments or governmental charges or levies not yet due and
payable or delinquent or that are being contested in good faith by appropriate proceedings,
provided that adequate reserves with respect thereto are maintained on the books of the
Issuer or its Restricted Subsidiaries, as the case may be, in conformity with GAAP;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Liens in respect of property of the Issuer or any Restricted Subsidiary imposed by
law or contract, which were not incurred or created to secure Indebtedness for borrowed
money, such as carriers&#146;, warehousemen&#146;s, materialmen&#146;s, landlords&#146;, workmen&#146;s, suppliers&#146;,
repairmen&#146;s and mechanics&#146; Liens and other similar Liens arising in the ordinary course of
business, and which do not in the aggregate materially detract from the value of the
property of the Issuer or its Restricted Subsidiaries, taken as a whole, and do not
materially impair the use thereof in the operation of the business of the Issuer and its
Restricted Subsidiaries, taken as a whole;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) pledges or deposits made in connection therewith in the ordinary course of business
in connection with workers&#146; compensation, unemployment insurance, road transportation and
other types of social security, regulations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Liens (i)&nbsp;incurred in the ordinary course of business to secure the performance of
tenders, bids, trade contracts, stay and customs bonds, leases, statutory obligations,
surety and appeal bonds, statutory bonds, government contracts, performance and return money
bonds and other similar obligations (exclusive of obligations for the payment of borrowed
money) or (ii)&nbsp;incurred in the ordinary course of business to secure liability for premiums
to insurance carriers;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Liens upon specific items of inventory or other goods and proceeds of any Person
securing such Person&#146;s obligations in respect of bankers&#146; acceptances issued or created for
the account of such Person to facilitate the purchase, shipment or storage of such inventory
or other goods;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Liens arising out of judgments or awards not resulting in a Default or an Event of
Default so long as such Lien is adequately bonded and any appropriate legal proceedings
which may have been duly initiated for the review of such judgment have not been finally
terminated or the period within which such proceedings may be initiated has not expired;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) easements, rights of way, restrictions (including zoning restrictions), covenants,
encroachments, protrusions and other similar charges or encumbrances, and minor title
deficiencies on or with respect to any Real Property, in each case whether now or hereafter
in existence, not (i)&nbsp;securing Indebtedness and (ii)&nbsp;in the aggregate materially interfering
with the conduct of the business of the Issuer and its Restricted Subsidiaries and not
materially impairing the use of such Real Property in such business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Liens securing reimbursement obligations with respect to commercial letters of
credit which encumber documents and other assets relating to such letters of credit and
products and proceeds thereof;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Liens encumbering deposits made to secure obligations arising from statutory,
regulatory, contractual or warranty requirements of the Issuer or any Restricted Subsidiary,
including rights of offset and setoff;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) bankers&#146; Liens, rights of setoff and other similar Liens existing solely with
respect to cash and Cash Equivalents on deposit in one or more accounts maintained by the
Issuer or any Restricted Subsidiary, in each case granted in the ordinary course of business
in favour of the bank or banks with which such accounts are maintained, securing amounts
owing to such bank with respect to cash management and operating account arrangements,
including those involving pooled accounts and netting arrangements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) any interest or title of a lessor under any lease entered into by the Issuer or
any Restricted Subsidiary, in the ordinary course so long as such leases do not,
individually or in the aggregate, (i)&nbsp;interfere in any material respect with the ordinary
conduct of the business of the Issuer or any Restricted Subsidiary or (ii)&nbsp;materially impair
the use (for its intended purposes) or the value of the property subject thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) the filing of UCC financing statements solely as a precautionary measure in
connection with operating leases, consignments of goods or transfers of accounts or the
filing of <I>Personal Property Security Act </I>financing statements in connection with operating
leases, consignments of goods or transfers of accounts, in each case to the extent not
securing performance of a payment or other obligation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Liens securing all of the Notes and Liens securing any Guarantee (which Liens may
also secure the Unsecured Notes and guarantees thereof provided such Liens also secure the
Notes and any Guarantee on at least an equal and rateable basis);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Liens securing Hedging Obligations entered into for bona fide hedging purposes of
the Issuer or any Restricted Subsidiary not for the purpose of speculation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Liens existing on the Issue Date securing Indebtedness outstanding on the Issue
Date; provided that (i)&nbsp;the aggregate principal amount of the Indebtedness, if any, secured
by such Liens does not increase; and (ii)&nbsp;such Liens do not encumber any property other than
the property subject thereto on the Issue Date (plus improvements, accessions, proceeds or
dividends or distributions in respect thereof);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Liens in favour of the Issuer or a Guarantor;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Liens securing Indebtedness under the Credit Facilities incurred and then
outstanding pursuant to Section&nbsp;4.9(b)(1) and related Hedging Obligations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Liens arising pursuant to Purchase Money Indebtedness incurred pursuant to Section
4.9(b)(8); provided that (i)&nbsp;the Indebtedness secured by any such Lien (including
refinancings thereof) does not exceed 100.0% of the cost of the property being acquired or
leased at the time of the incurrence of such Indebtedness and (ii)&nbsp;any such Liens attach
only to the property being financed pursuant to such Purchase Money Indebtedness (plus
improvements, accessions, proceeds or dividends or distributions in respect thereof) and do
not encumber any other property of the Issuer or any Restricted Subsidiary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Liens securing Acquired Indebtedness permitted to be incurred under this
Indenture; provided that such Indebtedness was not incurred in connection with, or in
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">contemplation of, such Person becoming a Restricted Subsidiary or being acquired or
merged into the Issuer or a Restricted Subsidiary of the Issuer and the Liens do not extend
to assets not subject to such Lien at the time of acquisition (plus improvements,
accessions, proceeds or dividends or distributions in respect thereof) and are no more
favourable in any material respect to the lienholders than those securing such Acquired
Indebtedness prior to the incurrence of such Acquired Indebtedness by the Issuer or a
Restricted Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) Liens on property of a Person existing at the time such Person is acquired or
amalgamated or merged with or into or consolidated with the Issuer or any Restricted
Subsidiary (and not created in anticipation or contemplation thereof); provided that such
Liens do not extend to property not subject to such Liens at the time of acquisition (plus
improvements, accessions, proceeds or dividends or distributions in respect thereof) and are
no more favourable in any material respect to the lienholders than the existing Lien;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) Liens to secure Refinancing Indebtedness of Indebtedness secured by Liens referred
to in the foregoing clauses (15), (18), (19), (20)&nbsp;and this clause (21); provided that such
Liens do not extend to any additional assets (other than improvements thereon and
replacements thereof);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) licenses of Intellectual Property granted by the Issuer or any Restricted
Subsidiary in the ordinary course of business and not interfering in any material respect
with the ordinary conduct of the business of the Issuer or such Restricted Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for the sale of goods entered into by Issuer or any Restricted Subsidiary in
the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) Liens in favour of the Trustee as provided for in this Indenture on money or
property held or collected by the Trustee in its capacity as Trustee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) Liens securing Specified Cash Management Agreements entered into in the ordinary
course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) Liens on assets of any Foreign Restricted Subsidiary to secure Indebtedness of
such Foreign Restricted Subsidiary which Indebtedness is permitted by this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) Liens securing Indebtedness incurred under Section&nbsp;4.9(b)(16); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) other Liens with respect to obligations which do not in the aggregate exceed the
greater of (a)&nbsp;U.S.$150.0&nbsp;million or (b)&nbsp;5.0% of the Issuer&#146;s Consolidated Tangible Assets
at any time outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Person</I>&#148; means any individual, corporation, partnership, limited liability company, joint
venture, incorporated or unincorporated association, joint-stock company, trust, mutual fund trust,
unincorporated organization or government or other agency or political subdivision thereof or other
legal entity of any kind.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Plan of Liquidation</I>&#148; with respect to any Person, means a plan that provides for, contemplates
or the effectuation of which is preceded or accompanied by (whether or not substantially
contemporaneously, in phases or otherwise): (1)&nbsp;the sale, lease, conveyance or other disposition
of all or substantially all of the assets of such Person otherwise than as an entirety or
substantially as an entirety;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and (2)&nbsp;the distribution of all or substantially all of the proceeds of such sale, lease,
conveyance or other disposition of all or substantially all of the remaining assets of such Person
to holders of Equity Interests of such Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Preferred Shares</I>&#148; means, with respect to any Person, any and all preferred or preference
shares or other Equity Interests (however designated) of such Person whether now outstanding or
issued after the Issue Date that is preferred as to the payment of dividends upon liquidation,
dissolution or winding up.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>principal</I>&#148; means, with respect to the Notes, the principal of, and premium, if any, on the
Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Prior Credit Agreement</I>&#148; means the Credit Agreement dated as of December&nbsp;23, 2008 among the
Issuer, the lenders party thereto, the co-documentation agents and syndication agent named therein,
and Royal Bank of Canada, as administrative agent, as amended and supplemented from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Privacy Laws</I>&#148; has the meaning set forth in Section&nbsp;7.18.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Purchase Money Indebtedness</I>&#148; means Indebtedness, including Capitalized Lease Obligations, of
the Issuer or any Restricted Subsidiary incurred for the purpose of financing all or any part of
the purchase price of property, plant or equipment used in the business of the Issuer or any
Restricted Subsidiary or the cost of installation, construction or improvement thereof; provided,
however, that (except in the case of Capitalized Lease Obligations) the amount of such Indebtedness
shall not exceed such purchase price or cost.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Qualified Equity Interests</I>&#148; of any Person means Equity Interests of such Person other than
Disqualified Equity Interests; provided that such Equity Interests shall not be deemed Qualified
Equity Interests to the extent sold or owed to a Subsidiary of such Person or financed, directly or
indirectly, using funds (1)&nbsp;borrowed from such Person or any Subsidiary of such Person until and to
the extent such borrowing is repaid or (2)&nbsp;contributed, extended, guaranteed or advanced by such
Person or any Subsidiary of such Person (including, without limitation, in respect of any employee
stock ownership or benefit plan). Unless otherwise specified, Qualified Equity Interests refer to
Qualified Equity Interests of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Qualified Equity Offering</I>&#148; means the issuance and sale of Qualified Equity Interests of the
Issuer (or any direct or indirect parent of the Issuer to the extent the net proceeds therefrom are
contributed to the common equity capital of the Issuer or used to purchase Qualified Equity
Interests of the Issuer), other than (a)&nbsp;any issuance pursuant to employee benefit plans or
otherwise in compensation to officers, directors, trustees or employees, (b)&nbsp;public offerings with
respect to the Issuer&#146;s Qualified Equity Interests, or the issuance by the Issuer of options,
warrants or rights to acquire Common Shares, or (c)&nbsp;any offering of Qualified Equity Interests
issued in connection with a transaction that constitutes a Change of Control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Real Property</I>&#148; means, collectively, all right, title and interest (including any leasehold
estate) in and to any and all parcels of or interests in real property owned, leased or operated by
any Person, whether by lease, license or other means, together with, in each case, all easements,
hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and
equipment, all general intangibles and contract rights and other property and rights incidental to
the ownership, lease or operation thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Redesignation</I>&#148; has the meaning set forth in Section&nbsp;4.18.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>refinance</I>&#148; means to refinance, repay, prepay, replace, renew or refund.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Refinancing Indebtedness</I>&#148; means Indebtedness or Disqualified Equity Interests of the Issuer
or a Restricted Subsidiary incurred in exchange for, or the proceeds of which are used to redeem,
refinance, replace, defease, discharge, refund or otherwise retire for value, in whole or in part,
any Indebtedness of the Issuer or any Restricted Subsidiary (the &#147;<I>Refinanced Indebtedness</I>&#148;);
provided that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the principal amount (and accreted value, in the case of Indebtedness issued at a
discount) of the Refinancing Indebtedness does not exceed the principal amount (and accreted
value, as the case may be) of the Refinanced Indebtedness plus the amount of accrued and
unpaid interest on the Refinanced Indebtedness, any reasonable premium paid to the holders
of the Refinanced Indebtedness and reasonable expenses incurred in connection with the
incurrence of the Refinancing Indebtedness;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the obligor of the Refinancing Indebtedness does not include any Person (other than
the Issuer or any Guarantor) that is not an obligor of the Refinanced Indebtedness;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if the Refinanced Indebtedness was subordinated in right of payment to the Notes or
the Guarantees, as the case may be, then such Refinancing Indebtedness, by its terms, is
subordinate in right of payment to the Notes or the Guarantees, as the case may be, at least
to the same extent as the Refinanced Indebtedness;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Refinancing Indebtedness has a Stated Maturity either (a)&nbsp;no earlier than the
Refinanced Indebtedness being repaid or amended or (b)&nbsp;no earlier than 91&nbsp;days after the
maturity date of the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the portion, if any, of the Refinancing Indebtedness that is scheduled to mature on
or prior to the maturity date of the Notes has a Weighted Average Life to Maturity at the
time such Refinancing Indebtedness is incurred that is equal to or greater than the Weighted
Average Life to Maturity of the portion of the Refinanced Indebtedness being repaid that is
scheduled to mature on or prior to the maturity date of the Notes; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the proceeds of the Refinancing Indebtedness shall be used substantially
concurrently with the incurrence thereof to redeem, refinance, replace, defease, discharge,
refund or otherwise retire for value the Refinanced Indebtedness, unless the Refinanced
Indebtedness is not then due and is not redeemable or prepayable at the option of the
obligor thereof or is redeemable or prepayable only with notice, in which case such proceeds
shall be held in a segregated account of the obligor of the Refinanced Indebtedness until
the Refinanced Indebtedness becomes due or redeemable or prepayable or such notice period
lapses and then shall be used to refinance the Refinanced Indebtedness; provided that in any
event the Refinanced Indebtedness shall be redeemed, refinanced, replaced, defeased,
discharged, refunded or otherwise retired for value within one year of the incurrence of the
Refinancing Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Responsible Financial or Accounting Officer of the Issuer</I>&#148; means any one of the Chief
Financial Officer, Vice President of Finance, Treasurer or Chief Accounting Officer of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Responsible Officer</I>&#148; means any officer assigned to the Corporate Trust Office of the Trustee,
including any vice president, assistant vice president, assistant treasurer, assistant secretary,
trust officer or any other officer of the Trustee customarily performing functions similar to those
performed by any of the above designated officers and having direct responsibility for the
administration of this Indenture, and also, with respect to a particular matter, any other officer
to whom such matter is referred because of such officer&#146;s knowledge of and familiarity with the
particular subject.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Restricted Payment</I>&#148; means any of the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the declaration or payment of any dividend or any other distribution (whether made
in cash, securities or other property) on or in respect of Equity Interests of the Issuer or
any Restricted Subsidiary or any payment made to the direct or indirect holders (in their
capacities as such) of Equity Interests of the Issuer or any Restricted Subsidiary,
including, without limitation, any payment in connection with any merger or consolidation
involving the Issuer or any of its Restricted Subsidiaries but excluding (a)&nbsp;dividends or
distributions payable solely in Qualified Equity Interests or through accretion or
accumulation of such dividends on such Equity Interests and (b)&nbsp;in the case of Restricted
Subsidiaries, dividends or distributions payable to the Issuer or to a Restricted Subsidiary
(and if such Restricted Subsidiary is not a Wholly-Owned Subsidiary, to its other holders of
its Common Shares on a pro rata basis);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the purchase, redemption, defeasance or other acquisition or retirement for value
of any Equity Interests of the Issuer or any direct or indirect parent of the Issuer held by
Persons other than the Issuer or a Restricted Subsidiary (including, without limitation, any
payment in connection with any merger or consolidation involving the Issuer);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any Investment other than a Permitted Investment; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any principal payment on, purchase, redemption, defeasance, prepayment, decrease or
other acquisition or retirement for value prior to any scheduled maturity or prior to any
scheduled repayment of principal or sinking fund payment, as the case may be, in respect of
Subordinated Indebtedness (other than any Subordinated Indebtedness owed to and held by the
Issuer or any Restricted Subsidiary permitted under clause (6)&nbsp;of the definition of
&#147;Permitted Indebtedness&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Restricted Payments Basket</I>&#148; has the meaning set forth in Section&nbsp;4.7(a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Restricted Subsidiary</I>&#148; means any Subsidiary other than an Unrestricted Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Sale and Repurchase Agreement</I>&#148; means the Sale and Repurchase Agreement, dated as of December
23, 2008, by and between the Issuer and Precision Drilling Oilfield Services Corporation, as in
effect on the Issue Date, and any other sale and repurchase agreements or similar agreements among
the Issuer or any of the Guarantors entered into after the Issue Date; provided that any
restrictions on dividends or distributions, loans or advances or transfers of property contained in
such other agreements are no more restrictive to the Issuer or any Guarantor in all material
respects as the analogous restrictions in the Sale and Repurchase Agreement, dated as of December
23, 2008, and the applicable covenants therein are qualified so as to permit exceptions thereto (i)
for the purpose of permitting payment of principal, interest and any other obligations under the
Notes and this Indenture to the same extent in all material respects as the qualifications
contained in the Sale and Repurchase Agreement, dated as of December&nbsp;23, 2008, (ii)&nbsp;to permit the
granting of Liens under the Notes and this Indenture and (iii)&nbsp;to subordinate any Liens (including
backup Liens) thereunder to any Liens under the Notes and this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>S&#038;P</I>&#148; means Standard &#038; Poor&#146;s Ratings Services, a division of the McGraw-Hill Companies, Inc.,
and its successors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>SEC</I>&#148; means the U.S. Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Secretary&#146;s Certificate</I>&#148; means a certificate signed by the Secretary of the Issuer.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Securities Act</I>&#148; means the U.S. Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Significant Subsidiary</I>&#148; means (1)&nbsp;any Restricted Subsidiary that would be a &#147;significant
subsidiary&#148; as defined in Rule&nbsp;1-02 of Regulation&nbsp;S-X promulgated pursuant to the Securities Act as
such Regulation was in effect on the Issue Date and (2)&nbsp;any Restricted Subsidiary that, when
aggregated with all other Restricted Subsidiaries that are not otherwise Significant Subsidiaries
and as to which any event described in Section&nbsp;6.1(7) has occurred and is continuing, would
constitute a Significant Subsidiary under clause (1)&nbsp;of this definition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Specified Cash Management Agreements</I>&#148; means any agreement providing for treasury, depository,
purchasing card or cash management services, including in connection with any automated clearing
house transfers of funds or any similar transactions between the Issuer or any Guarantor and any
lender, including, without limitation, the centralized banking agreement among the Issuer,
Precision Limited Partnership, Precision Drilling Canada Limited Partnership and Royal Bank of
Canada providing for the administration of and netting of balances between Canadian bank accounts
maintained by the Issuer and certain Subsidiaries with Royal Bank of Canada, as amended, restated
or otherwise modified from time to time including, but not limited to, through the addition of new
Subsidiaries as parties thereto and withdrawals of Subsidiaries therefrom from time to time, and
including any replacement thereof entered into by the Issuer and any Subsidiaries with Royal Bank
of Canada or any other lender from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Stated Maturity</I>&#148; means, with respect to any Indebtedness, the date specified in the agreement
governing or certificate relating to such Indebtedness as the fixed date on which the final payment
of principal of such Indebtedness is due and payable, including pursuant to any mandatory
redemption provision, but shall not include any contingent obligations to repay, redeem or
repurchase any such principal prior to the date originally scheduled for the payment thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Subordinated Indebtedness</I>&#148; means Indebtedness of the Issuer or any Guarantor that is
expressly subordinated in right of payment to the Notes or the Guarantees, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Subsidiary</I>&#148; means, with respect to any Person:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any corporation, limited liability company, association, trust or other business
entity of which more than 50.0% of the total voting power of the Equity Interests entitled
(without regard to the occurrence of any contingency) to vote in the election of the Board
of Directors thereof is at the time owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of such Person (or a combination thereof);
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any partnership (a)&nbsp;the sole general partner or the managing general partner of
which is such Person or a Subsidiary of such Person or (b)&nbsp;the only general partners of
which are such Person or of one or more Subsidiaries of such Person (or any combination
thereof).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified, &#147;Subsidiary&#148; refers to a Subsidiary of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Unrestricted Subsidiary</I>&#148; means (a)&nbsp;any Subsidiary that at the time of determination shall be
designated an Unrestricted Subsidiary by the Board of Directors of the Issuer in accordance with
Section&nbsp;4.18 and (b)&nbsp;any Subsidiary of an Unrestricted Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Unsecured Notes</I>&#148; means the U.S. $650,000,000 6.625% Senior Notes due 2020 issued by the
Issuer pursuant to the Unsecured Note Indenture.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Unsecured Note Indenture</I>&#148; means the Indenture dated as of November&nbsp;17, 2010 among the Issuer,
the guarantors listed on the signature pages thereto, The Bank of New York Mellon as U.S. trustee
and Valiant Trust Company as Canadian trustee, as amended, supplemented or restated from time to
time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>U.S. Dollars</I>&#148; and &#147;<I>U.S.$</I>&#148; means dollars in the lawful currency of the United States of
America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Voting Shares</I>&#148; with respect to any Person, means securities of any class of Equity Interests
of such Person entitling the holders thereof (whether at all times or only so long as no senior
class of stock or other relevant equity interest has voting power by reason of any contingency) to
vote in the election of members of the Board of Directors of such Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Weighted Average Life to Maturity</I>&#148; when applied to any Indebtedness at any date, means the
number of years obtained by dividing (1)&nbsp;the sum of the products obtained by multiplying (a)&nbsp;the
amount of each then remaining installment, sinking fund, serial maturity or other required payment
of principal, including payment at Stated Maturity, in respect thereof by (b)&nbsp;the number of years
(calculated to the nearest one-twelfth) that will elapse between such date and the making of such
payment by (2)&nbsp;the then outstanding principal amount of such Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Wholly-Owned Subsidiary</I>&#148; means a Restricted Subsidiary, all of the Equity Interests of which
(other than directors&#146; qualifying shares) are owned by the Issuer or another Wholly-Owned
Subsidiary.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 1.2 <U>Other Definitions</U></TD>
</TR>

</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="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Defined in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Term</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Section</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;acceleration declaration&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Act&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Affiliate Transaction&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.11</TD>
    <TD nowrap>(a)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Canadian GAAP&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Change of Control Payment Date&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Change of Control Purchase Price&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;deemed year&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Defeasance&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Deposit Trustee&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Event of Default&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Excess Proceeds&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD nowrap>(b)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Four-Quarter Period&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Investment Grade Rating&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.20</TD>
    <TD nowrap>(a)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Judgment Currency&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Net Proceeds Offer Amount&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD nowrap>(d)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Net Proceeds Offer Period&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD nowrap>(d)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Net Proceeds Purchase Date&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD nowrap>(d)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Permitted Indebtedness&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD nowrap>(b)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Registrar&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Successor&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.1</TD>
    <TD nowrap>(a)(1)(b)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Transaction Date&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Trust Indenture Legislation&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.1</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.3 <U>Rules of Construction.</U> Unless the context otherwise requires:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a term has the meaning assigned to it herein;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) an accounting term not otherwise defined herein has the meaning assigned to it in
accordance with GAAP;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) &#147;or&#148; is not exclusive;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) words in the singular include the plural, and in the plural include the singular;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) unless otherwise specified, any reference to Section, Article or Exhibit refers to
such Section, Article or Exhibit, as the case may be, of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) provisions apply to successive events and transactions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) references to mergers include amalgamations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) unless otherwise indicated, reference to a statute shall be deemed to be a
reference to such statute as amended, re-enacted or replaced from time to time; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) unless otherwise indicated, time periods within which a payment is to be made or
any other action is to be taken hereunder shall be calculated by including the day on which
the period commences and excluding the day on which the period ends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.4 <U>Interest Limitation</U>. It is the intention of the Issuer to conform
strictly to all applicable usury laws and any subsequent revisions, repeals or judicial
interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious
under any applicable law then, in that event, notwithstanding anything to the contrary in the Notes
or this Indenture, it is agreed as follows: (i)&nbsp;the aggregate of all consideration which
constitutes interest under applicable law with respect to a Note shall under no circumstances
exceed the maximum amount allowed by applicable law, and any excess shall be credited to the
principal amount of such Note (or, if the principal amount of such Note shall have been paid in
full, refunded to the Issuer), to the extent permitted by applicable law; and (ii)&nbsp;in the event
that the maturity of any Note is accelerated or in the event of any redemption of such Note, then
such consideration that constitutes interest under applicable law may never include more than the
maximum amount allowed by applicable law, and any excess shall be credited to the principal amount
of such Note (or, if the principal amount of such Note shall be paid in full, refunded to the
Issuer), to the extent permitted by applicable law. All calculations made to compute the rate of
interest with respect to a Note for the purpose of determining whether such rate exceeds the
maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable
law, by allocating and spreading during the period of the full stated term of such Note all
interest any time contracted for, taken, reserved, charged or received by such Holder or by the
Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest
charged for any and all periods of time during the term of the Note does not exceed the maximum
amount or rate of interest allowed to be charged by law during the relevant period of time.
Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to
permit a higher rate or amount of interest to be charged than that permitted prior to such change,
then unless prohibited by law, references in this Indenture or any Note to &#147;applicable law&#148; when
used in the context of determining the maximum interest or rate of interest that can be charged
shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate
of interest. The right to accelerate maturity of any Note does not include the right to accelerate
any interest which has not otherwise accrued to the date of such acceleration, provided, however,
that the foregoing shall not prohibit the continuing accrual after acceleration of interest in
accordance with the terms of this Indenture and such Note. The agreements set forth in this Section
1.4 are part of the consideration for the issuance of the Notes.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.5 <U><I>Interest Act </I>(Canada)</U>. For the purposes of disclosure under the
<I>Interest Act </I>(Canada) only, and without affecting the amount of interest payable under the Notes or
the calculation of interest on the Notes, wherever a rate of interest under the Notes is calculated
on the basis of a year (the &#147;deemed year&#148;) which contains fewer days than the actual number of days
in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for
the purposes of the <I>Interest Act </I>(Canada) by multiplying such rate of interest by the actual number
of days in the calendar year of calculation and dividing it by the number of days in the deemed
year.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II<BR>
THE NOTES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1 <U>Form and Dating</U>. The Notes and the Trustee&#146;s certificate of
authentication shall be substantially in the form of <U>Exhibit&nbsp;A</U> attached hereto. The Notes
may have notations, legends or endorsements required by law, stock exchange rule or usage. Each
Note shall be dated the date of its authentication. The Notes will be issued in registered form,
without coupons, and in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
The registered Holder will be treated as the owner of such Note for all purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms and provisions contained in the Notes shall constitute, and are hereby expressly
made, a part of this Indenture, and the Issuer and the Trustee, by their execution and delivery of
this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to
the extent any provision of any Note conflicts with the express provisions of this Indenture, the
provisions of this Indenture shall govern and be controlling.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.2 <U>Execution and Authentication</U>. An Officer shall sign the Notes for the
Issuer by manual or facsimile signature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Officer whose signature is on a Note no longer holds that office at the time a Note is
authenticated, the Note shall nevertheless be valid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Note shall not be valid until authenticated by the manual signature of a Responsible
Officer. The signature of a Responsible Officer shall be conclusive evidence that the Note has
been authenticated under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall, upon receipt of a written order of the Issuer signed by one Officer
directing the Trustee to authenticate the Notes and certifying that all conditions precedent to the
issuance of the Notes contained herein have been complied with and receipt of an Opinion of
Counsel, authenticate Notes for original issue in the aggregate principal amount stated in such
written order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may appoint an authenticating agent reasonably acceptable to the Issuer to
authenticate Notes. Unless limited by the terms of such appointment, an authenticating agent may
authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent or agents. An authenticating
agent has the same rights as an Agent to deal with Holders or the Issuer or an Affiliate of the
Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.3 <U>Registrar; Transfer Agent; Depository</U>. The Issuer shall maintain an
office or agency where Notes may be presented for registration of transfer or for exchange
(&#147;<I>Registrar</I>&#148;). The Registrar shall keep a register of the Notes and of their transfer and
exchange. The Issuer may appoint one or more co-registrars. The term &#147;Registrar&#148; includes any
co-registrar. The Issuer may change any Registrar without notice to any Holder. The Issuer and/or
any Restricted Subsidiary may act as the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Registrar. The Issuer initially appoints the Trustee to act as the Registrar and transfer
agent. The Issuer initially appoints CDS to act as Depository with respect to the Global Notes.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 2.4 <U>&#091;Intentionally Omitted&#093;.</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.5 <U>Holder Lists</U>. The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and addresses of all
Holders.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 2.6 <U>Book-Entry Provisions for Global Notes</U></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Notes shall be issued initially in the form of one or more Global Notes, which
shall be deposited by the Trustee on behalf of the purchasers of the Notes represented
thereby with the Depository, and registered in the name of the Depository or a nominee of
the Depository, duly executed by the Issuer and authenticated by the Trustee as provided
herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Global Note shall represent such of the outstanding Notes as shall be
specified therein, and each shall provide that it shall represent the aggregate amount of
outstanding Notes from time to time endorsed thereon and that the aggregate amount of
outstanding Notes represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges, redemptions and transfers of interests. Any endorsement
of a Global Note to reflect the amount of any increase or decrease in the amount of
outstanding Notes represented thereby shall be made by the Trustee, in accordance with
instructions given by the Holder thereof as required by this Section&nbsp;2.6.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Members of, or Participants in, the Depository shall have no rights under this
Indenture with respect to any Global Note held on their behalf by the Depository or under
such Global Note, and the Depository may be treated by the Issuer, and the Trustee or any
Agent and any of their respective agents, as the absolute owner of such Global Note for all
purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the
Issuer, the Trustee or any Agent or their respective agents from giving effect to any
written certification, proxy or other authorization furnished by the Depository or impair,
as between the Depository and its Participants, the operation of customary practices
governing the exercise of the rights of an owner of a beneficial interest in any Global
Note.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither the Trustee nor any Agent shall have any responsibility or obligation to
any Holder that is a member of (or a Participant in) the Depository or any other Person with
respect to the accuracy of the records of the Depository (or its nominee) or of any member
or Participant thereof, with respect to any ownership interest in the Notes or with respect
to the delivery of any notice (including any notice of redemption) or the payment of any
amount or delivery of any Notes (or other security or property) under or with respect to the
Notes. The Trustee and the Agents may rely (and shall be fully protected in relying) upon
information furnished by the Depository with respect to its members, Participants and any
beneficial owners in the Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Transfers of a Global Note shall be limited to transfers of such Global Note in
whole, but not in part, to the Depository, its successors or their respective nominees.
Interests of Beneficial Holders in a Global Note may be transferred in accordance with the
rules and procedures of the Depository. In addition, certificated Notes shall be
transferred to Beneficial Holders in exchange for their beneficial interests only if (i)&nbsp;the
Depository notifies the Issuer that it is unwilling or unable to continue as Depository for
the Global Notes and a successor Depository is not appointed by the Issuer within ninety
(90)&nbsp;days of such notice, (ii)&nbsp;the Issuer
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">gives notice to the Depository that it is unwilling or unable to continue to have the
Depository hold the notes as book-entry only or that it desires or has processed an
entitlement requiring a withdrawal of Notes, or (iii)&nbsp;after the occurrence of an Event of
Default, the Depository advises the Trustee that it has received written notification from
Beneficial Holders representing, in the aggregate, more than 25% of the aggregate principal
amount of outstanding Notes that the continuance of the book-entry system is no longer in
their best interest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In connection with the transfer of the entire Global Note to Beneficial Holders
pursuant to clause (e)&nbsp;of this Section&nbsp;2.6(f), such Global Note shall be deemed to be
surrendered to the Trustee for cancellation, and the Issuer shall execute, and the Trustee
shall authenticate and deliver to each Beneficial Holder identified by the Depository in
exchange for its beneficial interest in such Global Note an equal aggregate principal amount
of certificated Notes of authorized denominations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The registered Holder of a Global Note may grant proxies and otherwise authorize
any Person, including Participants and Persons that may hold interest through Participants,
to take any action which a Holder is entitled to take under this Indenture or the Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each Global Note shall bear the Global Note Legend on the face thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At such time as all beneficial interests in Global Notes have been exchanged for
certificated Notes, redeemed, repurchased or cancelled, all Global Notes shall be returned
to or retained and cancelled by the Trustee in accordance with Section&nbsp;2.11. At any time
prior to such cancellation, if any beneficial interest in a Global Note is exchanged for
certificated Notes, redeemed, repurchased or cancelled, the principal amount of Notes
represented by such Global Note shall be reduced accordingly and an endorsement shall be
made on such Global Note by the Trustee to reflect such reduction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <U>General Provisions Relating to Transfers and Exchanges</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To permit registrations of transfers and exchanges, the Issuer shall
execute and the Trustee shall authenticate Global Notes and certificated Notes at
the Registrar&#146;s request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No service charge shall be made to a Holder for any registration of
transfer or exchange, but the Issuer may require payment of a sum sufficient to
cover any stamp or transfer tax or similar governmental charge payable in connection
therewith (other than any such stamp or transfer taxes or similar governmental
charge payable upon exchange or transfer pursuant to Section&nbsp;2.10, Section&nbsp;2.16,
Section&nbsp;3.6, Section&nbsp;4.10, Section&nbsp;4.14 and Section&nbsp;9.5 hereof).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) All Global Notes and certificated Notes issued upon any registration of
transfer or exchange of Global Notes or certificated Notes shall be the valid
obligations of the Issuer, evidencing the same debt, and entitled to the same
benefits under this Indenture, as the Global Notes (or interests therein) or
certificated Notes surrendered upon such registration of transfer or exchange.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Registrar is not required (A)&nbsp;to issue, to register the transfer of or
to exchange Notes during a period beginning at the opening of business fifteen (15)
days before the day of any selection of Notes for redemption and ending at the close
of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">business on the day of such selection, (B)&nbsp;to register the transfer of or to
exchange any Note so selected for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part, or (C)&nbsp;to register the
transfer of or to exchange a Note between a record date and the next succeeding
interest payment date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Prior to due presentment for the registration of a transfer of any Note,
the Trustee, any Agent and the Issuer may deem and treat the Person in whose name
any Note is registered as the absolute owner of such Note for the purpose of
receiving payment of principal of and interest on such Notes and for all other
purposes, and none of the Trustee, any Agent, or the Issuer shall be affected by
notice to the contrary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Trustee shall authenticate Global Notes and certificated Notes in
accordance with the provisions of Section&nbsp;2.2. Except as provided in Section
2.6(e), neither the Trustee nor the Registrar shall authenticate or deliver any
certificated Note in exchange for a Global Note.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Each Holder agrees to provide reasonable indemnity to the Issuer and the
Trustee against any liability that may result from the transfer, exchange or
assignment of such Holder&#146;s Note in violation of any provision of this Indenture
and/or applicable securities law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Trustee nor any Agent shall have any obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this Indenture or under
applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Participants or beneficial owners of interests in any Global Note) other than to
require delivery of such certificates and other documentation or evidence as are expressly required
by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the
same to determine substantial compliance as to form with the express requirements hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.7 <U>Replacement Notes</U>. If any mutilated Note is surrendered to the Trustee,
or the Issuer and the Trustee receive evidence to its satisfaction of the destruction, loss or
theft of any Note, the Issuer shall issue and the Trustee, upon the written order of the Issuer
signed by an Officer of the Issuer, shall authenticate a replacement Note if the Trustee&#146;s
requirements are met. If required by the Trustee or the Issuer, an indemnity bond must be supplied
by the Holder that is sufficient in the judgment of the Trustee and the Issuer to protect the
Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may
suffer if a Note is replaced. The Issuer, the Trustee and the Agents may charge for their expenses
in replacing a Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every replacement Note is an additional obligation of the Issuer and shall be entitled to all
of the benefits of this Indenture equally and proportionately with all other Notes duly issued
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.8 <U>Outstanding Notes.</U> The Notes outstanding at any time are all the Notes
authenticated by the Trustee except for those cancelled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note effected by the Trustee in
accordance with the provisions hereof, and those described in this Section&nbsp;2.8 as not outstanding.
Except as set forth in Section&nbsp;2.9, a Note does not cease to be outstanding because the Issuer or
an Affiliate of the Issuer holds the Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Note is replaced pursuant to Section&nbsp;2.7, it ceases to be outstanding unless the Trustee
receives proof satisfactory to it that the replaced Note is held by a protected purchaser.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee holds, on any payment date, money sufficient to pay the amounts under the Notes
payable on that date, then on and after that date such Notes shall be deemed to be no longer
outstanding and shall cease to accrue interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.9 <U>Treasury Notes</U>. In determining whether the Holders of the required
aggregate principal amount of Notes have concurred in any direction, waiver or consent, Notes owned
by the Issuer or by any Affiliate of the Issuer shall be considered as though not outstanding,
except that for the purposes of determining whether the Trustee shall be protected in relying on
any such direction, waiver or consent, only Notes of which a Responsible Officer has written notice
as being so owned shall be so disregarded. Notwithstanding the foregoing, Notes that are to be
acquired by the Issuer or an Affiliate of the Issuer pursuant to an exchange offer, tender offer or
other agreement shall not be deemed to be owned by such entity until legal title to such Notes
passes to such entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.10 <U>Temporary Notes</U>. Until certificated Notes are ready for delivery, the
Issuer may prepare and the Trustee shall authenticate temporary Notes upon a written order of the
Issuer signed by one Officer of the Issuer. Temporary Notes shall be substantially in the form of
certificated Notes but may have variations that the Issuer considers appropriate for temporary
Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee shall upon receipt of
a written order of the Issuer signed by one Officer, authenticate certificated Notes in certificate
form in exchange for temporary Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of temporary Notes shall be entitled to all of the benefits of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.11 <U>Cancellation</U>. The Issuer at any time may deliver to the Trustee for
cancellation any Notes previously authenticated and delivered hereunder or which the Issuer may
have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by
the Trustee. All Notes surrendered for registration of transfer, exchange or payment, if
surrendered to any Person other than the Trustee, shall be delivered to the Trustee. The Trustee
and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment,
replacement or cancellation. Subject to Section&nbsp;2.7, the Issuer may not issue new Notes to replace
Notes that it has redeemed or paid or that have been delivered to the Trustee for cancellation.
All cancelled Notes held by the Trustee shall be disposed of in accordance with its customary
practice, and certification of their disposal delivered to the Issuer upon its written request
therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.12 <U>Defaulted Interest</U>. If the Issuer defaults in a payment of interest on
the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful,
interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special
record date, which date shall be at the earliest practicable date but in all events at least five
(5)&nbsp;Business Days prior to the payment date, in each case at the rate provided in the Notes and in
Section&nbsp;4.1. The Issuer shall fix or cause to be fixed each such special record date and payment
date and shall promptly thereafter notify the Trustee of any such date. At least fifteen (15)&nbsp;days
before the special record date, the Issuer (or the Trustee, in the name and at the expense of the
Issuer) shall mail or cause to be mailed to Holders a notice that states the special record date,
the related payment date and the amount of such interest to be paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.13 <U>Computation of Interest</U>. Interest on the Notes shall be computed on the
basis of a 360-day year comprised of twelve (12)&nbsp;thirty (30)&nbsp;day months.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.14 <U>CUSIP Number</U>. The Issuer in issuing the Notes may use a &#147;CUSIP&#148; number,
and if it does so, the Trustee shall use the CUSIP number in notices of redemption or exchange as a
convenience to Holders; <I>provided </I>that any such notice may state that no representation is made as
to the
correctness or accuracy of the CUSIP number printed in the notice or on the Notes and that
reliance may
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">be placed only on the other identification numbers printed on the Notes. The Issuer
shall promptly notify the Trustee in writing of any change in any CUSIP number.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 2.15 <U>&#091;Intentionally Omitted&#093;.</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.16 <U>Issuance of Additional Notes</U>. The Issuer shall be entitled to issue
Additional Notes in an unlimited aggregate principal amount under this Indenture that shall have
identical terms as the Initial Notes, other than with respect to the date of issuance, issue price,
amount of interest payable on the first interest payment date applicable thereto and transfer
restrictions with respect thereto; <I>provided </I>that such issuance is not prohibited by the terms of
this Indenture, including Section&nbsp;4.9 and Section&nbsp;4.12. The Initial Notes and any Additional Notes
shall be treated as a single class for all purposes under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any Additional Notes, the Issuer shall set forth in a resolution of its Board
of Directors and in an Officers&#146; Certificate, a copy of each of which shall be delivered to the
Trustee, the following information:
</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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate principal amount of such Additional Notes to be
authenticated and

delivered pursuant to this Indenture;</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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issue price, the issue date, the CUSIP number of such
Additional Notes, the first interest payment date and the amount of interest
payable on such first interest payment date applicable thereto and the date
from which interest shall accrue; 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">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that such issuance is not prohibited by this Indenture.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall, upon receipt of the resolution of the Issuer&#146;s Board of Directors and
Officers&#146; Certificate, authenticate the Additional Notes in accordance with the provisions of
Section <FONT style="font-family: Symbol">&#050;</FONT><FONT style="font-family: Symbol">&#046;</FONT><FONT style="font-family: Symbol">&#050;</FONT> of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.17 <U>Notes to Rank <I>Pari Passu</I></U>. The Notes will be direct senior unsecured
obligations of the Issuer and will rank <I>pari passu </I>subject to statutory preferred exceptions, with
all other present and future unsubordinated and unsecured indebtedness of the Issuer.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III<BR>
REDEMPTION AND PREPAYMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1 <U>Notices to Trustee</U>. If the Issuer elects to redeem Notes pursuant to the
optional redemption provisions of Section&nbsp;3.7, it shall furnish to the Trustee, at least thirty
(30)&nbsp;days (or such shorter period as is acceptable to the Trustee) before a redemption date, an
Officers&#146; Certificate setting forth the (i)&nbsp;section of this Indenture pursuant to which the
redemption shall occur, (ii)&nbsp;redemption date, (iii)&nbsp;principal amount of Notes to be redeemed and
(iv)&nbsp;redemption price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer is required to make an offer to purchase Notes pursuant to Section&nbsp;4.10 or
Section&nbsp;4.14, it shall furnish to the Trustee, at least thirty (30)&nbsp;days (or such shorter period as
is acceptable to the Trustee) before the scheduled purchase date, an Officers&#146; Certificate setting
forth the (i)&nbsp;section of this Indenture pursuant to which the offer to purchase shall occur, (ii)
terms of the offer, (iii)&nbsp;principal amount of Notes to be purchased, (iv)&nbsp;purchase price and (v)
purchase date and further setting forth a statement to
the effect that (a)&nbsp;the Issuer or one of its Subsidiaries has effected an Asset Sale and there
are Excess
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Proceeds aggregating an amount equal to more than U.S.$50.0&nbsp;million or (b)&nbsp;a Change of
Control has occurred, as applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer will also provide the Trustee with any additional information that the Trustee
reasonably requests in connection with any redemption or offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.2 <U>Selection of Notes to Be Redeemed</U>. If less than all of the Notes are to
be redeemed at any time, the Trustee shall select the Notes to be redeemed among the Holders in
compliance with the requirements of the principal exchange, if any, on which the Notes are listed
or, if the Notes are not so listed, on a <I>pro rata </I>basis, by lot or by such method as the Trustee,
in its sole discretion, may deem fair and appropriate (and in a manner that complies with
applicable legal requirements); <I>provided</I>, <I>however </I>that no Notes of $2,000 in original principal
amount or less shall be redeemed in part. In addition, if a partial redemption is made pursuant to
Section&nbsp;3.7(c), selection of the Notes or portions thereof for redemption shall be made by the
Trustee only on a <I>pro rata </I>basis or on as nearly a <I>pro rata </I>basis as is practicable (subject to the
procedures of the Depository), unless that method is otherwise prohibited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On and after the redemption date, interest will cease to accrue on Notes or portions of them
called for redemption. The Trustee shall make the selection from the Notes outstanding and not
previously called for redemption as long as the Issuer has deposited with the Trustee funds in
satisfaction of the applicable redemption price pursuant to this Indenture and shall promptly
notify the Issuer in writing of the Notes selected for redemption. The Trustee may select for
redemption portions (equal to $1,000 or any integral multiples of $1,000 thereof) of the principal
of the Notes that have denominations larger than $2,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.3 <U>Notice of Redemption</U>. Subject to the provisions of Section&nbsp;4.10 and
Section&nbsp;4.14, the Issuer shall deliver or cause to be delivered in accordance with Section&nbsp;11.2, a
notice of redemption to each Holder whose Notes are to be redeemed (with a copy to the Trustee), at
least thirty (30)&nbsp;days but not more than sixty (60)&nbsp;days before a redemption date (except that
notices may be delivered more than sixty (60)&nbsp;days before a redemption date if the notice is issued
in accordance with Section&nbsp;8.8).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice shall identify the Notes to be redeemed and shall state:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the redemption date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the redemption price;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if any Note is being redeemed in part, the portion of the principal amount of such
Notes to be redeemed and that, after the redemption date, upon surrender of such Note, a new
Note or Notes in principal amount equal to the unredeemed portion shall be issued upon
cancellation of the original Note (or appropriate adjustments to the amount and beneficial
interests in a Global Note will be made, as appropriate);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the name and address of the Trustee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) that Notes called for redemption must be surrendered to the Trustee to collect the
redemption price;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) that, unless the Issuer defaults in making such redemption payment, interest, if
any, on Notes called for redemption ceases to accrue on and after the redemption date;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the paragraph of the Notes and/or Section of this Indenture pursuant to which the
Notes called for redemption are being redeemed; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) that no representation is made as to the correctness or accuracy of the CUSIP
number, if any, listed in such notice or printed on the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Issuer&#146;s written request, the Trustee shall give the notice of redemption in the
Issuer&#146;s name and at the Issuer&#146;s expense; <I>provided</I>, <I>however</I>, that the Issuer shall have delivered
to the Trustee, at least forty-five (45)&nbsp;days prior to the redemption date (or such shorter period
as is acceptable to the Trustee), an Officers&#146; Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in the notice as provided in the preceding
paragraph. The notice mailed in the manner herein provided shall be deemed to have been duly given
whether or not the Holder receives such notice. In any case, failure to give such notice or any
defect in the notice to the Holder of any Note shall not affect the validity of the proceeding for
the redemption of any other Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.4 <U>Effect of Notice of Redemption</U>. Once notice of redemption is delivered in
accordance with Section&nbsp;3.3, Notes called for redemption become irrevocably due and payable on the
redemption date at the redemption price plus accrued and unpaid interest to such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.5 <U>Deposit of Redemption Price</U>. On or before 10:00&nbsp;a.m. (Calgary time) on
the Business Day prior to each redemption date or the date on which Notes must be accepted for
purchase pursuant to Section&nbsp;4.10 or Section&nbsp;4.14, the Issuer shall deposit with the Trustee money
sufficient to pay the redemption price of and accrued and unpaid interest on all Notes to be
redeemed or purchased on that date. The Trustee shall promptly return to the Issuer any money
deposited with the Trustee by the Issuer in excess of the amounts necessary to pay the redemption
price of (including any applicable premium), and accrued interest on, all Notes to be redeemed or
purchased.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Notes called for redemption or tendered in a Net Proceeds Offer or Change of Control Offer
are paid or if the Issuer has deposited with the Trustee money sufficient to pay the redemption or
purchase price of, and unpaid and accrued interest, if any, on, all Notes to be redeemed or
purchased, on and after the redemption or purchase date, interest, if any, shall cease to accrue on
the Notes or the portions of Notes called for redemption or tendered and not withdrawn in a Net
Proceeds Offer or Change of Control Offer (regardless of whether certificates for such securities
are actually surrendered). If a Note is redeemed or purchased on or after an interest record date
but on or prior to the related interest payment date, then any accrued and unpaid interest shall be
paid to the Person in whose name such Note was registered at the close of business on such record
date. If any Note called for redemption shall not be so paid upon surrender for redemption because
of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the
unpaid principal from the redemption or purchase date until such principal is paid, and to the
extent lawful on any interest not paid on such unpaid principal, in each case, at the rate provided
in the Notes and in Section&nbsp;4.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.6 <U>Notes Redeemed in Part</U>. Upon surrender and cancellation of a Note that is
redeemed in part, the Issuer shall issue and, upon the written request of an Officer of the Issuer,
the Trustee shall authenticate for the Holder at the expense of the Issuer a new Note equal in
principal amount to the unredeemed portion of the Note surrendered and canceled; <I>provided </I>that each
such new Note will be in a principal amount of $2,000 or integral multiples of $1,000 in excess
thereof.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 3.7 <U>Optional Redemption.</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Notes may be redeemed, in whole or in part, at any time prior to March&nbsp;15, 2015 at the
option of the Issuer upon not less than 30 nor more than 60&nbsp;days&#146; prior notice to each Holder of
Notes,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">at a redemption price equal to 100.0% of the principal amount of the Notes redeemed plus the
Applicable Premium (calculated by the Issuer) as of, and accrued and unpaid interest to, the
applicable redemption date (subject to the right of Holders of record on the relevant record date
to receive interest due on the relevant interest payment date).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Notes are subject to redemption, at the option of the Issuer, in whole or in part, at
any time or from time to time on or after March&nbsp;15, 2015, at the following redemption prices
(expressed as percentages of the principal amount to be redeemed) set forth below, plus accrued and
unpaid interest, if any, on the Notes to be redeemed to the applicable redemption date (subject to
the right of Holders on the relevant record date to receive interest due on the relevant interest
payment date), if redeemed during the twelve (12)&nbsp;month period beginning March&nbsp;15 of the years
indicated below:
</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>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Redemption Price</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">103.250</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">101.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2017 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.000</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;At any time or from time to time prior to March&nbsp;15, 2014, the Issuer, at its option, may
on any one or more occasions redeem up to 35.0% of the principal amount of the outstanding Notes
issued under this Indenture (calculated after giving effect to any issuance of Additional Notes)
with the net cash proceeds of one or more Qualified Equity Offerings at a redemption price equal to
106.5% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest
thereon to the date of redemption (subject to the right of Holders of record on the relevant record
date to receive interest due on the relevant interest payment date); <I>provided </I>that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) at least 65.0% of the aggregate principal amount of Notes issued under this
Indenture (calculated after giving effect to any issuance of Additional Notes) remains
outstanding immediately after giving effect to any such redemption; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the redemption occurs not more than 90&nbsp;days after the date of the closing of any
such Qualified Equity Offering.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV<BR>
COVENANTS</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 4.1 <U>Payment of Notes.</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Issuer shall pay or cause to be paid the principal of, premium, if any, and interest
on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and
interest shall be considered paid for all purposes hereunder on the date the Trustee holds, as of
10:00&nbsp;a.m. (Calgary time) on the Business Day prior to the relevant payment date, Canadian dollars
deposited by the
Issuer in immediately available funds and designated for and sufficient to pay all such
principal, premium, if any, and interest then due.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Issuer shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on
the Notes to the extent lawful; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any
applicable grace period), at the same rate to the extent lawful.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 4.2 <U>&#091;Intentionally Omitted&#093;.</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.3 <U>Provision of Financial Information</U>. The Issuer will provide the Trustee
and the Trustee shall deliver to all the Holders, a copy of all financial statements, whether
annual or interim, of the Issuer and the report (if any) of the Issuer&#146;s auditors thereon and the
corresponding management&#146;s discussion and analysis of the financial condition and results of
operations of the Issuer at the same time as they are filed under applicable securities
legislation, which will be deemed to have been provided to the Trustee and the Holders once filed
on the SEDAR website at www.sedar.com (and such obligations to provide such documents shall
continue in the event that the Issuer ceases to be a &#147;reporting issuer&#148; under Canadian Securities
Laws (or its equivalent)).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.4 <U>Compliance Certificate</U>. The Issuer shall deliver to the Trustee, within
90&nbsp;days after the end of each fiscal year beginning with the fiscal year ended December&nbsp;31, 2011,
an Officers&#146; Certificate stating that a review of the activities of the Issuer and its Subsidiaries
during the preceding fiscal year has been made under the supervision of the signing Officers with a
view to determining whether each has kept, observed, performed and fulfilled its obligations under
this Indenture, and further stating, as to each such Officer signing such certificate, that, to his
or her knowledge, each entity has kept, observed, performed and fulfilled each and every covenant
contained in this Indenture and is not in default in the performance or observance of any of the
terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which he or she may have knowledge
and what action the Issuer is taking or proposes to take with respect thereto) and that, to his or
her knowledge, no event has occurred and remains in existence by reason of which payments on
account of the principal of, premium, if any, or interest on the Notes is prohibited or if such
event has occurred, a description of the event and what action the Issuer is taking or proposes to
take with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall, so long as any of the Notes are outstanding, deliver to the Trustee,
forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers&#146;
Certificate specifying such Default or Event of Default and what action the Issuer is taking or
proposes to take with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.5 <U>Taxes</U>. The Issuer shall pay, and shall cause each of its Subsidiaries to
pay, prior to delinquency all material taxes, assessments and governmental levies, except such as
are contested in good faith and by appropriate proceedings and with respect to which appropriate
reserves have been taken in accordance with GAAP or where the failure to effect such payment is not
adverse in any material respect to the Holders of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.6 <U>Stay, Extension and Usury Laws</U>. The Issuer and each of the Guarantors
covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon,
plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension
or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants
or the performance of this Indenture, and the Issuer and each of the Guarantors (to the extent that
it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law, and covenants that it shall
not, by resort to any such law, hinder, delay or impede the execution of any power herein granted
to the Trustee, but shall suffer and permit the execution of every such power as though no such law
has been enacted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.7 <U>Limitation on Restricted Payments.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or
indirectly, make any Restricted Payment if at the time of such Restricted Payment:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a Default shall have occurred and be continuing or shall occur as a consequence
thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Issuer is not able to incur at least U.S.$1.00 of additional Indebtedness
pursuant to the Coverage Ratio Exception; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the amount of such Restricted Payment, when added to the aggregate amount of all
other Restricted Payments made after the Issue Date (other than Restricted Payments made
pursuant to clauses (2), (3), (4), (5), (6)&nbsp;or (10)&nbsp;of Section&nbsp;4.7(b), exceeds the sum (the
&#147;<I>Restricted Payments Basket</I>&#148;) of (without duplication):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 50.0% of Consolidated Net Income of the Issuer and the Restricted
Subsidiaries for the period (taken as one accounting period) commencing on October
1, 2010 to and including the last day of the fiscal quarter ended immediately prior
to the date of such calculation for which consolidated financial statements are
available (or, if such Consolidated Net Income shall be a deficit, minus 100.0% of
such deficit),
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;plus
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 100.0% of (A) (i)&nbsp;the aggregate net cash proceeds and (ii)&nbsp;the Fair Market
Value of (x)&nbsp;marketable securities (other than marketable securities of the Issuer),
(y)&nbsp;Equity Interests of a Person (other than the Issuer or an Affiliate of the
Issuer) engaged in a Permitted Business and (z)&nbsp;other assets used in any Permitted
Business, received by the Issuer or its Restricted Subsidiaries after the Issue
Date, in each case as a contribution to its common equity capital or from the issue
or sale of Qualified Equity Interests or from the issue or sale of convertible or
exchangeable Disqualified Equity Interests or convertible or exchangeable debt
securities of the Issuer that have been converted into or exchanged for such
Qualified Equity Interests (other than Equity Interests or debt securities sold to a
Subsidiary of the Issuer or net cash proceeds received by the Issuer from Qualified
Equity Offerings to the extent applied to redeem the Notes in accordance with the
provisions set forth under Section&nbsp;3.7(c)), and (B)&nbsp;the aggregate net cash proceeds,
if any, received by the Issuer or any of its Restricted Subsidiaries upon any
conversion or exchange described in clause (A)&nbsp;above, plus
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 100.0% of the aggregate amount by which Indebtedness (other than any
Subordinated Indebtedness or Indebtedness held by a Subsidiary of the Issuer) of the
Issuer or any Restricted Subsidiary is reduced on the Issuer&#146;s consolidated balance
sheet upon the conversion or exchange after the Issue Date of any such Indebtedness
into or for Qualified Equity Interests, plus
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of the disposition or repayment of or return on any Investment
that was treated as a Restricted Payment made by the Issuer after the Issue Date, an
amount (to the extent not included in the computation of Consolidated Net
Income) equal to the lesser of (i)&nbsp;100.0% of the aggregate amount received by the
Issuer or any Restricted Subsidiary in cash or other property (valued at the Fair
Market Value thereof) as the return of capital with respect to such Investment and
(ii)&nbsp;the amount of such Investment that was treated as a Restricted Payment, in
either case, less the cost of the disposition of such Investment and net of taxes,
plus
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon a Redesignation of an Unrestricted Subsidiary as a Restricted
Subsidiary, an amount (to the extent not included in the computation of Consolidated Net
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Income) equal to the lesser of (i)&nbsp;the Fair Market Value of the Issuer&#146;s
proportionate interest in such Subsidiary immediately following such Redesignation,
and (ii)&nbsp;the aggregate amount of the Issuer&#146;s Investments in such Subsidiary to the
extent such Investments reduced the Restricted Payments Basket and were not
previously repaid or otherwise reduced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding the foregoing, Section&nbsp;4.7(a) will not prohibit:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the payment of any dividend or redemption payment or the making of any distribution
within 60&nbsp;days after the date of declaration thereof if, on the date of declaration, the
dividend, redemption or distribution payment, as the case may be, would have complied with
the provisions of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any Restricted Payment made in exchange for, or out of the proceeds of, the
substantially concurrent issuance and sale of Qualified Equity Interests;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the purchase, repurchase, redemption, defeasance or other acquisition or retirement
for value of Subordinated Indebtedness of the Issuer or any Guarantor in exchange for, or
out of the proceeds of, the substantially concurrent incurrence of, Refinancing Indebtedness
permitted to be incurred under Section&nbsp;4.9 and the other terms of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the purchase, repurchase, redemption, defeasance or other acquisition or retirement
for value of Subordinated Indebtedness of the Issuer or any Restricted Subsidiary (a)&nbsp;at a
purchase price not greater than 101% of the principal amount of such Subordinated
Indebtedness in the event of a Change of Control in accordance with provisions similar to
Section&nbsp;4.14 or (b)&nbsp;at a purchase price not greater than 100% of the principal amount
thereof in accordance with provisions similar to Section&nbsp;4.10; provided that, prior to or
simultaneously with such purchase, repurchase, redemption, defeasance or other acquisition
or retirement, the Issuer has made the Change of Control Offer or Net Proceeds Offer, as
applicable, as provided in such covenant with respect to the Notes and has completed the
repurchase or redemption of all Notes validly tendered for payment in connection with such
Change of Control Offer or Net Proceeds Offer;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the redemption, repurchase or other acquisition or retirement for value of Equity
Interests of the Issuer held by officers, directors or employees or former officers,
directors or employees (or their transferees, estates or beneficiaries under their estates),
either (x)&nbsp;upon any such individual&#146;s death, disability, retirement, severance or
termination of employment or service or (y)&nbsp;pursuant to any equity subscription agreement,
stock option agreement, shareholders&#146; agreement or similar agreement; provided, in any case,
that the aggregate cash consideration paid for all such redemptions, repurchases or other
acquisitions or retirements shall not exceed (A)&nbsp;U.S.$5.0&nbsp;million during any calendar year
(with unused amounts in any calendar year being carried forward to the next succeeding
calendar year) plus (B)&nbsp;the amount of any net cash
proceeds received by or contributed to the Issuer from the issuance and sale after the
Issue Date of Qualified Equity Interests to its officers, directors or employees that have
not been applied to the payment of Restricted Payments pursuant to this clause (5), plus (C)
the net cash proceeds of any &#147;key-man&#148; life insurance policies that have not been applied to
the payment of Restricted Payments pursuant to this clause (5); and <I>provided further </I>that
cancellation of Indebtedness owing to the Issuer from members of management of the Issuer or
any Restricted Subsidiary in connection with a repurchase of Equity Interests of the Issuer
will not be deemed to constitute a Restricted Payment for purposes of this Section&nbsp;4.7 or
any other provision of this Indenture;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) (a)&nbsp;repurchases, redemptions or other acquisitions or retirements for value of
Equity Interests of the Issuer deemed to occur upon the exercise of stock options, warrants,
rights to acquire Equity Interests of the Issuer or other convertible securities to the
extent such Equity Interests of the Issuer represent a portion of the exercise or exchange
price thereof and (b)&nbsp;any repurchases, redemptions or other acquisitions or retirements for
value of Equity Interests of the Issuer made in lieu of withholding taxes in connection with
any exercise or exchange of stock options, warrants or other similar rights;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) dividends on Disqualified Equity Interests of the Issuer issued in compliance with
Section&nbsp;4.9 to the extent such dividends are included in the definition of Consolidated
Interest Expense;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the payment of cash in lieu of fractional Equity Interests of the Issuer;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) payments or distributions to dissenting shareholders pursuant to applicable law in
connection with a merger, amalgamation, consolidation or transfer of assets that complies
with Section&nbsp;5.1;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) cash distributions by the Issuer to the holders of Equity Interests of the Issuer
in accordance with a distribution reinvestment plan or dividend reinvestment plan to the
extent such payments are applied to the purchase of Equity Interests directly from the
Issuer;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) payment of other Restricted Payments from time to time in an aggregate amount not
to exceed U.S.$100.0&nbsp;million; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) the repurchase, redemption or other acquisition or retirement for value of the
AIMCo Warrants in an aggregate amount not to exceed U.S.$50.0&nbsp;million.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><I>provided that </I>(a)&nbsp;in the case of any Restricted Payment pursuant to clauses (4), (5)&nbsp;or (11)
above, no Default shall have occurred and be continuing or occur as a consequence thereof
(it being understood that the making of a Restricted Payment in reliance on clause (4), (5)
or (11)&nbsp;above shall not be deemed to be a Default under this Section&nbsp;4.7) and (b)&nbsp;no
issuance and sale of Qualified Equity Interests used to make a payment pursuant to clauses
(2)&nbsp;or (5)(B) above shall increase the Restricted Payments Basket to the extent of such
payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of determining compliance with any U.S. Dollar denominated restriction on
Restricted Payments denominated in a currency other than U.S. Dollars, the U.S. Dollar equivalent
amount of such Restricted Payment shall be calculated based on the relevant currency exchange rate
in effect on the date that such Restricted Payment was made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary
except pursuant to Section&nbsp;4.18. For purposes of designating any Restricted Subsidiary as an
Unrestricted
Subsidiary, all outstanding Investments by the Issuer and its Restricted Subsidiaries (except
to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted Payments in
an amount determined as set forth in the definition of &#147;Investment.&#148; Such designation will be
permitted only if a Restricted Payment in such amount would be permitted at such time and if such
Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.8 <U>Limitations on Dividend and Other Restrictions Affecting Restricted
Subsidiaries</U>. The Issuer shall not, and shall not permit any Restricted Subsidiary to,
directly or
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">indirectly, create or otherwise cause or permit to exist or become effective any
consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;pay dividends or make any other distributions on or in respect of its Equity Interests to
the Issuer or any of its Restricted Subsidiaries, or with respect to any other interest or
participation in, or measured by, its profits (it being understood that the priority of any
Preferred Shares in receiving dividends or liquidating distributions prior to dividends or
liquidating distributions being paid on Common Shares shall not be deemed a restriction on the
ability to make distributions on Equity Interests);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;make loans or advances, or pay any Indebtedness or other obligation owed, to the Issuer or
any other Restricted Subsidiary (it being understood that the subordination of loans or advances
made to the Issuer or any Restricted Subsidiary to other Indebtedness or obligations incurred by
the Issuer or any Restricted Subsidiary shall not be deemed a restriction on the ability to make
loans or advances); or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;transfer any of its property or assets to the Issuer or any other Restricted Subsidiary
(it being understood that such transfers shall not include any type of transfer described in clause
(a)&nbsp;or (b)&nbsp;above);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except for, in each case:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) encumbrances or restrictions existing under agreements existing on the Issue Date
(including, without limitation, the Credit Agreement, the Unsecured Note Indenture and the
Sale and Repurchase Agreement) as in effect on that date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) encumbrances or restrictions existing under this Indenture, the Notes and the
Guarantees;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any instrument governing Acquired Indebtedness or Equity Interests of a Person
acquired by the Issuer or any of its Restricted Subsidiaries, which encumbrance or
restriction is not applicable to any Person, or the properties or assets of any Person,
other than the Person or the properties or assets of the Person so acquired;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any agreement or other instrument of a Person acquired by the Issuer or any of its
Restricted Subsidiaries in existence at the time of such acquisition (but not created in
contemplation thereof), which encumbrance or restriction is not applicable to any Person, or
the properties or assets of any Person, other than the Person and its Subsidiaries, or the
property or assets of the Person and its Subsidiaries, so acquired (including after acquired
property);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any amendment, restatement, modification, renewal, supplement, refunding,
replacement or refinancing of an agreement referred to in clauses (1), (2), (3), (4), or
(10); <I>provided</I>, <I>however</I>, that such amendments, restatements, modifications, renewals,
supplements, refundings, replacements or refinancings are, in the good faith judgment of the
Issuer, no more restrictive than the encumbrances and restrictions contained in the
agreements referred to in
clauses (1), (2), (3)&nbsp;or (4)&nbsp;of this Section&nbsp;4.8(c) on the Issue Date or the date such
Restricted Subsidiary became a Restricted Subsidiary or was merged into a Restricted
Subsidiary, whichever is applicable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) encumbrances or restrictions existing under or by reason of applicable law,
regulation or order;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) non-assignment provisions of any contract or any lease entered into in the ordinary
course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) in the case of clause (c)&nbsp;above, Liens permitted to be incurred under the
provisions of Section&nbsp;4.12 that limit the right of the debtor to dispose of the assets
securing such Indebtedness;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) restrictions imposed under any agreement to sell Equity Interests or assets, as
permitted under this Indenture, to any Person pending the closing of such sale;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) any other agreement governing Indebtedness or other obligations entered into after
the Issue Date that either (A)&nbsp;contains encumbrances and restrictions that are not
materially more restrictive with respect to any Restricted Subsidiary than those in effect
on the Issue Date with respect to that Restricted Subsidiary pursuant to agreements in
effect on the Issue Date or (B)&nbsp;any such encumbrance or restriction contained in such
Indebtedness that is customary and does not prohibit (except upon a default or an event of
default thereunder) the payment of dividends in an amount sufficient, as determined by the
board of directors of the Issuer in good faith, to make scheduled payments of cash interest
and principal on the Notes when due;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) customary provisions in partnership agreements, limited liability company
organizational governance documents, joint venture agreements, shareholder agreements and
other similar agreements entered into in the ordinary course of business that restrict the
disposition or distribution of ownership interests in or assets of such partnership, limited
liability company, joint venture, corporation or similar Person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Purchase Money Indebtedness and any Refinancing Indebtedness in respect thereof
incurred in compliance with Section&nbsp;4.9 that imposes restrictions of the nature described in
Section&nbsp;4.8(c) on the assets acquired; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) restrictions on cash or other deposits or net worth imposed by customers,
suppliers or landlords under contracts entered into in the ordinary course of business.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 4.9 <U>Limitations on Additional Indebtedness</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or
indirectly, incur any Indebtedness (including Acquired Indebtedness); <I>provided </I>that the Issuer or
any Restricted Subsidiary may incur additional Indebtedness (including Acquired Indebtedness), in
each case, if, after giving effect thereto on a pro forma basis, the Consolidated Interest Coverage
Ratio would be at least 2.00 to 1.00 (the &#147;<I>Coverage Ratio Exception</I>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding the above, each of the following incurrences of Indebtedness shall be
permitted (the &#147;<I>Permitted Indebtedness</I>&#148;):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Indebtedness of the Issuer and any Restricted Subsidiary under the Credit
Facilities in an aggregate principal amount at any time outstanding, including the issuance
and creation of letters of credit and bankers&#146; acceptances thereunder (with letters of
credit and bankers&#146; acceptances being deemed to have a principal amount equal to the face
amount thereof) not to exceed the greater of (a)&nbsp;U.S.$750.0&nbsp;million or (b)&nbsp;25.0% of the
Issuer&#146;s Consolidated Tangible Assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Indebtedness under the Initial Notes and the Guarantees issued on the Issue Date;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Indebtedness of the Issuer and its Restricted Subsidiaries to the extent
outstanding on the Issue Date, including, without limitation, the Unsecured Notes and
guarantees thereof, after giving effect to the use of proceeds of the Notes (other than
Indebtedness referred to in clause (1), (2), (4), (6), (7), (8), (9), (10), (12)&nbsp;and (16));
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) (a)&nbsp;guarantees by the Issuer or Guarantors of Indebtedness permitted to be incurred
in accordance with the provisions of this Indenture; <I>provided </I>that in the event such
Indebtedness that is being guaranteed is Subordinated Indebtedness, then the related
guarantee shall be subordinated in right of payment to the Notes or the Guarantees, as the
case may be, and (b)&nbsp;guarantees of Indebtedness incurred by Restricted Subsidiaries that are
not Guarantors in accordance with the provisions of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Indebtedness under Hedging Obligations entered into for bona fide hedging purposes
of the Issuer or any Restricted Subsidiary in the ordinary course of business and not for
the purpose of speculation; provided that in the case of Hedging Obligations relating to
interest rates, (a)&nbsp;such Hedging Obligations relate to payment obligations on Indebtedness
otherwise permitted to be incurred by this Section&nbsp;4.9, and (b)&nbsp;the notional principal
amount of such Hedging Obligations at the time incurred does not exceed the principal amount
of the Indebtedness to which such Hedging Obligations relate;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Indebtedness of the Issuer owed to and held by a Restricted Subsidiary and
Indebtedness of any Restricted Subsidiary owed to and held by the Issuer or any other
Restricted Subsidiary; <I>provided</I>, <I>however</I>, that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Issuer is the obligor on Indebtedness and a Restricted Subsidiary
that is not a Guarantor is the obligee, such Indebtedness is expressly subordinated
to the prior payment in full in cash of all obligations with respect to the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a Guarantor is the obligor on such Indebtedness and a Restricted
Subsidiary that is not a Guarantor is the obligee, such Indebtedness is subordinated
in right of payment to the Guarantee of such Guarantor; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any subsequent issuance or transfer of Equity Interests or any
other event which results in any such Indebtedness being held by a Person
other than the Issuer or any other Restricted Subsidiary; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any sale or other transfer of any such Indebtedness to a Person
other than the Issuer or any other Restricted Subsidiary
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">shall be deemed, in each case of this clause (c), to constitute an
incurrence of such Indebtedness not permitted by this clause (6);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Indebtedness in respect of workers&#146; compensation claims, bank guarantees, warehouse
receipt or similar facilities, property, casualty or liability insurance, take-or-pay
obligations in supply arrangements, self-insurance obligations or completion, performance,
bid performance, appeal or surety bonds in the ordinary course of business, including
guarantees or obligations with respect to letters of credit supporting such workers&#146;
compensation claims, bank guarantees, warehouse receipt or similar facilities, property,
casualty or liability insurance, take-
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">or-pay obligations in supply arrangements,
self-insurance obligations or completion, performance, bid performance, appeal or surety
bonds;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Purchase Money Indebtedness incurred by the Issuer or any Restricted Subsidiary
after the Issue Date, and Refinancing Indebtedness thereof, in an aggregate principal amount
not to exceed at any time outstanding the greater of (a)&nbsp;U.S.$75.0&nbsp;million or (b)&nbsp;2.5% of
the Issuer&#146;s Consolidated Tangible Assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Indebtedness arising from the honouring by a bank or other financial institution of
a check, draft or similar instrument inadvertently (except in the case of daylight
overdrafts) drawn against insufficient funds in the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Indebtedness arising in connection with endorsement of instruments for deposit in
the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Refinancing Indebtedness of the Issuer or any Restricted Subsidiary with respect
to Indebtedness incurred pursuant to the Coverage Ratio Exception, clause (2), (3)&nbsp;or (8)
above, this clause (11), or clause (17)&nbsp;or (18)&nbsp;below;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) indemnification, adjustment of purchase price, earn-out or similar obligations, in
each case, incurred or assumed in connection with the acquisition or disposition of any
business or assets of the Issuer or any Restricted Subsidiary or Equity Interests of a
Restricted Subsidiary, other than guarantees of Indebtedness incurred by any Person
acquiring all or any portion of such business, assets or Equity Interests for the purpose of
financing or in contemplation of any such acquisition; provided that (a)&nbsp;any amount of such
obligations included on the face of the balance sheet of the Issuer or any Restricted
Subsidiary shall not be permitted under this clause (12) (contingent obligations referred to
on the face of a balance sheet or in a footnote thereto and not otherwise quantified and
reflected on the balance sheet will not be deemed &#147;included on the face of the balance
sheet&#148; for purposes of the foregoing) and (b)&nbsp;in the case of a disposition, the maximum
aggregate liability in respect of all such obligations outstanding under this clause (12)
shall at no time exceed the gross proceeds actually received by the Issuer and the
Restricted Subsidiaries in connection with such disposition;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Indebtedness of Foreign Restricted Subsidiaries in an aggregate amount outstanding
at any one time not to exceed the greater of (a)&nbsp;U.S.$50.0&nbsp;million or (b)&nbsp;10.0% of such
Foreign Restricted Subsidiaries&#146; Consolidated Tangible Assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) additional Indebtedness of the Issuer or any Restricted Subsidiary in an aggregate
principal amount which, when taken together with the principal amount of all other
Indebtedness incurred pursuant to this clause (14)&nbsp;and then outstanding, will not exceed the
greater of (a)&nbsp;U.S.$150.0&nbsp;million or (b)&nbsp;5.0% of the Issuer&#146;s Consolidated Tangible Assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Indebtedness in respect of Specified Cash Management Agreements entered into in
the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Indebtedness incurred under one or more short-term operating facilities provided
by Royal Bank of Canada and/or other lenders or the respective Affiliates thereof to the
Issuer and/or any Restricted Subsidiary providing for borrowings to be made and/or letters
of credit to be issued pursuant thereto in an aggregate principal amount, together with any
Refinancing Indebtedness thereof, not to exceed U.S.$100.0&nbsp;million, at any one time
outstanding;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Indebtedness incurred to finance the Contingent Tax Liabilities in an aggregate
principal amount not to exceed U.S.$200.0&nbsp;million at any one time outstanding;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Indebtedness of Persons incurred and outstanding on the date on which such Person
was acquired by the Issuer or any Restricted Subsidiary, or merged or consolidated with or
into the Issuer or any Restricted Subsidiary (other than Indebtedness incurred in connection
with, or in contemplation of, such acquisition, merger or consolidation); <I>provided, however,</I>
that at the time such Person or assets is/are acquired by the Issuer or a Restricted
Subsidiary, or merged or consolidated with the Issuer or any Restricted Subsidiary and after
giving pro forma effect to the incurrence of such Indebtedness pursuant to this clause (18)
and any other related Indebtedness, either (i)&nbsp;the Issuer would have been able to incur
U.S.$1.00 of additional Indebtedness pursuant to the first paragraph of this covenant; or
(ii)&nbsp;the Consolidated Interest Coverage Ratio of the Issuer and its Restricted Subsidiaries
would be greater than or equal to such Consolidated Interest Coverage Ratio immediately
prior to such acquisition, merger or consolidation; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Indebtedness representing deferred compensation to directors, officers, members of
management or employees (in their capacities as such) of the Issuer or any Restricted
Subsidiary and incurred in the ordinary course of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of determining compliance with this Section&nbsp;4.9, in the event that an item of
Indebtedness meets the criteria of more than one of the categories of Permitted Indebtedness
described in clauses (1)&nbsp;through (19)&nbsp;above or is entitled to be incurred pursuant to the Coverage
Ratio Exception, the Issuer shall, in its sole discretion, classify such item of Indebtedness and
may divide and classify such Indebtedness in more than one of the types of Indebtedness described,
except that Indebtedness incurred under the Credit Agreement on or prior to the Issue Date shall be
deemed to have been incurred under clause (1)&nbsp;above, and may later reclassify any item of
Indebtedness described in clauses (1)&nbsp;through (19)&nbsp;above (provided that at the time of
reclassification it meets the criteria in such category or categories). In addition, for purposes
of determining any particular amount of Indebtedness under this Section&nbsp;4.9, (i)&nbsp;guarantees, Liens
or letter of credit obligations supporting Indebtedness otherwise included in the determination of
such particular amount shall not be included so long as incurred by a Person that could have
incurred such Indebtedness; and (ii)&nbsp;the amount of Indebtedness issued at a price that is less than
the principal amount thereof will be equal to the amount of the liability in respect thereof
determined in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of determining compliance with any U.S. Dollar denominated restriction on the
incurrence of Indebtedness denominated in a currency other than U.S. Dollars, the U.S. Dollar
equivalent principal amount of such Indebtedness incurred pursuant thereto shall be calculated
based on the relevant currency exchange rate in effect on the earlier of the date that such
Indebtedness was incurred, in the case of term Indebtedness, or first committed, in the case of
revolving credit Indebtedness; provided that if such Indebtedness is incurred to refinance other
Indebtedness denominated in a currency other than U.S. Dollars, and such refinancing would cause
the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant
currency exchange rate in effect on the date of such refinancing,
such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as
the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such
Indebtedness being refinanced. The principal amount of any Indebtedness incurred to refinance
other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced,
shall be calculated based on the currency exchange rate applicable to the currencies in which such
Refinancing Indebtedness is denominated that is in effect on the date of such refinancing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Issuer shall not permit any of its Unrestricted Subsidiaries to incur any
Indebtedness other than Non-Recourse Debt. If at any time an Unrestricted Subsidiary becomes a
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Restricted Subsidiary, any Indebtedness of such Subsidiary shall be deemed to be incurred by a
Restricted Subsidiary as of such date (and, if such Indebtedness is not permitted to be incurred as
of such date under this Section&nbsp;4.9, the Issuer shall be in Default of this Section&nbsp;4.9).
</DIV>

<DIV style="margin-top: 6pt">
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    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 4.10 <U>Limitations on Asset Sales.</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or
indirectly, consummate any Asset Sale unless:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Issuer or such Restricted Subsidiary, as the case may be, receives
consideration at least equal to the Fair Market Value (such Fair Market Value to be
determined on the date of contractually agreeing to such Asset Sale) of the shares and
assets subject to such Asset Sale; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) at least 75.0% of the total consideration from such Asset Sale received by the
Issuer or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash
Equivalents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of clause (2)&nbsp;above and for no other purpose, the following shall be deemed to be
cash:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount (without duplication) of any Indebtedness (other than Subordinated
Indebtedness or intercompany Indebtedness) of the Issuer or such Restricted Subsidiary that
is expressly assumed by the transferee of any such assets pursuant to a written novation
agreement that releases the Issuer or such Restricted Subsidiary from further liability
therefor,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of any securities, notes or other obligations received from such
transferee that are within 180&nbsp;days after such Asset Sale converted by the Issuer or such
Restricted Subsidiary into cash (to the extent of the cash actually so received),
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Designated Non-cash Consideration received by the Issuer or any of its
Restricted Subsidiaries in such Asset Sale having an aggregate Fair Market Value, taken
together with all other Designated Non-cash Consideration received pursuant to this Section
4.10 (a)(2)(c) that is at that time outstanding, not to exceed the greater of (i)&nbsp;U.S.$75.0
million or (ii)&nbsp;2.5% of the Issuer&#146;s Consolidated Tangible Assets at the time of receipt of
such Designated Non-cash Consideration, with the Fair Market Value of each item of
Designated Non-cash Consideration being measured at the time received and without giving
effect to subsequent changes in value, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Fair Market Value of (i)&nbsp;any assets (other than securities) received by the
Issuer or any Restricted Subsidiary to be used by it in a Permitted Business, (ii)&nbsp;Equity
Interests in a Person that is a Restricted Subsidiary or in a Person engaged in a Permitted
Business that
shall become a Restricted Subsidiary immediately upon the acquisition of such Person by
the Issuer or (iii)&nbsp;a combination of (i)&nbsp;and (ii).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time any non-cash consideration received by the Issuer or any Restricted Subsidiary,
as the case may be, in connection with any Asset Sale is repaid or converted into or sold or
otherwise disposed of for cash (other than interest received with respect to any such non-cash
consideration), then the date of such repayment, conversion or disposition shall be deemed to
constitute the date of an Asset Sale hereunder and the Net Available Proceeds thereof shall be
applied in accordance with this Section&nbsp;4.10.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Asset Sale pursuant to a condemnation, expropriation, appropriation or other similar
taking, including by deed in lieu of condemnation, or pursuant to the foreclosure or other
enforcement of a Permitted Lien or exercise by the related lienholder of rights with respect
thereto, including by deed or assignment in lieu of foreclosure shall not be required to satisfy
the conditions set forth in clauses (1)&nbsp;and (2)&nbsp;of this Section&nbsp;4.10(a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the 75.0% limitation referred to above shall be deemed
satisfied with respect to any Asset Sale in which the cash or Cash Equivalents portion of the
consideration received therefrom, determined in accordance with the foregoing provision on an
after-tax basis, is equal to or greater than what the after-tax proceeds would have been had such
Asset Sale complied with the aforementioned 75.0% limitation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If the Issuer or any Restricted Subsidiary engages in an Asset Sale, the Issuer or such
Restricted Subsidiary shall, no later than 365&nbsp;days following the consummation thereof, apply all
or any of the Net Available Proceeds therefrom to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) permanently reduce (and permanently reduce commitments with respect thereto): (x)
obligations under the Credit Agreement and/or (y)&nbsp;Indebtedness of the Issuer or a Restricted
Subsidiary that is secured by a Lien (in each case other than any Disqualified Equity
Interests or Subordinated Indebtedness, and other than Indebtedness owed to the Issuer or an
Affiliate of the Issuer);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) permanently reduce obligations under other Indebtedness of the Issuer or a
Restricted Subsidiary (in each case other than any Disqualified Equity Interests or
Subordinated Indebtedness, and other than Indebtedness owed to the Issuer or an Affiliate of
the Issuer); provided that the Issuer shall equally and ratably reduce obligations under the
Notes as provided under Section&nbsp;3.7, through open market purchases (to the extent such
purchases are at or above 100% of the principal amount thereof) or by making an offer (in
accordance with the procedures set forth below for a Net Proceeds Offer) to all Holders to
purchase their Notes at 100% of the principal amount thereof, plus the amount of accrued but
unpaid interest, if any, on the amount of Notes that would otherwise be prepaid; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) (A)&nbsp;make any capital expenditure or otherwise invest all or any part of the Net
Available Proceeds thereof in the purchase of assets (other than securities and excluding
working capital or current assets for the avoidance of doubt) to be used by the Issuer or
any Restricted Subsidiary in a Permitted Business, (B)&nbsp;acquire Qualified Equity Interests
held by a Person other than the Issuer or any of its Restricted Subsidiaries in a Person
that is a Restricted Subsidiary or in a Person engaged in a Permitted Business that shall
become a Restricted Subsidiary immediately upon the consummation of such acquisition or (C)
a combination of (A)&nbsp;and (B).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of Net Available Proceeds not applied or invested as provided in clauses (1)
through (3)&nbsp;of this Section&nbsp;4.10(b) shall constitute &#147;<I>Excess Proceeds</I>.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;On the 366th day after an Asset Sale (or, at the Issuer&#146;s option, an earlier date), if the
aggregate amount of Excess Proceeds equals or exceeds U.S.$50.0&nbsp;million, the Issuer shall be
required to make an offer to purchase or redeem (a &#147;<I>Net Proceeds Offer</I>&#148;) from all Holders and, to
the extent required by the terms of other Pari Passu Indebtedness of the Issuer, to all holders of
other Pari Passu Indebtedness outstanding with similar provisions requiring the Issuer to make an
offer to purchase or redeem such Pari Passu Indebtedness with the proceeds from any Asset Sale, to
purchase or redeem the maximum principal amount of Notes and any such Pari Passu Indebtedness to
which the Net Proceeds Offer applies that may be purchased or redeemed out of the Excess Proceeds,
at an offer price in cash in an amount equal to
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">100% of the principal amount of Notes and Pari
Passu Indebtedness plus accrued and unpaid interest thereon, if any, to the date of purchase, in
accordance with the procedures set forth in this Indenture or the agreements governing the Pari
Passu Indebtedness, as applicable, in each case in denominations of $2,000 or integral multiples of
$1,000 in excess thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the sum of the aggregate principal amount of Notes and Pari Passu
Indebtedness so validly tendered pursuant to a Net Proceeds Offer is less than the Excess Proceeds,
the Issuer may use any remaining Excess Proceeds, or a portion thereof, for any purposes not
otherwise prohibited by the provisions of this Indenture. If the aggregate principal amount of
Notes and Pari Passu Indebtedness so validly tendered pursuant to a Net Proceeds Offer exceeds the
amount of Excess Proceeds, the Issuer shall select the Notes and Pari Passu Indebtedness to be
purchased on a pro rata basis on the basis of the aggregate outstanding principal amount of Notes
and Pari Passu Indebtedness. Upon completion of such Net Proceeds Offer in accordance with the
foregoing provisions, the amount of Excess Proceeds with respect to which such Net Proceeds Offer
was made shall be deemed to be zero.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Net Proceeds Offer will remain open for a period of 20 Business Days following its
commencement, except to the extent that a longer period is required by applicable law (the &#147;<I>Net
Proceeds Offer Period</I>&#148;)<I>. </I>No later than five Business Days after the termination of the Net
Proceeds Offer Period (the &#147;<I>Net Proceeds Purchase Date</I>&#148;), the Issuer will purchase the principal
amount of Notes and Pari Passu Indebtedness required to be purchased pursuant to this Section&nbsp;4.10
(the &#147;<I>Net Proceeds Offer Amount</I>&#148;) or, if less than the Net Proceeds Offer Amount has been so
validly tendered, all Notes and Pari Passu Indebtedness validly tendered in response to the Net
Proceeds Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Net Proceeds Purchase Date is on or after an interest record date and on or before the
related interest payment date, any accrued and unpaid interest will be paid to the Person in whose
name a Note is registered at the close of business on such record date, and no additional interest
will be payable to Holders who tender Notes pursuant to the Net Proceeds Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pending the final application of any Net Available Proceeds pursuant to this Section&nbsp;4.10, the
Issuer or such Restricted Subsidiary holding such Net Available Proceeds may apply such Net
Available Proceeds temporarily to reduce Indebtedness outstanding under a revolving Credit Facility
or otherwise invest such Net Available Proceeds in any manner not prohibited by this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the Net Proceeds Purchase Date, the Issuer will, to the extent lawful, accept for
payment, on a pro rata basis to the extent necessary, the Net Proceeds Offer Amount of Notes and
Pari Passu Indebtedness or portions of Notes and Pari Passu Indebtedness so validly tendered and
not properly withdrawn pursuant to the Net Proceeds Offer, or if less than the Net Proceeds Offer
Amount has been validly tendered and not properly withdrawn, all Notes and Pari Passu Indebtedness
so validly tendered and not properly withdrawn, in each case in denominations of $2,000 and
integral multiples of $1,000 in excess thereof. The Issuer will deliver to the Trustee an
Officers&#146; Certificate stating that such Notes or
portions thereof were accepted for payment by the Issuer in accordance with the terms of this
Section&nbsp;4.10 and, in addition, the Issuer will deliver all certificates and notes required, if any,
by the agreements governing the Pari Passu Indebtedness. The Issuer or the Trustee, as the case
may be, will promptly (but in any case not later than five Business Days after termination of the
Net Proceeds Offer Period) mail or deliver to each tendering Holder and the Issuer will mail or
deliver to each tendering holder or lender of Pari Passu Indebtedness, as the case may be, an
amount equal to the purchase price of the Notes or Pari Passu Indebtedness so validly tendered and
not properly withdrawn by such holder or lender, as the case may be, and accepted by the Issuer for
purchase, and the Issuer will promptly issue a new Note, and the Trustee, upon delivery of an
Officers&#146; Certificate from the Issuer, will authenticate and mail or deliver such new Note to such
Holder, in a principal amount equal to any unpurchased portion of the Note surrendered; provided
that each such new Note will be in a principal amount of $2,000 or an integral
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">multiple of $1,000
in excess thereof. In addition, the Issuer will take any and all other actions required by the
agreements governing the Pari Passu Indebtedness. Any Note not so accepted will be promptly mailed
or delivered by the Issuer to the Holder thereof. The Issuer will publicly announce the results of
the Net Proceeds Offer on the Net Proceeds Purchase Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the sale, conveyance or other disposition of all or
substantially all of the assets of the Issuer and its Restricted Subsidiaries, taken as a whole,
will be governed by Section&nbsp;4.14 and/or Section&nbsp;5.1 and not by this Section&nbsp;4.10.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall comply with all applicable securities laws and regulations in Canada and any
other applicable laws and regulations in connection with the purchase of Notes pursuant to a Net
Proceeds Offer. To the extent that the provisions of any applicable securities laws or regulations
conflict with this Section&nbsp;4.10, the Issuer shall comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under this Section&nbsp;4.10 by
virtue of such compliance.
</DIV>

<DIV style="margin-top: 6pt">
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    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 4.11 <U>Limitation on Transactions with Affiliates.</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly
or indirectly, in one transaction or a series of related transactions, sell, lease, transfer or
otherwise dispose of any of its assets to, or purchase any assets from, or enter into any contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate (an
&#147;<I>Affiliate Transaction</I>&#148;), involving aggregate payments or consideration in excess of U.S.$2.5
million, unless:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the terms of such Affiliate Transaction are no less favourable in all material
respects to the Issuer or the Restricted Subsidiary, as the case may be, than those that
would have been obtained in a comparable transaction at the time of such transaction in
arm&#146;s length dealings with a Person who is not such an Affiliate;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Issuer delivers to the Trustee, with respect to any Affiliate Transaction
involving aggregate value in excess of U.S.$25.0&nbsp;million, an Officers&#146; Certificate
certifying that such Affiliate Transaction complies with clause (1)&nbsp;above and a Secretary&#146;s
Certificate which sets forth and authenticates a resolution that has been adopted by the
Independent Directors approving such Affiliate Transaction; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Issuer delivers to the Trustee, with respect to any Affiliate Transaction
(other than a transaction with AIMCo) involving aggregate value in excess of U.S.$50.0
million, an opinion as to the fairness to the Issuer or such Restricted Subsidiary of such
Affiliate Transaction from a financial point of view or that the Affiliate Transaction
complies with Section&nbsp;4.11(a)(1), in each case as determined by a Canadian or U.S.
nationally recognized accounting, appraisal or investment banking firm.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The foregoing restrictions shall not apply to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) transactions exclusively between or among (a)&nbsp;the Issuer and one or more Restricted
Subsidiaries or (b)&nbsp;Restricted Subsidiaries;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reasonable director, trustee, officer and employee compensation (including bonuses)
and other benefits (including pursuant to any employment agreement or any retirement,
health, stock option or other benefit plan), payments or loans (or cancellation of loans) to
employees of the Issuer and indemnification arrangements, in each case, as determined in
good faith by the Issuer&#146;s Board of Directors or senior management;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the entering into of a tax sharing agreement, or payments pursuant thereto, between
the Issuer and/or one or more Subsidiaries, on the one hand, and any other Person with which
the Issuer or such Subsidiaries are required or permitted to file a consolidated tax return
or with which the Issuer or such Subsidiaries are part of a consolidated group for tax
purposes to be used by such Person to pay taxes, and which payments by the Issuer and the
Restricted Subsidiaries are not in excess of the tax liabilities that would have been
payable by them on a stand-alone basis;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any Permitted Investments (other than pursuant to clause (1)&nbsp;of the definition
thereof);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any Restricted Payments which are made in accordance with Section&nbsp;4.7;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any agreement in effect on the Issue Date or as thereafter amended or replaced in
any manner that, taken as a whole, is not more disadvantageous to the Holders or the Issuer
in any material respect than such agreement as it was in effect on the Issue Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) any transaction with a Person (other than an Unrestricted Subsidiary of the Issuer)
which would constitute an Affiliate of the Issuer solely because the Issuer or a Restricted
Subsidiary owns an equity interest in or otherwise controls such Person; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) (a)&nbsp;any transaction with an Affiliate where the only consideration paid by the
Issuer or any Restricted Subsidiary is Qualified Equity Interests or (b)&nbsp;the issuance or
sale of any Qualified Equity Interests and the granting of registration and other customary
rights in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.12 <U>Limitations on Liens</U>. The Issuer shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly, create, incur, assume or permit or suffer to
exist any Lien (other than Permitted Liens) upon any of their property or assets (including Equity
Interests of any Restricted Subsidiary), whether owned at the Issue Date or thereafter acquired,
which Lien secures Indebtedness or trade payables, unless contemporaneously with the incurrence of
such Lien:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of any Lien securing an obligation that ranks <I>pari passu </I>with the Notes
or a Guarantee, effective provision is made to secure the Notes or such Guarantee, as the
case may be, at least equally and ratably with or prior to such obligation with a Lien on
the same collateral; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the case of any Lien securing an obligation that is subordinated in right of
payment to the Notes or a Guarantee, effective provision is made to secure the Notes or such
Guarantee, as the case may be, with a Lien on the same collateral that is senior to the
Lien securing such subordinated obligation,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in each case, for so long as such obligation is secured by such Lien.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.13 <U>Payments for Consent</U>. The Issuer will not, and will not permit any of
its Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for
the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of
any of the terms or provisions of this Indenture or the Notes unless such consideration is offered
to be paid and is paid to all Holders of the Notes that so consent, waive or agree to amend in the
time frame set forth in the solicitation documents relating to such consent, waiver or agreement.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.14 <U>Offer to Purchase upon Change of Control</U>. Upon the occurrence of any
Change of Control, unless the Issuer has previously or concurrently exercised its right to redeem
all of the Notes as described under Section&nbsp;3.7, each Holder will have the right to require that
the Issuer purchase all or any portion (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of that Holder&#146;s Notes for a cash price (the &#147;<I>Change of Control Purchase Price</I>&#148;) equal to
101.0% of the principal amount of the Notes to be purchased, plus accrued and unpaid interest, if
any, thereon to the date of purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within 30&nbsp;days following any Change of Control, the Issuer will deliver, or caused to be
delivered, to the Holders, with a copy to the Trustee, a notice:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) describing the transaction or transactions that constitute the Change of Control;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) offering to purchase, pursuant to the procedures required by this Indenture and
described in the notice (a &#147;<I>Change of Control Offer</I>&#148;), on a date specified in the notice,
which shall be a Business Day not earlier than 30&nbsp;days, nor later than 60&nbsp;days, from the
date the notice is delivered (the &#147;<I>Change of Control Payment Date</I>&#148;), and for the Change of
Control Purchase Price, all Notes properly tendered by such Holder pursuant to such Change
of Control Offer; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) describing the procedures, as determined by the Issuer, consistent with this
Indenture, that Holders must follow to accept the Change of Control Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Business Day immediately preceding the Change of Control Payment Date, the Issuer will,
to the extent lawful, deposit with the Trustee an amount equal to the Change of Control Purchase
Price in respect of the Notes or portions of Notes properly tendered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Change of Control Payment Date, the Issuer will, to the extent lawful:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) accept for payment all Notes or portions of Notes (of $2,000 or integral multiples
of $1,000 in excess thereof) properly tendered pursuant to the Change of Control Offer; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) deliver or cause to be delivered to the Trustee the Notes so accepted together with
an Officers&#146; Certificate stating the aggregate principal amount of Notes or portions of
Notes being purchased by the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee will promptly deliver to each Holder who has so tendered Notes the Change of
Control Purchase Price for such Notes, and the Trustee will promptly authenticate and mail (or
cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any
unpurchased portion of the Notes so tendered, if any; provided that each such new Note will be in a
principal amount of $2,000 or integral multiples of $1,000 in excess thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Change of Control Payment Date is on or after an interest record date and on or before
the related interest payment date, any accrued and unpaid interest, if any, will be paid on the
relevant interest payment date to the Person in whose name a Note is registered at the close of
business on such record date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Change of Control Offer shall remain open for at least 20 Business Days or for such longer
period as is required by law. The Issuer shall publicly announce the results of the Change of
Control Offer on or as soon as practicable after the Change of Control Payment Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer&#146;s obligation to make a Change of Control Offer shall be satisfied if a third party
makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer
and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall comply with all applicable securities legislation in Canada and any other
applicable laws and regulations in connection with the purchase of Notes pursuant to a Change of
Control Offer. To the extent that the provisions of any applicable securities laws or regulations
conflict with this Section&nbsp;4.14, the Issuer shall comply with the applicable securities laws and
regulations and shall not be deemed to have breached its obligations under this Section&nbsp;4.14 by
virtue of such compliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions under this Indenture relating to the Issuer&#146;s obligation to make a Change of
Control Offer may be waived, modified or terminated prior to the occurrence of the triggering
Change of Control with the written consent of the Holders of a majority in principal amount of the
Notes then outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, a Change of Control Offer may be
made in advance of a Change of Control, conditional upon such Change of Control, if a definitive
agreement is in place for the Change of Control at the time of making of the Change of Control
Offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.15 <U>Corporate Existence</U>. Subject to Section&nbsp;4.14 and Article&nbsp;V, as the case
may be, the Issuer shall do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence and the corporate, partnership, limited liability company
or other existence of each of its Subsidiaries in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Issuer or any such Subsidiary and
the rights (charter and statutory), licenses and franchises of the Issuer and its Subsidiaries;
<I>provided </I>that the Issuer shall not be required to preserve any such right, license or franchise, or
the corporate, partnership or other existence of any of its Subsidiaries, if the Board of Directors
of the Issuer shall determine that the preservation thereof is no longer desirable in the conduct
of the business of the Issuer and its Subsidiaries, taken as a whole, and that the loss thereof is
not adverse in any material respect to the Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.16 <U>Business Activities</U>. The Issuer shall engage, and shall cause its
Restricted Subsidiaries to engage, only in businesses that, when considered together as a single
enterprise, are primarily the Permitted Business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.17 <U>Additional Guarantees</U>. If any Restricted Subsidiary of the Issuer shall
guarantee any Indebtedness of the Issuer or any Guarantor under a Credit Facility or under debt
securities issued in the capital markets (including the Unsecured Notes) except for any such
Subsidiary if the Fair Market Value of the assets of such Subsidiary together with the Fair Market
Value of the assets of any other Subsidiaries that guaranteed such Indebtedness of the Issuer or
any Guarantor but did not guarantee the Notes, does not exceed U.S.$20.0&nbsp;million in the aggregate,
then the Issuer shall cause such Restricted Subsidiary to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) execute and deliver to the Trustee a supplemental indenture in substantially the
form attached hereto as <U>Exhibit&nbsp;B</U>, pursuant to which such Restricted Subsidiary
shall unconditionally guarantee, on a joint and several basis, the full and prompt payment
of the principal of, premium, if any, and interest in respect of the Notes on a senior basis
and all other obligations of the Issuer under this Indenture; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) deliver to the Trustee one or more Opinions of Counsel that such supplemental
indenture (a)&nbsp;has been duly authorized, executed and delivered by such Restricted Subsidiary
and (b)&nbsp;constitutes a valid and legally binding obligation of such Restricted Subsidiary in
accordance with its terms.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.18 <U>Limitations on Designation of Unrestricted Subsidiaries</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Issuer may designate any Subsidiary (including any newly formed
or newly acquired Subsidiary or a Person becoming a Subsidiary through merger or consolidation or
Investment therein) of the Issuer as an &#147;Unrestricted Subsidiary&#148; under this Indenture (a
&#147;<I>Designation</I>&#148;) only if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) no Default shall have occurred and be continuing at the time of or after giving
effect to such Designation; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Issuer would be permitted to make, at the time of such Designation, (a)&nbsp;a
Permitted Investment or (b)&nbsp;an Investment pursuant to Section&nbsp;4.7(a), in either case, in an
amount (the &#147;<I>Designation Amount</I>&#148;) equal to the Fair Market Value of the Issuer&#146;s
proportionate interest in such Subsidiary on such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Subsidiary shall be Designated as an &#147;Unrestricted Subsidiary&#148; unless:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all of the Indebtedness of such Subsidiary and its Subsidiaries shall, at the date
of Designation, consist of Non-Recourse Debt, except for any guarantee given solely to
support the pledge by the Issuer or any Restricted Subsidiary of the Equity Interests of
such Unrestricted Subsidiary, which guarantee is not recourse to the Issuer or any
Restricted Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) on the date such Subsidiary is Designated an Unrestricted Subsidiary, such
Subsidiary is not party to any agreement, contract, arrangement or understanding with the
Issuer or any Restricted Subsidiary unless the terms of the agreement, contract, arrangement
or understanding are no less favourable in any material respect to the Issuer or the
Restricted Subsidiary than those that would be obtained at the time from Persons who are not
Affiliates of the Issuer;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) such Subsidiary is a Person with respect to which neither the Issuer nor any of its
Restricted Subsidiaries has any direct or indirect obligation (a)&nbsp;to subscribe for
additional Equity Interests of such Person or (b)&nbsp;to maintain or preserve the Person&#146;s
financial condition or to cause the Person to achieve any specified levels of operating
results; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) such Subsidiary has not guaranteed or otherwise directly or indirectly provided
credit support for any Indebtedness of the Issuer or any Restricted Subsidiary, except for
any guarantee given solely to support the pledge by the Issuer or any Restricted Subsidiary
of the Equity Interests of such Unrestricted Subsidiary, which guarantee is not recourse to
the Issuer or any Restricted Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such Designation by the Board of Directors of the Issuer shall be evidenced to the Trustee
by filing with the Trustee a resolution of the Board of Directors of the Issuer giving effect to
such Designation and an Officers&#146; Certificate certifying that such Designation complies with the
foregoing conditions. If, at any time, any Unrestricted Subsidiary fails to meet the preceding
requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted
Subsidiary for purposes of this Indenture and any Indebtedness of the Subsidiary and any Liens on
assets of such Subsidiary shall be deemed to be incurred by a Restricted Subsidiary at such time
and, if the Indebtedness is not permitted to be incurred under Section&nbsp;4.9 or the Lien is not
permitted under Section&nbsp;4.12, the Issuer shall be in default of the applicable covenant.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Issuer may redesignate an Unrestricted Subsidiary as a
Restricted Subsidiary (a &#147;<I>Redesignation</I>&#148;) only if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) no Default shall have occurred and be continuing at the time of and after giving
effect to such Redesignation; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all Liens, Indebtedness and Investments of such Unrestricted Subsidiary outstanding
immediately following such Redesignation would, if incurred or made at such time, have been
permitted to be incurred or made for all purposes of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such Redesignation shall be evidenced to the Trustee by filing with the Trustee a
resolution of the Board of Directors of the Issuer giving effect to such designation and an
Officers&#146; Certificate certifying that such Redesignation complies with the foregoing conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.19 <U>Further Instruments and Acts</U>. Upon request by the Trustee, the Issuer
shall execute and deliver such further instruments and do such further acts as may be reasonably
necessary or proper to carry out more effectively the purposes of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.20 <U>Covenant Termination</U>(a) . (a)&nbsp;Following the first date that the Notes
have a Moody&#146;s rating of Baa3 or higher and an S&#038;P rating of BBB- or higher (collectively, an
&#147;<I>Investment Grade Rating</I>&#148;) and no Default or Event of Default has occurred and is then continuing,
the Issuer and the Restricted Subsidiaries will no longer be subject to the following covenants:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Section&nbsp;4.7 (except to the extent applicable under the definition of &#147;<I>Unrestricted
Subsidiary</I>&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Section&nbsp;4.8;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Section&nbsp;4.9;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Section&nbsp;4.10;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Section&nbsp;4.11;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Section&nbsp;4.16; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Section&nbsp;5.1(a)(3).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Issuer will notify the Trustee in writing in the event the Notes have an Investment
Grade Rating. No Trustee or Agent shall have any liability or responsibility with respect to, or
obligation or duty to monitor, determine or inquire as to (i)&nbsp;the Issuer or any Guarantor&#146;s
compliance with any covenant under this Indenture (other than the covenant to make payment on the
Notes) or (ii)&nbsp;as to whether or not Moody&#146;s or S&#038;P has adjusted the rating of the Notes.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V<BR>
SUCCESSORS</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 5.1 <U>Consolidation, Merger, Conveyance, Transfer or Lease.</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Issuer will not, directly or indirectly, in a single transaction or a series of
related transactions, consolidate, amalgamate or merge with or into or wind up or dissolve into
another Person (whether or not the Issuer is the surviving Person), or sell, lease, transfer,
convey or otherwise dispose of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or assign all or substantially all of the assets of the Issuer and
its Restricted Subsidiaries (taken as a whole) unless:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) either:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer will be the surviving or continuing Person; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Person (if other than the Issuer) formed by or surviving or continuing
from such consolidation, merger, amalgamation, winding up or dissolution or to which
such sale, lease, transfer, conveyance or other disposition or assignment shall be
made (collectively, the &#147;<I>Successor</I>&#148;) is a corporation, limited liability company or
limited partnership organized and existing under the laws of Canada or any province
thereof or the United States of America or of any State of the United States of
America or the
District of Columbia, and the Successor expressly assumes, by agreements in
form and substance reasonably satisfactory to the Trustee, all of the obligations of
the Issuer under the Notes and this Indenture; provided, that if the Successor is
not a corporation, a Restricted Subsidiary that is a corporation expressly assumes
as co-obligor all of the obligations of the Issuer under this Indenture and the
Notes pursuant to a supplemental indenture to this Indenture executed and delivered
to the Trustee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) immediately after giving effect to such transaction and the assumption of the
obligations as set forth in clause (1)(b) above and the incurrence of any Indebtedness to be
incurred in connection therewith, and the use of any net proceeds therefrom on a pro forma
basis, no Default shall have occurred and be continuing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) immediately after giving pro forma effect to such transaction and the assumption of
the obligations as set forth in clause (1)(b) above and the incurrence of any Indebtedness
to be incurred in connection therewith, and the use of any net proceeds therefrom on a pro
forma basis, (i)&nbsp;the Issuer or its Successor, as the case may be, could incur U.S.$1.00 of
additional Indebtedness pursuant to the Coverage Ratio Exception or (ii)&nbsp;the Consolidated
Interest Coverage Ratio for the Issuer or its Successor, as the case may be, and its
Restricted Subsidiaries would be greater than or equal to such Consolidated Interest
Coverage Ratio prior to such transaction; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Issuer shall have delivered to the Trustee an Officers&#146; Certificate and an
Opinion of Counsel, each stating that such merger, amalgamation, consolidation or transfer
and such agreement and/or supplemental indenture (if any) comply with this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section&nbsp;5.1, any Indebtedness of the Successor which was not Indebtedness
of the Issuer immediately prior to the transaction shall be deemed to have been incurred in
connection with such transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Subject to Section&nbsp;10.5, no Guarantor will, and the Issuer will not permit any Guarantor
to, directly or indirectly, in a single transaction or a series of related transactions,
consolidate, amalgamate or merge with or into or wind up or dissolve into another Person (whether
or not the Guarantor is the surviving Person), or sell, lease, transfer, convey or otherwise
dispose of or assign all or substantially all of its assets to any Person unless either:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Guarantor will be the surviving or continuing Person; or (ii)&nbsp;the
Person (if other than such Guarantor) formed by or surviving any such consolidation,
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">merger, amalgamation, winding-up or dissolution is another Guarantor or assumes, by
agreements in form and substance reasonably satisfactory to the Trustee, all of the
obligations of such Guarantor under the Guarantee of such Guarantor and this
Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) immediately after giving effect to such transaction, no Default shall have
occurred and be continuing; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Issuer shall have delivered to the Trustee an Officers&#146; Certificate and
an Opinion of Counsel, each stating that such merger, amalgamation, consolidation or
transfer and such agreements and/or supplemental indenture (if any) comply with this
Indenture; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the transaction is made in compliance with Section&nbsp;4.10.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a
single transaction or series of transactions) of all or substantially all of the properties or
assets of one or more Restricted Subsidiaries of the Issuer, the Equity Interests of which
constitute all or substantially all of the properties and assets of the Issuer, will be deemed to
be the transfer of all or substantially all of the properties and assets of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Upon any consolidation, amalgamation or merger of the Issuer or a Guarantor, or any
transfer of all or substantially all of the assets of the Issuer in accordance with the foregoing,
in which the Issuer or such Guarantor is not the continuing obligor under the Notes or its
Guarantee, as applicable, the surviving entity formed by such consolidation or amalgamation or into
which the Issuer or such Guarantor is merged or the Person to which the sale, conveyance, lease,
transfer, disposition or assignment is made will succeed to, and be substituted for, and may
exercise every right and power of, the Issuer or such Guarantor under this Indenture, the Notes and
the Guarantee with the same effect as if such surviving entity had been named therein as the Issuer
or such Guarantor and, except in the case of a lease, the Issuer or such Guarantor, as the case may
be, will be released from the obligation to pay the principal of and interest on the Notes or in
respect of its Guarantee, as the case may be, and all of the Issuer&#146;s or such Guarantor&#146;s other
obligations and covenants under the Notes, this Indenture and its Guarantee, if applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Notwithstanding the foregoing, (i)&nbsp;any Restricted Subsidiary may consolidate, merge or
amalgamate with or into or convey, transfer or lease, in one transaction or a series of
transactions, all or substantially all of its assets to the Issuer or another Restricted Subsidiary
and (ii)&nbsp;any Guarantor may consolidate, merge or amalgamate with or into or convey, transfer or
lease, in one transaction or a series of transactions, all or part of its properties and assets to
the Issuer or another Guarantor or merge with a Restricted Subsidiary of the Issuer solely for the
purpose of reincorporating the Guarantor in Canada or a province thereof, a State of the United
States or the District of Columbia, as long as the amount of Indebtedness of the Issuer or such
Guarantor and its Restricted Subsidiaries is not increased thereby.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI<BR>
DEFAULTS AND REMEDIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.1 <U>Events of Default</U>. Each of the following is an &#147;<I>Event of Default</I>&#148;:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) failure to pay interest on any of the Notes when the same becomes due and payable
and the continuance of any such failure for 30&nbsp;days;
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) failure to pay principal of or premium, if any, on any of the Notes when it becomes
due and payable, whether at Stated Maturity, upon redemption, upon purchase, upon
acceleration or otherwise;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) failure by the Issuer or any of its Restricted Subsidiaries to comply with any of
their respective agreements or covenants described in Section&nbsp;5.1, or failure by the Issuer
to comply in respect of its obligations to make a Change of Control Offer pursuant to
Section&nbsp;4.14;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) (a)&nbsp;except with respect to Section&nbsp;4.3, failure by the Issuer or any Restricted
Subsidiary to comply with any other agreement or covenant in this Indenture and continuance
of this failure for 60&nbsp;days after notice of the failure has been given to the Issuer by the
Trustee or to the Issuer and the Trustee by the Holders of at least 25.0% of the aggregate
principal amount of the Notes then outstanding, or (b)&nbsp;failure by the Issuer for 120&nbsp;days
after notice of the failure has
been given to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders
of at least 25.0% of the aggregate principal amount of the Notes then outstanding to comply
with Section&nbsp;4.3;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) default by the Issuer or any Significant Subsidiary of the Issuer under any
mortgage, indenture or other instrument or agreement under which there may be issued or by
which there may be secured or evidenced Indebtedness for borrowed money by the Issuer or any
Restricted Subsidiary, whether such Indebtedness now exists or is incurred after the Issue
Date, which default:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is caused by a failure to pay at its Stated Maturity principal on such
Indebtedness within the applicable express grace period and any extensions thereof,
or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) results in the acceleration of such Indebtedness prior to its Stated
Maturity (which acceleration is not rescinded, annulled or otherwise cured within 30
days of receipt by the Issuer or such Restricted Subsidiary of notice of any such
acceleration),
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">and, in each case, the principal amount of such Indebtedness, together with the principal
amount of any other Indebtedness with respect to which an event described in clause (a)&nbsp;or
(b)&nbsp;has occurred and is continuing, aggregates U.S.$50.0&nbsp;million or more;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) one or more judgments (to the extent not covered by insurance) for the payment of
money in an aggregate amount in excess of U.S.$50.0&nbsp;million shall be rendered against the
Issuer, any of its Significant Subsidiaries or any combination thereof and the same shall
remain undischarged for a period of 60 consecutive days during which execution shall not be
effectively stayed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer or any Significant Subsidiary of the Issuer or group of
Restricted Subsidiaries of the Issuer that, taken together (as of the latest audited
consolidated financial statements for the Issuer and its Restricted Subsidiaries),
would constitute a Significant Subsidiary, pursuant to or within the meaning of any
Bankruptcy Law:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commences a voluntary case,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consents to the entry of an order for relief against it in an
involuntary case,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consents to the appointment of a custodian of it or for all or
substantially all of its property,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) makes a general assignment for the benefit of its creditors, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) generally is not paying its debts as they become due; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is for relief against the Issuer or any Significant Subsidiary of
the Issuer or group of Restricted Subsidiaries of the Issuer that, taken
together (as of the latest audited consolidated financial statements for the
Issuer and its Restricted Subsidiaries), would constitute a Significant
Subsidiary, in an involuntary case;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) appoints a custodian of the Issuer or any Significant Subsidiary
of the Issuer or group of Restricted Subsidiaries of the Issuer that, taken
together (as of the latest audited consolidated financial statements for the
Issuer and its Restricted Subsidiaries), would constitute a Significant
Subsidiary or for all or substantially all of the property of the Issuer or
any of its Restricted Subsidiaries; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) orders the liquidation of the Issuer or any Significant
Subsidiary of the Issuer or group of Restricted Subsidiaries of the Issuer
that, taken together (as of the latest audited consolidated financial
statements for the Issuer and its Restricted Subsidiaries), would constitute
a Significant Subsidiary and the order or decree remains unstayed and in
effect for 60 consecutive days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) any Guarantee ceases to be in full force and effect (other than in accordance with
the terms of such Guarantee and this Indenture) or is declared null and void and
unenforceable or found to be invalid or any Guarantor denies its liability under the
Guarantee of such Guarantor (other than by reason of release of such Guarantor from its
Guarantee in accordance with the terms of this Indenture and the Guarantee).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.2 <U>Acceleration</U>. If an Event of Default (other than an Event of Default
specified in Section&nbsp;6.1(7)) shall have occurred and be continuing under this Indenture, the
Trustee, by written notice to the Issuer, or the Holders of at least 25.0% in aggregate principal
amount of the Notes then outstanding by written notice to the Issuer and the Trustee, may declare
(an &#147;<I>acceleration declaration</I>&#148;) all amounts owing under the Notes to be due and payable. Upon such
acceleration declaration, the aggregate principal of and accrued and unpaid interest on the
outstanding Notes shall become due and payable immediately.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default specified in clause (7)&nbsp;of Section&nbsp;6.1 occurs, then all unpaid
principal of, and premium, if any, and accrued and unpaid interest on all of the outstanding Notes
shall <I>ipso facto </I>become and be immediately due and payable without any declaration or other act on
the part of the Trustee or any Holder of the Notes to the extent permitted by applicable law.
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After such acceleration, but before a judgment or decree based on acceleration, the Holders of
a majority in aggregate principal amount of the Notes then outstanding may rescind and annul such
acceleration if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the rescission would not conflict with any judgment or decree;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all existing Events of Default have been cured or waived other than nonpayment of
accelerated principal and interest;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to the extent the payment of such interest is lawful, interest on overdue
installments of interest and overdue principal, which has become due otherwise than by such
declaration of acceleration, has been paid;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Issuer has paid the Trustee its reasonable compensation and reimbursed the
Trustee for its reasonable expenses, disbursements and advances; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) in the event of the cure or waiver of an Event of Default other than as described
in clauses (1), (2)&nbsp;or (7)&nbsp;of Section&nbsp;6.1, the Trustee shall have received an Officers&#146;
Certificate and an Opinion of Counsel that such Event of Default has been cured or waived.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No such rescission shall affect any subsequent Default or impair any right consequent thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.3 <U>Remedies Cumulative; Other Remedies</U>. If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy to collect the payment of principal,
premium, if any, and interest on the Notes or to enforce the performance of any provision of the
Notes or this Indenture. No remedy herein conferred upon or reserved to the Trustee, or upon or to
the Holder is intended to be exclusive of any other remedy, but each and every such remedy shall be
cumulative and shall be in addition to every other remedy given hereunder or now existing or
hereafter to exist by law or by statute.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in
exercising any right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.4 <U>Waiver of Past Defaults</U>. Subject to Section&nbsp;9.2, the Holders of a
majority in aggregate principal amount of the Notes then outstanding by written notice to the
Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive any
existing Default or Event of Default and its consequences under this Indenture except a continuing
Default or Event of Default in the payment of interest or premium on, or the principal of, the
Notes, which shall require the consent of all of the Holders of the Notes then outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.5 <U>Control by Majority</U>. The Holders of a majority in aggregate principal
amount of the then outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any trust power
conferred on it. However, (i)&nbsp;the Trustee may refuse to follow any direction that conflicts with
law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee
determines in good faith may be unduly prejudicial to the rights of Holders not joining in the
giving of such direction and (ii)&nbsp;the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with any such direction received from the Holders.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.6 <U>Limitation on Suits</U>. A Holder may pursue a remedy with respect to this
Indenture or the Notes only if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Holder gives to the Trustee written notice of a continuing Event of Default or
the Trustee receives such notice from the Issuer;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Holder or Holders of at least 25% in aggregate principal amount of the then
outstanding Notes make a written request to the Trustee to pursue the remedy;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Holder or Holders offer the Trustee indemnity satisfactory to the Trustee
against any costs, liability or expense;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Trustee does not comply with the request within sixty (60)&nbsp;days after receipt
of the request and the offer of indemnity; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) during such 60-day period, the Holders of a majority in aggregate principal amount
of the outstanding Notes do not give the Trustee a direction that is inconsistent with the
request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a
preference or priority over another Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.7 <U>Rights of Holders of Notes to Receive Payment</U>. Notwithstanding any other
provision of this Indenture, the right of any Holder to receive payment of principal of, premium,
if any, or interest on, such Note or to bring suit for the enforcement of any such payment, on or
after the due date expressed in the Notes, shall not be impaired or affected without the consent of
the Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.8 <U>Collection Suit by Trustee</U>. If an Event of Default specified in Section
6.1(1) or Section&nbsp;6.1(2) occurs and is continuing, the Trustee is authorized to recover judgment in
its own name and as trustee of an express trust against the Issuer for the whole amount of
principal of, premium and interest remaining unpaid on the Notes and interest on overdue principal
and, to the extent lawful, such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.9 <U>Trustee May File Proofs of Claim</U>. The Trustee is authorized to file such
proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial
proceedings relative to the Issuer (or any other obligor upon the Notes), its creditors or its
property and shall be entitled and empowered to collect, receive and distribute any money or other
securities or property payable or deliverable upon the conversion or exchange of the Notes or on
any such claims, and any custodian in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, and any other amounts due the Trustee under Section&nbsp;7.14. To the extent that the payment
of any such compensation, expenses, disbursements and advances to the Trustee, its agents and
counsel, and any other amounts due the Trustee under Section&nbsp;7.14 out of the estate in any such
proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and
shall be paid out of, any and all distributions, dividends, money, securities and other properties
that the Holders may be entitled to receive in such proceeding, whether in liquidation or under any
plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of
any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.10 <U>Priorities</U>. If the Trustee collects any money or property pursuant to
this Article&nbsp;VI, it shall pay out the money and property in the following order:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>First</I>: to the Trustee, its agents and attorneys for amounts due under Section&nbsp;7.14,
including payment of all reasonable compensation, expenses and liabilities incurred, and all
advances made, by it and the costs and expenses of collection;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Second</I>: to Holders of Notes for amounts due and unpaid on the Notes for principal,
premium, if any, and interest ratably, without preference or priority of any kind, according
to the amounts due and payable on the Notes for principal, premium, if any, and interest,
respectively;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Third</I>: without duplication, to the Holders for any other Obligations owing to the
Holders under this Indenture and the Notes; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Fourth</I>: to the Issuer or to such party as a court of competent jurisdiction shall
direct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section&nbsp;6.10.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.11 <U>Undertaking for Costs</U>. In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by
it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit
of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys&#146; fees and expenses, against any party litigant in
the suit, having due regard to the merits and good faith of the claims or defenses made by the
party litigant. This Section&nbsp;6.11 does not apply to a suit by the Trustee, a suit by a Holder
pursuant to Section&nbsp;6.7, or a suit by Holders of more than 10% in principal amount of the then
outstanding Notes.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII<BR>
TRUSTEE</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 7.1 <U>Corporate Trustee Required; Eligibility.</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;For so long as required by Trust Indenture Legislation, the Trustee shall be a resident or
authorized to do business in the Province of Alberta. The Trustee represents to the Issuer that at
the date of execution and delivery by it of this Indenture, it is authorized to carry on the
business of a trust company in the Province of Alberta but if, notwithstanding the provisions of
this Section&nbsp;7.1(a), it ceases to be so authorized to carry on business, the validity and
enforceability of this Indenture and the Notes shall not be affected in any manner whatsoever by
reason only of such event but the Trustee shall, within 90&nbsp;days after ceasing to be authorized to
carry on the business of trust company in the Province of Alberta, either become so authorized or
resign in the manner and with the effect specified in Section&nbsp;7.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Trustee represents to the Issuer that at the date of execution and delivery by it of
this Indenture, there exists no material conflict of interest in the role of the Trustee as a
fiduciary hereunder but if, notwithstanding the provisions of this Section&nbsp;7.1, such a material
conflict of interest exists, or hereafter arises, the validity and enforceability of this
Indenture, and the Notes issued hereunder, shall not be affected in any manner whatsoever by reason
only that such material conflict of interest exists or arises
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">but the Trustee shall, within 30&nbsp;days
after ascertaining that it has a material conflict of interest, either eliminate such material
conflict of interest or resign in the manner and with the effect specified in Section&nbsp;7.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trustee will not be required to give any bond or security in respect of the execution
of the trusts and powers set out in this Indenture or otherwise in respect of the premises.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Neither the Trustee nor any Affiliate of the Trustee shall be appointed a receiver or
receiver and manager or liquidator of all or any part of the assets or undertaking of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.2 <U>Replacement of Trustee</U>. The Trustee may resign its trust and be
discharged from all further duties and liabilities hereunder by giving to the Issuer 90&nbsp;days&#146;
notice in writing or such shorter notice as the Issuer may accept as sufficient. In the event of
the Trustee resigning or being removed or being dissolved, becoming bankrupt, going into
liquidation or otherwise becoming incapable of acting hereunder, the Issuer shall forthwith appoint
a new Trustee unless a new Trustee has already been appointed by the Holders in accordance with
this Section&nbsp;7.2. Failing such appointment by the Issuer, the retiring Trustee or any Holder may
apply to a Judge of the Alberta Court of Queen&#146;s Bench, on such notice as such Judge may direct at
the Issuer&#146;s expense, for the appointment of a new Trustee but any new Trustee so appointed by the
Issuer or by the court shall be subject to removal as aforesaid by the Holders and the appointment
of such new Trustee shall be effective only upon such new Trustee becoming bound by this Indenture.
Any new Trustee appointed under any provision of this Section&nbsp;7.2 to replace the Trustee shall be a
corporation authorized to carry on the business of a trust company in the Province of Alberta. On
any new appointment, the new Trustee shall be vested with the same powers, rights, duties and
responsibilities as if it had been originally named herein as Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holders of not less than a majority in aggregate principal amount of the outstanding Notes
shall have the power to remove the Trustee from office and to appoint a new Trustee or Trustees
provided that no such removal shall be effective unless and until a new Trustee or Trustees shall
have become bound by this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any company into which the Trustee may be merged or, with or to which it may be consolidated,
amalgamated or sold, or any company resulting from any merger, consolidation, sale or amalgamation
to which the Trustee shall be a party, or any company succeeding to the corporate trust business of
the Trustee shall be the successor Trustee under this Indenture without the execution of any
instrument or any further act. Nevertheless, upon the written request of the successor Trustee or
of the Issuer, the Trustee ceasing to act shall execute and deliver an instrument assigning and
transferring to such successor Trustee, upon trusts herein expressed, all the rights, powers and
trusts of the Trustee so ceasing to act, and shall duly assign, transfer and deliver all property
and money held by the Trustee to the successor Trustee so appointed in its place. Should any deed,
conveyance or instrument in writing from the Issuer be required by any new Trustee for more fully
and certainly vesting in and confirming to it such estates, properties, rights, powers and trusts,
then any and all such deeds, conveyances and instruments in writing shall on request of said new
Trustee, be made, executed, acknowledged and delivered by the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.3 <U>Duties of Trustee</U>. In the exercise of the rights, duties and obligations
prescribed or conferred by the terms of this Indenture, the Trustee shall act honestly and in good
faith and exercise that degree of care, diligence and skill that a reasonably prudent trustee would
exercise in comparable circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.4 <U>Reliance Upon Declarations, Opinions, etc.</U> In the exercise of its rights,
duties and obligations hereunder, the Trustee may, if acting in good faith, act and rely, as to the
truth of the statements and accuracy of the opinions expressed therein, upon statutory
declarations, opinions, reports
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or certificates furnished pursuant to any covenant, condition or
requirement of this Indenture or the Trust Indenture Legislation or required by the Trustee to be
furnished to it in the exercise of its rights and duties hereunder, if the Trustee examines such
statutory declarations, opinions, reports or certificates and determines that they comply with
Section&nbsp;7.5, if applicable, and with any other applicable requirements of this Indenture. The
Trustee may nevertheless, in its discretion, require further proof in cases where it deems further
proof desirable. Without restricting the foregoing,
the Trustee may rely on an Opinion of Counsel satisfactory to the Trustee notwithstanding that
it is delivered by a solicitor or firm which acts as solicitors for the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.5 <U>Evidence and Authority to Trustee, Opinions, etc.</U> The Issuer shall furnish
to the Trustee evidence of compliance with the conditions precedent provided for in this Indenture
relating to any action or step required or permitted to be taken by the Issuer or the Trustee under
this Indenture or as a result of any obligation imposed under this Indenture, including without
limitation, the certification and delivery of Notes hereunder, the satisfaction and discharge of
this Indenture and the taking of any other action to be taken by the Trustee at the request of or
on the application of the Issuer, forthwith if and when (a)&nbsp;such evidence is required by any other
Section of this Indenture to be furnished to the Trustee in accordance with the terms of this
Section <FONT style="font-family: Symbol">&#055;</FONT><FONT style="font-family: Symbol">&#046;</FONT><FONT style="font-family: Symbol">&#053;</FONT>, or (b)&nbsp;the Trustee, in the exercise of its rights and duties under
this Indenture, gives the Issuer written notice requiring it to furnish such evidence in relation
to any particular action or obligation specified in such notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such evidence shall consist of:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;an Officers&#146; Certificate stating that any such condition precedent has been complied with;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;in the case of a condition precedent compliance with which is, by the terms of this
Indenture, made subject to review or examination by a solicitor, an Opinion of Counsel that such
condition precedent has been complied with in accordance with the terms of this Indenture; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;in the case of any such condition precedent compliance with which is subject to review or
examination by auditors or accountants, an opinion or report of the auditors of the Issuer that
such condition precedent has been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever such evidence relates to a matter other than the certificates and delivery of Notes
and the satisfaction and discharge of this Indenture, and except as otherwise specifically provided
herein, such evidence may consist of a report or opinion of any solicitor, auditor, accountant,
engineer or appraiser or any other Person whose qualifications give authority to a statement made
by him, provided that if such report or opinion is furnished by a director, officer or employee of
the Issuer, it shall be in the form of a statutory declaration. Such evidence shall be, so far as
appropriate, in accordance with the immediately preceding paragraph of this Section&nbsp;7.5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each statutory declaration, certificate, opinion or report with respect to compliance with a
condition precedent provided for in this Indenture shall include (a)&nbsp;a statement by the Person
giving the evidence that he has read and is familiar with those provisions of this Indenture
relating to the condition precedent in question, (b)&nbsp;a brief statement of the nature and scope of
the examination or investigation upon which the statements or opinions contained in such evidence
are based, (c)&nbsp;a statement that, in the belief of the Person giving such evidence, he has made such
examination or investigation as is necessary to enable him to make the statements or give the
opinions contained or expressed therein, and (d)&nbsp;a statement whether in the opinion of such Person
the conditions precedent in question have been complied with or satisfied.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall furnish to the Trustee at any time if the Trustee reasonably so requires, a
certificate that the Issuer has complied with all covenants, conditions or other requirements
contained in this Indenture, the non-compliance with which would, with the giving of notice or the
lapse of time, or both, or otherwise, constitute an Event of Default. The Issuer shall, whenever
the Trustee so requires, furnish the Trustee with evidence by way of statutory declaration,
opinion, report or Officers&#146; Certificate
as specified by the Trustee as to any action or step required or permitted to be taken by the
Issuer or as a result of any obligation imposed by this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.6 <U>Officers&#146; Certificates Evidence</U>. Except as otherwise specifically
provided or prescribed by this Indenture, whenever in the administration of the provisions of this
Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established
prior to taking or omitting any action hereunder, the Trustee, if acting in good faith, may rely
upon an Officers&#146; Certificate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.7 <U>Experts, Advisers and Agents</U>. The Trustee may employ or retain such
counsel, accountants, appraisers, engineers or other experts or advisors as it reasonably requires
for the purpose of determining and discharging its duties and administering the trusts hereunder
and may pay reasonable remuneration for all services so performed by any of them, without taxation
of costs of any counsel, and shall not be responsible for any misconduct on the part of any of
them. Any remuneration so paid by the Trustee shall be repaid to the Trustee in accordance with
Section&nbsp;7.14.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may act and rely and shall be protected in acting and relying in good faith on the
opinion or advice of or information obtained from any counsel, accountant, appraiser, engineer or
other expert or advisor, whether retained or employed by the Issuer or by the Trustee, in relation
to any matter arising in the administration of the trust hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.8 <U>Trustee May Deal in Notes</U>. Subject to Section&nbsp;7.1 and Section&nbsp;7.3, the
Trustee may, in its personal or other capacity, buy, sell, lend upon and deal in the Notes and
generally contract and enter into financial transactions with the Issuer or otherwise, without
being liable to account for any profits made thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.9 <U>Investment of Monies Held By Trustee</U>. Unless otherwise provided in this
Indenture, any moneys held by the Trustee which under the trusts of this Indenture may or ought to
be invested or which may be on deposit with the Trustee or which may be in the hands of the Trustee
may be invested and re-invested in the name or under the control of the Trustee in securities in
which, under the laws of the Province of Alberta, trustees are authorized to invest trust moneys,
provided that such securities are expressed to mature within at least two years after their
purchase by the Trustee, and unless and until the Trustee shall have declared the principal of and
interest and premium, if any, on the Notes to be due and payable, the Trustee shall so invest such
moneys at the request of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pending the investment of any moneys as hereinbefore provided, such moneys may be deposited in
the name of the Trustee in any chartered bank of Canada or, with the consent of the Issuer, in the
deposit department of the Trustee, an Affiliate of the Trustee or any other loan or trust company
authorized to accept deposits under the laws of Canada or any province thereof at the rate of
interest then current on similar deposits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless and until the Trustee shall have declared the principal of and interest on the Notes to
be due and payable, the Trustee shall pay over to the Issuer all interest received by the Trustee
in respect of any investments or deposits made pursuant to the provisions of this Section&nbsp;7.9.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.10 <U>Trustee Not Ordinarily Bound</U>. Except as otherwise specifically provided
herein, the Trustee shall not, subject to Section&nbsp;7.3, be bound to give notice to any Person of the execution
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">hereof, nor to do, observe or perform or see to the observance or performance by the
Issuer of any of the obligations herein imposed upon the Issuer or of the covenants on the part of
the Issuer herein contained, nor in any way to supervise or interfere with the conduct of the
Issuer&#146;s business, unless the Trustee shall have been required to do so in writing by the Holders
of not less than 25% of the aggregate principal amount of the Notes then outstanding, and then only
after it shall have been funded and indemnified to its satisfaction against all actions,
proceedings, claims and demands to which it may render itself liable and all costs, charges,
damages and expenses which it may incur by so doing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.11 <U>Trustee Not Required to Give Security</U>. The Trustee shall not be required
to give any bond or security in respect of the execution of the trusts and powers of this Indenture
or otherwise in respect of the premises.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.12 <U>Trustee Not Bound to Act on the Issuer&#146;s Request</U>. Except as in this
Indenture otherwise specifically provided, the Trustee shall not be bound to act in accordance with
any direction or request of the Issuer until a duly authenticated copy of the instrument or
resolution containing such direction or request shall have been delivered to the Trustee, and the
Trustee shall be empowered to act upon any such copy purporting to be authenticated and believed by
the Trustee to be genuine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.13 <U>Conditions Precedent to Trustee&#146;s Obligations to Act Hereunder</U>. The
obligation of the Trustee to commence or continue any act, action or proceeding for the purpose of
enforcing the rights of the Trustee and of the Holders hereunder shall be conditional upon the
Holders furnishing when required by notice in writing by the Trustee, sufficient funds to commence
or continue such act, action or proceeding and indemnity reasonably satisfactory to the Trustee to
protect and hold harmless the Trustee against the costs, charges and expenses and liabilities to be
incurred thereby and any loss and damage it may suffer by reason thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the provisions contained in this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur financial liability in the performance of any of its duties or in
the exercise of any of its rights or powers unless indemnified as aforesaid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may, before commencing or at any time during the continuance of any such act,
action or proceeding, require the Holders at whose instance it is acting to deposit with the
Trustee the Notes held by it for which Notes the Trustee shall issue receipts.
</DIV>

<DIV style="margin-top: 6pt">
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    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 7.14 <U>Compensation and Indemnity</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Issuer shall pay to the Trustee from time to time compensation for its services
hereunder as agreed separately by the Issuer and the Trustee, and shall pay or reimburse the
Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made
by the Trustee in the administration or execution of its duties under this Indenture (including the
reasonable and documented compensation and disbursements of its Counsel and all other advisers and
assistants not regularly in its employ), both before any default hereunder and thereafter until all
duties of the Trustee under this
Indenture shall be finally and fully performed. The Trustee&#146;s compensation shall not be
limited by any law on compensation of a trustee of an express trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Issuer hereby indemnifies and saves harmless the Trustee and its directors, officers
and employees from and against any and all loss, damages, charges, expenses, claims, demands,
actions or liability whatsoever which may be brought against the Trustee or which it may suffer or
incur as a result of or arising out of the performance of its duties and obligations hereunder save
only in the event of the grossly negligent failure to act, or the wilful misconduct or bad faith of
the Trustee. This indemnity will survive the termination or discharge of this Indenture and the
resignation or removal of the Trustee.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Trustee shall notify the Issuer as soon as reasonably
practicable of any claim for which it may seek indemnity. The Issuer shall defend the claim and
the Trustee shall co-operate in the defence. The Trustee may have separate counsel and the Issuer
shall pay the reasonable fees and expenses of such Counsel. The Issuer need not pay for any
settlement made without its consent, which consent must not be unreasonably withheld. This
indemnity shall survive the resignation or removal of the Trustee or the discharge of this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Issuer need not reimburse any expense or indemnify against any loss or liability
incurred by the Trustee through gross negligence or bad faith or breach of the Trustee&#146;s duties
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.15 <U>Acceptance of Trust</U>. The Trustee hereby accepts the trusts in this
Indenture declared and provided for and agrees to perform the same upon the terms and conditions
herein set forth and to hold all rights, privileges and benefits conferred hereby and by law in
trust for the various Persons who shall from time to time be Holders, subject to all the terms and
conditions herein set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.16 <U>Third Party Interests</U>. Each party to this Agreement (in this paragraph
referred to as a &#147;representing party&#148;) hereby represents to the Trustee that any account to be
opened by, or interest to held by, the Trustee in connection with this Agreement, for or to the
credit of such representing party, either (i)&nbsp;is not intended to be used by or on behalf of any
third party; or (ii)&nbsp;is intended to be used by or on behalf of a third party, in which case such
representing party hereby agrees to complete, execute and deliver forthwith to the Trustee a
declaration, in the Trustee&#146;s prescribed form or in such other form as may be satisfactory to it,
as to the particulars of such third party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.17 <U>Anti-Money Laundering</U>. The Trustee shall retain the right not to act and
shall not be liable for refusing to act if, due to a lack of information or for any other reason
whatsoever, the Trustee, in its sole judgment, acting reasonably, determines that such act might
cause it to be in noncompliance with any applicable anti-money laundering or anti-terrorist
legislation, regulation or guideline. Further, should the Trustee, in its sole judgment, acting
reasonably, determine at any time that its acting under this Agreement has resulted in its being in
non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation
or guideline, then it shall have the right to resign on 10&nbsp;days&#146; prior written notice sent to the
Issuer provided that (i)&nbsp;the Trustee written notice shall describe the circumstances of such
non-compliance; and (ii)&nbsp;that if such circumstances are rectified to the Trustee&#146;s satisfaction
within such 10-day period, then such resignation shall not be effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.18 <U>Privacy Laws</U>. The parties acknowledge that
federal and/or provincial legislation that addresses the
protection of individuals&#146; personal information (collectively, &#147;<I>Privacy Laws</I>&#148;) applies to certain
obligations and activities under this Indenture. Notwithstanding any other provision of this
Indenture, no party shall take or direct any action that would contravene, or cause the other to
contravene, applicable Privacy Laws. The Issuer shall, prior to transferring or causing to be
transferred personal information to the Trustee, obtain and retain required consents of the
relevant individuals to the collection, use and disclosure of their personal information, or shall
have determined that such consents either have previously been given upon which the parties can
rely or are not required under the Privacy Laws. The Trustee shall use commercially reasonable
efforts to ensure that its services hereunder comply with Privacy Laws. Specifically, the Trustee
agrees: (a)&nbsp;to have a designated chief privacy officer; (b)&nbsp;to maintain policies and procedures to
protect personal information and to receive and respond to any privacy complaint or inquiry; (c)&nbsp;to
use personal information solely for the purposes of providing its services under or ancillary to
this Indenture and to comply with applicable laws and not to use it for any other purpose except
with the consent of or direction from the Issuer or the individual involved or as permitted by
Privacy Laws; (d)&nbsp;not to sell or otherwise improperly disclose personal information to any third
party; and (e)&nbsp;to employ administrative, physical and technological safeguards to reasonably secure
and protect personal information against loss, theft, or unauthorized access, use or modification.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII<BR>
DEFEASANCE; DISCHARGE OF THIS INDENTURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.1 <U>Option to Effect Defeasance</U>. The Issuer may, at the option of its Board
of Directors and evidenced by a board resolution and an Officers&#146; Certificate, at any time, elect
to have Section&nbsp;8.2 applied to all outstanding Notes upon compliance with the conditions set forth
below in this Article&nbsp;VIII.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.2 <U>Defeasance</U> Upon the Issuer&#146;s exercise under Section&nbsp;8.1 of the option
applicable to this Section&nbsp;8.2, the Issuer shall, subject to the satisfaction of the conditions set
forth in Section&nbsp;8.4, be deemed to have been discharged from its obligations with respect to all
outstanding Notes on the date the conditions set forth below are satisfied (hereinafter,
&#147;<I>Defeasance</I>&#148;). For this purpose, Defeasance means that the Issuer and the Guarantors shall be
deemed to have paid and discharged the entire Obligations represented by the Notes and the
Guarantees, which shall thereafter be deemed to be outstanding only for the purposes of Section&nbsp;8.5
and the other Sections of this Indenture referred to in (a)&nbsp;and (b)&nbsp;below, and to have satisfied
all of its other Obligations under such Notes, Guarantees and this Indenture (and the Trustee, on
written demand of and at the expense of the Issuer, shall execute instruments acknowledging the
same), except for the following provisions which shall survive until otherwise terminated or
discharged hereunder: (a)&nbsp;the rights of Holders of outstanding Notes to receive payments in
respect of the principal of, and interest and premium, if any, on such Notes when such payments
are due from the trust referred to in Section&nbsp;8.4(1); (b)&nbsp;the Issuer&#146;s obligations with respect to
such Notes under Section&nbsp;2.2, Section&nbsp;2.3, Section&nbsp;2.5, Section&nbsp;2.6, Section&nbsp;2.7, Section&nbsp;2.10 and
Section&nbsp;4.1; (c)&nbsp;the rights, powers, trusts, benefits, duties and immunities of the Trustee,
including without limitation thereunder, under Section&nbsp;7.14, Section&nbsp;8.5 and Section&nbsp;8.7 and the
obligations of the Issuer and the Guarantors in connection therewith; and (d)&nbsp;the provisions of
this Article&nbsp;VIII. Subject to compliance with this Article&nbsp;VIII, the Issuer may exercise its option
under this Section&nbsp;8.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any discharge or release of any obligations pursuant to this Section&nbsp;8.2, the
Issuer&#146;s and the Guarantors&#146; obligations, as applicable, in Section&nbsp;2.5, Section&nbsp;2.6, Section&nbsp;2.7,
Section&nbsp;2.10, Section&nbsp;4.1, Section&nbsp;7.14, Section&nbsp;8.5 and Section&nbsp;8.7 shall survive until the Notes
are no longer outstanding pursuant to the last paragraph of Section&nbsp;2.8. After the Notes are no
longer outstanding, the Issuer&#146;s obligations in Section&nbsp;7.14, Section&nbsp;8.5 and Section&nbsp;8.7 shall
survive.
</DIV>

<DIV style="margin-top: 6pt">
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    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 8.3 <U>&#091;Intentionally Omitted&#093;.</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.4 <U>Conditions to Defeasance</U>. The following shall be the conditions to the
application of Section&nbsp;8.2 to the outstanding Notes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Issuer must irrevocably deposit with the Trustee, as trust funds, in trust
solely for the benefit of the Holders, cash in Canadian dollars, non-callable Canadian
government securities or a combination thereof, in such amounts as will be sufficient
(without consideration of any reinvestment of interest) in the opinion of a nationally
recognized investment bank, appraisal firm or firm of independent public accountants
selected by the Issuer and delivered to the Trustee, to pay the principal of and interest on
the outstanding Notes on the stated date for payment thereof or on the applicable redemption
date, as the case may be;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Issuer shall have delivered to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee and qualified to practice in Canada or a ruling from Canada
Revenue Agency to the effect that Holders who are resident in Canada will not recognize
income, gain or loss for Canadian federal, provincial or territorial income tax purposes as
a result of the Defeasance and will be subject to Canadian federal, provincial or
territorial income tax on the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">same amounts, in the same manner and at the same times as
would have been the case if the Defeasance had not occurred;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Defeasance shall not result in a breach or violation of, or constitute a default
under any other material agreement or instrument to which the Issuer or any of its
Subsidiaries is a party or by which the Issuer or any of its Subsidiaries is bound;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Issuer shall have delivered to the Trustee an Officers&#146; Certificate stating
that the deposit was not made by it with the intent of preferring the Holders over any other
of its creditors or with the intent of defeating, hindering, prejudicing, delaying or
defrauding any other of its creditors or others; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the Issuer shall have delivered to the Trustee an Officers&#146; Certificate and an
Opinion of Counsel (which may rely on such Officers&#146; Certificate as to factual matters),
each stating that the conditions precedent provided for in clauses (1)&nbsp;through (4)&nbsp;have been
complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.5 <U>Deposited Money to Be Held in Trust; Other Miscellaneous Provisions</U>.
Subject to Section&nbsp;8.6, all Canadian dollar and non-callable Canadian government securities
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section&nbsp;8.5, the &#147;<I>Deposit Trustee</I>&#148;) pursuant to Section&nbsp;8.4 in
respect of the outstanding Notes shall be held in trust, shall not be invested, and shall be
applied by the Deposit Trustee in accordance with the provisions of such Notes and this Indenture
to the payment to the Holders of such Notes of all sums due and to become due thereon in respect of
principal, premium, if any, and interest, but such money need not be segregated from other funds
except to the extent required by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall pay and indemnify the Deposit Trustee against any tax, fee or other charge
imposed on or assessed against the cash or non-callable Canadian government securities deposited
pursuant to Section&nbsp;8.4 or the principal and interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of the Holders of the outstanding
Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Article&nbsp;VIII to the contrary notwithstanding, the Deposit Trustee shall
deliver or pay to the Issuer from time to time upon the written request of the Issuer and be
relieved of all liability
with respect to any Canadian dollars or non-callable Canadian government securities held by it
as provided in Section&nbsp;8.4 which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Deposit Trustee
(which may be the opinion delivered under Section&nbsp;8.4(1)), are in excess of the amount thereof that
would then be required to be deposited to effect an equivalent Defeasance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the funds deposited with the Deposit Trustee to effect Defeasance are insufficient to pay
the principal of and interest on the Notes when due, then the Issuer&#146;s obligations and the
obligations of the Guarantors under this Indenture will be revived and no such defeasance will be
deemed to have occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.6 <U>Repayment to Issuer</U>. Any money deposited with the Trustee or then held by
the Issuer in trust for the payment of the principal of or premium, if any, or interest on any Note
and remaining unclaimed for two years after such principal and premium, if any, or interest has
become due and payable shall be paid to the Issuer upon its request or (if then held by the Issuer)
shall be discharged from such trust; and the Holder of such Note shall thereafter be permitted to,
as an unsecured general creditor, look only to the Issuer for payment thereof; and all liability of
the Trustee with respect to such trust money, and all liability of the Issuer as trustee thereof,
shall thereupon cease; <I>provided</I>, <I>however</I>, that the Trustee, before being required to make any such
repayment, may at the expense of the Issuer
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">cause to be published once, in the <I>Globe and Mail</I>
(national edition), notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30&nbsp;days from the date of such notification or publication,
any unclaimed balance of such money then remaining shall be repaid to the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.7 <U>Reinstatement</U>. If the Trustee is unable to apply any Canadian dollars or
non-callable Canadian government securities in accordance with Section&nbsp;8.2, by reason of any order
or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the obligations of the Issuer and the Guarantors under this Indenture and
the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section&nbsp;8.2
until such time as the Trustee is permitted to apply all such money in accordance with Section&nbsp;8.2;
<I>provided</I>, <I>however</I>, that, if the Issuer makes any payment of principal of, premium, if any, or
interest on any Note following the reinstatement of its obligations, the Issuer shall be subrogated
to the rights of the Holder of such Note to receive such payment from the money held by the
Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.8 <U>Discharge</U>. This Indenture will be discharged and will cease to be of
further effect (except as to rights of transfer or exchange of Notes which shall survive until all
Notes have been canceled and the rights, protections and immunities of the Trustee) as to all
outstanding Notes when either:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;all the Notes that have been authenticated and delivered (except lost, stolen or destroyed
Notes which have been replaced or paid and Notes for whose payment money has been deposited in
trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or
discharged from this trust) have been delivered to the Trustee for cancellation; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all Notes not delivered to the Trustee for cancellation otherwise (i)&nbsp;have become
due and payable, (ii)&nbsp;will become due and payable, or may be called for redemption, within
one year or (iii)&nbsp;have been called for redemption pursuant to Section&nbsp;3.7 and, in any case,
the Issuer has irrevocably deposited or caused to be deposited with the Trustee as trust
funds in trust solely for the benefit of the Holders, cash in Canadian dollars, non-callable
Canadian government securities or a combination thereof, in such amounts as will be
sufficient (without consideration
of any reinvestment of interest) to pay and discharge the entire Indebtedness
(including all principal and accrued interest) on the Notes not theretofor delivered to the
Trustee for cancellation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Issuer has paid or caused to be paid all other sums payable by it under this
Indenture; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Issuer has delivered irrevocable instructions to the Trustee under this
Indenture to apply the deposited money toward the payment of the Notes at maturity or on the
date of redemption, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Issuer must deliver an Officers&#146; Certificate and an Opinion of Counsel to the
Trustee stating that all conditions precedent to satisfaction and discharge have been complied
with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of clause (b)&nbsp;of this Section&nbsp;8.8, and subject to the next sentence and
notwithstanding the foregoing paragraph, the Issuer&#146;s and the Guarantors&#146; obligations, as
applicable, in Section&nbsp;2.2, Section&nbsp;2.3, Section&nbsp;2.5, Section&nbsp;2.6, Section&nbsp;2.7, Section&nbsp;2.10,
Section&nbsp;2.12, Section&nbsp;4.1 and Section&nbsp;4.15 (as to legal existence of the Issuer only), Section
7.14, Section&nbsp;8.5 and Section&nbsp;8.7 shall survive until the
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notes are no longer outstanding pursuant
to the last paragraph of Section&nbsp;2.8. After the Notes are no longer outstanding, the Issuer&#146;s and
the Guarantors&#146; obligations in Section&nbsp;7.14, Section&nbsp;8.5 and Section&nbsp;8.7 shall survive any
discharge pursuant to this Section&nbsp;8.8.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After such delivery or irrevocable deposit and receipt of the Officers&#146; Certificate and
Opinion of Counsel, the Trustee, upon written request, shall acknowledge in writing the discharge
of the Issuer&#146;s obligations under the Notes and this Indenture except for those surviving
obligations specified above.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX<BR>
AMENDMENT, SUPPLEMENT AND WAIVER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.1 <U>Without Consent of Holders of the Notes</U>. Notwithstanding Section&nbsp;9.2,
without the consent of any Holders, the Issuer, the Guarantors and the Trustee, at any time and
from time to time, may amend or supplement this Indenture, the Guarantees or the Notes issued
hereunder for any of the following purposes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to cure any ambiguity, defect or inconsistency;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to provide for uncertificated Notes in addition to or in place of certificated
Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to provide for the assumption of the Issuer&#146;s or a Guarantor&#146;s obligations to the
Holders in the case of a merger, amalgamation, consolidation or sale of all or substantially
all of the Issuer&#146;s or such Guarantor&#146;s assets, or winding-up or dissolution or sale, lease,
transfer, conveyance or other disposition or assignment in accordance with Section&nbsp;5.1;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to add any Guarantee or to effect the release of any Guarantor from any of its
obligations under its Guarantee or the provisions of this Indenture (to the extent in
accordance with this Indenture);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to make any change that would provide any additional rights or benefits to the
Holders or that does not materially adversely affect the rights of any Holder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) to secure the Notes or any Guarantees or any other obligation under this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) to evidence and provide for the acceptance of appointment by a successor trustee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) to conform the text of this Indenture or the Notes to any provision of the Details
of the Notes contained in the Offering Memorandum, to the extent that such provision in the
Details of the Notes was intended to be a substantially verbatim recitation of a provision
of this Indenture, the Guarantees or the Notes; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) to provide for the issuance of Additional Notes in accordance with this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After an amendment under this Indenture becomes effective, the Issuer shall deliver to Holders
of the Notes a notice briefly describing such amendment. However, the failure to give such notice
to all Holders of the Notes, or any defect therein, will not impair or affect the validity of the
amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.2 <U>With Consent of Holders of Notes</U>. With the consent of the Holders of not
less than a majority in aggregate principal amount of the outstanding Notes (including, without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer
for, the Notes), the
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issuer, the Guarantors and the Trustee may amend or supplement this Indenture,
the Notes or any Guarantees or, subject to Section&nbsp;6.4 and Section&nbsp;6.7, waive any existing Default
or Event of Default or compliance with any provision of this Indenture or the Notes; <I>provided</I>,
<I>however</I>, that no such amendment, supplement or waiver shall, without the consent of the Holder of
each outstanding Note affected thereby:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) reduce, or change the maturity of, the principal of any Note;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reduce the rate of or extend the time for payment of interest on any Note;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) reduce any premium payable upon redemption of the Notes or change the date on which
any Notes are subject to redemption (other than the notice provisions) or waive any payment
with respect to the redemption of the Notes; provided, however, that solely for the
avoidance of doubt, and without any other implication, any purchase or repurchase of Notes
(including pursuant to Section&nbsp;4.10 and Section&nbsp;4.14) shall not be deemed a redemption of
the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) make any Note payable in money or currency other than that stated in the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) modify or change any provision of this Indenture or the related definitions to
affect the ranking of the Notes or any Guarantee in a manner that adversely affects the
Holders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) reduce the percentage of Holders necessary to consent to an amendment or waiver to
this Indenture or the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) waive a default in the payment of principal of or premium or interest on any Notes
(except a rescission of acceleration of the Notes by the Holders thereof as provided in this
Indenture and a waiver of the payment default that resulted from such acceleration);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) impair the rights of Holders to receive payments of principal of or interest on the
Notes on or after the due date therefor or to institute suit for the enforcement of any
payment on the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) release any Guarantor from any of its obligations under its Guarantee or this
Indenture, except as permitted by this Indenture; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) make any change in these amendment and waiver provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for the consent of the Holders of Notes under this Section&nbsp;9.2 to
approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such
consent approves the substance thereof.
</DIV>

<DIV style="margin-top: 6pt">
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    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 9.3 <U>&#091;Intentionally Omitted&#093;.</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.4 <U>Revocation and Effect of Consents</U>. Until an amendment, supplement or
waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the
Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt
as the consenting Holder&#146;s Note, even if notation of the consent is not made on the Note. However,
any such Holder or subsequent Holder may revoke the consent as to its Note if the Trustee receives
written notice of revocation before the date the waiver, supplement or amendment becomes effective.
When an
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">amendment, supplement or waiver becomes effective in accordance with its terms, it
thereafter binds every Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer may, but shall not be obligated to, fix a record date for determining which Holders
consent to such amendment, supplement or waiver. If the Issuer fixes a record date, the record
date shall be fixed at (i)&nbsp;the later of 30&nbsp;days prior to the first solicitation of such consent or
the date of the most recent list of Holders prior to such solicitation referred to in Section&nbsp;2.5
or (ii)&nbsp;such other date as the Issuer shall designate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.5 <U>Notation on or Exchange of Notes</U>. The Trustee may place an appropriate
notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer
in exchange for all Notes may issue and the Trustee shall authenticate new Notes that reflect the
amendment, supplement or waiver.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure to make the appropriate notation or issue a new Note shall not affect the validity and
effect of such amendment, supplement or waiver.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.6 <U>Trustee to Sign Amendments, Etc</U> The Trustee shall sign any amended or
supplemental indenture authorized pursuant to this Article&nbsp;IX if the amendment or supplement does
not adversely affect the rights, duties, liabilities or immunities of the Trustee. In signing or
refusing to sign any amendment or supplemental indenture, the Trustee shall be provided with and
(subject to Section&nbsp;7.3) shall be fully protected in relying upon an Officers&#146; Certificate and an
Opinion of Counsel stating that the execution of such amendment or supplemental indenture is
authorized or permitted by this Indenture, that all conditions precedent thereto have been met or
waived, that such amendment or supplemental indenture is not inconsistent herewith and that it will
be valid and binding upon the Issuer and the Guarantor in accordance with its terms.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X<BR>
GUARANTEES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.1 <U>Guarantees.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Guarantor hereby jointly and severally, fully, unconditionally and irrevocably
guarantees the Notes and obligations of the Issuer hereunder and thereunder, and guarantees to each
Holder of a Note authenticated and delivered by the Trustee and to the Trustee, that: (i)&nbsp;the
principal of and premium, if any, and interest on the Notes shall be paid in full when due, whether
at Stated Maturity, by acceleration, call for redemption or otherwise (including, without
limitation, the amount that would become due but for the operation of the automatic stay under
Section 362(a) of Title 11 of the United States Code), together with interest on the overdue
principal, if any, and interest on any overdue interest to the extent lawful, and all other
Obligations of the Issuer to the Holders or the Trustee under this Indenture or the Notes shall be
paid in full or performed, all in accordance with the terms hereof and thereof; and (ii)&nbsp;in case of
any extension of time of payment or renewal of any Notes or of any such other obligations, the same
shall be paid in full when due or performed in accordance with the terms of the extension or
renewal, whether at Stated Maturity, by acceleration or otherwise. Each of the Guarantees shall be
a guarantee of payment and not of collection.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Guarantor hereby agrees that its obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the
absence of any action to enforce the same, any waiver or consent by any Holder with respect to any
provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable
discharge or defense of a Guarantor.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Each Guarantor hereby waives the benefits of diligence, presentment, demand for payment,
filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to
require a proceeding first against the Issuer or any other Person, protest, notice and all demands
whatsoever and covenants that the Guarantee of such Guarantor shall not be discharged as to any
Note or this Indenture except by complete performance of the obligations contained in such Note,
and this Indenture and such Guarantee. Each of the Guarantors hereby agrees that, in the event of a
Default in payment of principal or premium, if any, or interest on any Note, whether at its Stated
Maturity, by acceleration, call for redemption, purchase or otherwise, legal proceedings may be
instituted by the Trustee on behalf of, or by, the Holder of such Note, subject to the terms and
conditions set forth in this Indenture, directly against each of the Guarantors to enforce each
such Guarantor&#146;s Guarantee without first proceeding against the Issuer or any other Guarantor. Each
Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default,
the Trustee or any of the Holders are prevented by applicable law from exercising their respective
rights to accelerate the maturity of the Notes, to collect interest on the Notes, or to enforce or
exercise any other right or remedy with respect to the Notes, such Guarantor shall pay to the
Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have
been due and payable had such rights and remedies been permitted to be exercised by the Trustee or
any of the Holders and any other amounts due and owing to the Trustee under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If any Holder or the Trustee is required by any court or otherwise to return to the Issuer
or any Guarantor, or any custodian, trustee, liquidator or other similar official acting in
relation to the Issuer or any Guarantor, any amount paid by any of them to the Trustee or such
Holder, the Guarantee of each of the Guarantors, to the extent theretofore discharged, shall be
reinstated in full force and effect. This paragraph (d)&nbsp;shall remain effective notwithstanding any
contrary action which may be taken by the Trustee or any Holder in reliance upon such amount
required to be returned. This paragraph (d)&nbsp;shall survive the termination of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the
Holders and the Trustee, on the other hand, (x)&nbsp;the maturity of the obligations guaranteed hereby
may be accelerated as provided in Article&nbsp;VI for the purposes of the Guarantee of such Guarantor,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect
of the obligations guaranteed hereby, and (y)&nbsp;in the event of any acceleration of such obligations
as provided in
Article&nbsp;VI, such obligations (whether or not due and payable) shall forthwith become due and
payable by each Guarantor for the purpose of the Guarantee of such Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Each Guarantor acknowledges that each Guarantee will be a general unsecured obligation of
such Guarantor and will rank senior in right of payment to all future Obligations of such Guarantor
that are, by their terms, expressly subordinated in right of payment to such Guarantee and equal in
right of payment with all existing and future obligations of such Guarantor (including such
Guarantor&#146;s guarantee of the Unsecured Notes) that are not so subordinated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Each Guarantor that makes a payment for distribution under its Guarantee is entitled upon
payment in full of all guaranteed obligations under this Indenture to a contribution from each
other Guarantor in a pro rata amount of such payment based on the respective net assets of all the
Guarantors at the time of such payment, with net assets determined in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.2 <U>Execution and Delivery of Guarantee</U>. To evidence its Guarantee set forth
in Section&nbsp;10.1, each Guarantor agrees that this Indenture or a supplemental indenture in
substantially the form attached hereto as <U>Exhibit&nbsp;B</U> shall be executed on behalf of such
Guarantor by an Officer of such Guarantor (or, if an officer is not available, by a board member or
director) on behalf of such Guarantor by manual or facsimile signature. Each Guarantor hereby
agrees that its Guarantee set forth in Section
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10.1 shall remain in full force and effect
notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. In
case the Officer, board member or director of such Guarantor whose signature is on this Indenture
or supplemental indenture, as applicable, no longer holds office at the time the Trustee
authenticates any Note, the Guarantee shall be valid nevertheless.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If required by Section&nbsp;4.17, the Issuer shall cause each Restricted Subsidiary described in
Section&nbsp;4.17 to comply with the provisions of Section&nbsp;4.17 and this Article&nbsp;X, to the extent
applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.3 <U>Severability</U>. In case any provision of any Guarantee shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.4 <U>Limitation of Guarantors&#146; Liability</U>. Each Guarantor and by its
acceptance hereof each Holder confirms that it is the intention of all such parties that the
Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of
Bankruptcy Law, any federal, provincial or state law (including the Uniform Fraudulent Conveyance
Act and the Uniform Fraudulent Transfer Act) or the provisions of its local law relating to
fraudulent transfer or conveyance. To effectuate the foregoing intention, the Trustee, the Holders
and Guarantors hereby irrevocably agree that the obligations of such Guarantor under its Guarantee
(other than a company that is a direct or indirect parent of the Issuer) shall be limited to the
maximum amount that will not, after giving effect to all other contingent and fixed liabilities of
such Guarantor (including, without limitation, any guarantees under the Credit Agreement and the
Unsecured Notes) and after giving effect to any collections from, rights to receive contribution
from or payments made by or on behalf of any other Guarantor in respect of the obligations of such
other Guarantor under its Guarantee, result in the obligations of such Guarantor under its
Guarantee constituting a fraudulent transfer or conveyance, fraudulent preference, a transfer at
under value, or an otherwise reviewable transaction under applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.5 <U>Releases</U>. A Guarantor shall be released and relieved of any Obligations
under this Guarantee and this Indenture upon:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designation by the Board of Directors of the Issuer that such Guarantor is an
Unrestricted Subsidiary in accordance with the terms of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any sale, exchange or transfer (by merger, amalgamation, consolidation or
otherwise) of the Equity Interests of such Guarantor after which the applicable Guarantor is
no longer a Restricted Subsidiary, which sale, exchange or transfer is made in compliance
with this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the release or discharge of a Guarantor&#146;s guarantee of Indebtedness outstanding
under the Credit Agreement, the Unsecured Note Indenture and any other agreements relating
to Indebtedness of the Issuer and its Restricted Subsidiaries; <I>provided </I>that such Guarantor
has not incurred any Indebtedness in reliance on its status as a Guarantor under Section
4.9(a) or such Guarantor&#146;s obligations under such Indebtedness are satisfied in full and
discharged or are otherwise permitted to be incurred by a Restricted Subsidiary (other than
a Guarantor) under Section&nbsp;4.9(b); or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the Issuer exercises its Defeasance option pursuant to Section&nbsp;8.2 or if its
Obligations under this Indenture are discharged in accordance with Section&nbsp;8.8.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon delivery to the Trustee of an Officers&#146; Certificate and an Opinion of Counsel to the
effect that all conditions precedent to the release of a Guarantor&#146;s Guarantee set forth in this
Indenture have been satisfied, the Trustee shall execute any documents reasonably requested by the
Issuer in writing in order to evidence the release of any Guarantor from its obligations under its
Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Guarantor not released from its obligations under its Guarantee shall remain liable for
the full amount of principal of and interest on the Notes and for the other obligations of any
Guarantor under this Indenture as provided in this Article&nbsp;X.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.6 <U>Benefits Acknowledged</U>. Each Guarantor acknowledges that it will receive
direct and indirect benefits from the financing arrangements contemplated by this Indenture and
that its guarantee and waivers pursuant to its Guarantee are knowingly made in contemplation of
such benefits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.7 <U>Expenses</U>. Each Guarantor agrees to pay any and all costs and expenses
(including reasonable counsel fees and expenses on a solicitor-client full indemnity basis)
incurred by the Trustee or the Holders in enforcing any rights under the Guarantees.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XI<BR>
MISCELLANEOUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.1 <U>Trust Indenture Legislation</U>. In this Indenture, the term &#147;Trust
Indenture Legislation&#148; means the provisions, if any, of any statute of Canada or a province
thereof, and of regulations under any such statute, relating to trust indentures and to the rights,
duties, and obligations of trustees under trust indentures and of Persons issuing debt obligations
under trust indentures, to the extent that such provisions are at the time in force and applicable
to this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If and to the extent that any provision of this Indenture limits, qualifies, or conflicts with
a mandatory requirement of Trust Indenture Legislation, such mandatory requirement shall prevail.
The Issuer, the Trustee, and each Holder shall at all times, in relation to this Indenture and any
action to be taken hereunder, observe and comply with and be entitled to the benefits of Trust
Indenture Legislation, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.2 <U>Notices</U>. Any notice, request, direction, instruction or communication by
the Issuer, any Guarantor or the Trustee to the others is duly given if in writing and delivered in
person or mailed by first class mail (registered or certified, return receipt requested),
telecopier or overnight air courier guaranteeing next day delivery, to the addresses set forth
below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Issuer or any Guarantor:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Precision Drilling Corporation<BR>
4200-150-6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W.<BR>
Calgary, Alberta<BR>
T2P 3Y7<BR>
Facsimile: (403)&nbsp;264-0251<BR>
Attention: General Counsel
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With a copy to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precision Drilling Corporation
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">4200-150-6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W.<BR>
Calgary, Alberta
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">T2P 3Y7<BR>
Facsimile: (403)&nbsp;264-0251<BR>
Attention: Vice President, Finance
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With a copy to:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Blake, Cassels &#038; Graydon LLP<BR>
855 2<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> Street SW<BR>
Suite&nbsp;3500, Bankers Hall<BR>
East Tower<BR>
Calgary, AB T2P 4J0<BR>
Facsimile: (403)&nbsp;260-9200<BR>
Attention: Ross Bentley
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Bennett Jones LLP<BR>
4500 Bankers Hall East<BR>
855-2<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> Street, S.W.<BR>
Calgary, Alberta<BR>
T2P 4K7<BR>
Facsimile: (403)&nbsp;265-7219<BR>
Attention: John H. Kousinioris
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Trustee
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">Valiant Trust Company<BR>
310, 606-4th Street SW<BR>
Calgary, AB T2P 1T1<BR>
Facsimile: (403)&nbsp;233-2857<BR>
Attention: Senior Manager, Corporate Trust
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto, by written notice to the others, may designate additional or different
addresses for subsequent notices or communications.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices and communications (other than those sent to Holders and the Trustee) shall be
deemed to have been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt
acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier promising next Business Day delivery.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice or communication to a Holder and the Trustee shall be mailed by first class mail or
by overnight air courier promising next Business Day delivery to its address shown on the register
kept by the Registrar. As long as the Notes are Global Notes, notices to be given to the Holders
shall be given to the Depository, in accordance with its applicable policies as in effect from time
to time. Failure to mail a notice or communication to a Holder or any defect in it shall not
affect its sufficiency with respect to other Holders.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In respect of this Indenture, no Trustee shall have any duty or obligation to verify or
confirm that the Person sending instructions, directors, reports, notices or other communications
or information by electronic transmission is, in fact, a Person authorized to give such
instructions, directors, reports notices or other communications or information on behalf of the
party purporting to send such electronic transmission; and no Trustee shall have any liability for
any losses, liability, costs or expenses incurred or sustained by any party as a result of such
reliance upon or compliance with such instructions directors, reports, notices or other
communications or information. Each other party, agrees to assume all risks arising out of the use
of electronic methods to submit instructions, directions, reports, notices or other communications
or indemnifications to the Trustee, including without limitation the risk of the Trustee
acting on unauthorized instructions, notices, reports or other communications or information,
and the risks of interception and misuse by third parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a notice or communication is delivered in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it, except in the case of
notices or communications given to the Trustee, which shall be effective only upon actual receipt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer delivers a notice or communication to Holders, it shall mail a copy to the
Trustee and each Agent at the same time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.3 <u>&#091;Intentionally Omitted&#093;.</u>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.4 <u>&#091;Intentionally Omitted&#093;.</u>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.5 <u>&#091;Intentionally Omitted&#093;.</u>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.6 <U>Rules by Trustee and Agents</U>. The Trustee may make reasonable rules for
action by or at a meeting of Holders. Each of the Agents may make reasonable rules and set
reasonable requirements for its functions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.7 <U>No Personal Liability of Directors, Officers, Employees and Shareholders</U>.
No director, officer, employee or natural person incorporator of the Issuer or any Guarantor, any
shareholder of the Issuer or an annuitant under a plan of which a shareholder of the Issuer is a
trustee or carrier will have any liability for any indebtedness, obligations or liabilities of the
Issuer under the Notes or this Indenture or of any Guarantor under its Guarantee or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder by
accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes and the Guarantees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.8 <U>Applicable Law and Attornment</U>. This Indenture, any supplemental
indenture and the Notes shall be governed by and interpreted in accordance with the laws of the
Province of Alberta and the federal laws of Canada applicable therein and shall be treated in all
respects as Alberta contracts. With respect to any suit, action or proceedings relating to this
Indenture, any supplemental indenture or any Note, the Issuer, the Guarantors, the Trustee and each
Holder irrevocably submit and attorn to the non-exclusive jurisdiction of the courts of the
Province of Alberta.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SECTION 11.9 <U>&#091;Intentionally Omitted&#093;.</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.10 <U>Successors</U>. All agreements of the Issuer and the Guarantors in this
Indenture and the Notes and the Guarantees, as applicable, shall bind their respective successors
and assigns. All agreements of the Trustee in this Indenture shall bind its respective successors
and assigns.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.11 <U>Severability</U>. In case any provision in this Indenture or in the Notes
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.12 <U>Counterpart Originals</U>. The parties may sign any number of copies of
this Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.13 <U>Table of Contents, Headings, Etc.</U> The Table of Contents and Headings of
the Articles and Sections of this Indenture have been inserted for convenience of reference only,
are not to be
considered a part of this Indenture and shall in no way modify or restrict any of the terms or
provisions hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.14 <U>Acts of Holders.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in person or by an agent
duly appointed in writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the Trustee and, where it is
hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the &#147;<I>Act</I>&#148; of Holders signing
such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in
favor of the Trustee and the Issuer, if made in the manner provided in this Section&nbsp;11.14.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to such officer the execution thereof. Where such
execution is by a signer acting in a capacity other than such signer&#146;s individual capacity, such
certificate or affidavit shall also constitute sufficient proof of such signer&#146;s authority. The
fact and date of the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner which the Trustee deems sufficient.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The ownership of Notes shall be proved by the register maintained by the Registrar
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note
issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance
thereon, whether or not notation of such action is made upon such Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If the Issuer shall solicit from the Holders any request, demand, authorization,
direction, notice, consent, waiver or other Act, the Issuer may, at its option, by or pursuant to a
board resolution of the Issuer&#146;s Board of Directors, fix in advance a record date for the
determination of Holders entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other Act, but the Issuer shall have no obligation to do so. If such a record
date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act
may be given before or after such record date, but only the Holders of record at the close of
business on such record date shall be deemed to be Holders for the purposes of determining whether
Holders of the requisite proportion of outstanding Notes have authorized
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->78<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or agreed or consented to
such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that
purpose the outstanding Notes shall be computed as of such record date; <I>provided </I>that no such
authorization, agreement or consent by the Holders on such record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Indenture not later than six
months after the record date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.15 <u>&#091;Intentionally Omitted&#093;.</u>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.16 <u>&#091;Intentionally Omitted&#093;.</u>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.17 <U>Documents in English</U>. The parties to this Indenture have expressly
requested that this Indenture and all related notices, amendments and other documents be drafted in
the English language. Les parties &#224; la pr&#233;sente convention ont express&#233;ment exig&#233; que cette
convention et tous les avis, modifications et autres documents y aff&#233;rents soient r&#233;dig&#233;s en langue
anglaise seulement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.18 <U>Conversion of Currency</U>. If for the purposes of obtaining judgment in
any court it is necessary to convert a sum due under this Indenture to the Holder from Canadian
dollars to another currency, the Issuer and each Guarantor has agreed, and each Holder by holding
such Note will be deemed to have agreed, to the fullest extent that the Issuer, each Guarantor and
they may effectively do so, that the rate of exchange used shall be that at which in accordance
with normal banking procedures such Holder could purchase Canadian dollars with such other currency
at the Bank of Canada noon rate of exchange on the Business Day preceding the day on which final
judgment is given.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer&#146;s and Guarantors&#146; obligations to any Holder will, notwithstanding any judgment in a
currency (the &#147;<I>Judgment Currency</I>&#148;) other than Canadian dollars, be discharged only to the extent
that on the Business Day following receipt by such Holder or the Trustee, as the case may be, of
any amount in such Judgment Currency, such Holder may in accordance with normal banking procedures
purchase Canadian dollars with the judgment currency. If the amount of the Canadian dollars so
purchased is less than the amount originally to be paid to such Holder or the Trustee in the
Judgment Currency (as determined in the manner set forth in the preceding paragraph), as the case
may be, each of the Issuer and the Guarantors, jointly and severally, agrees, as a separate
obligation and notwithstanding any such judgment, to indemnify the Holder and the Trustee, as the
case may be, against any such loss. If the amount of the Canadian dollars so purchased is more
than the amount originally to be paid to such Holder or the Trustee, as the case may be, such
Holder or the Trustee, as the case may be, will pay the Issuer and the Guarantors, such excess;
<I>provided that </I>such Holder or the Trustee, as the case may be, shall not have any obligation to pay
any such excess as long as a Default under the Notes or this Indenture has occurred and is
continuing or if the Issuer or the Guarantors shall have failed to pay any Holder or the Trustee
any amounts then due and payable under such Note or this Indenture, in which case such excess may
be applied by such Holder or the Trustee to such Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.19 <U>Service of Process</U>. Each Guarantor that is organized in the United
States of America hereby appoints the Issuer as its agent for service of process in any suit,
action or proceeding with respect to this Indenture, the Notes or the Guarantees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.20 <U>Legal Holidays</U>. If any payment date falls on a day that is not a
Business Day, the payment to be made on such payment date will be made on the next succeeding
Business Day with the same force and effect as if made on such payment date, and no additional
interest will accrue solely as a result of such delayed payment.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->79<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.21 <U>Time of Essence</U>. Time shall be of the essence of this Indenture.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Signatures on following pages</I>&#093;
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->80<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">
<B>PRECISION DRILLING CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>GUARANTORS:<BR>
<BR>
PRECISION COMPLETION &#038; PRODUCTION SERVICES LTD.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>PRECISION DIVERSIFIED OILFIELD SERVICES CORP.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>PRECISION LIMITED PARTNERSHIP<BR>
BY: ITS GENERAL PARTNER, PRECISION DIVERSIFIED OILFIELD SERVICES CORP.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>PRECISION DRILLING CANADA LIMITED PARTNERSHIP<BR>
BY: ITS GENERAL PARTNER, PRECISION DIVERSIFIED OILFIELD SERVICES CORP.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Signature Page to Precision Drilling Corporation Indenture
</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">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>GREY WOLF INTERNATIONAL DRILLING CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>PRECISION OILFIELD PERSONNEL SERVICES LTD.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>PRECISION DRILLING, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>DI ENERGY, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>GREY WOLF INTERNATIONAL, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>PRECISION DRILLING HOLDINGS COMPANY</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Signature Page to Precision Drilling Corporation Indenture
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>PRECISION DRILLING LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>PRECISION DRILLING COMPANY, LP<BR>
BY: ITS GENERAL PARTNER, PRECISION DRILLING HOLDINGS COMPANY</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>MURCO DRILLING CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>DI/PERFENSA INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>GREY WOLF SUPPLY INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Signature Page to Precision Drilling Corporation Indenture
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>PRECISION DRILLING OILFIELD SERVICES CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Robert J. McNally
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;</TD>

    <TD align="left" colspan="2">Robert J. McNally&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;</TD>

    <TD align="left" colspan="2" NOWRAP>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>VALIANT TRUST COMPANY</B><BR>
as Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD valign="top">Name:</TD>

    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD valign="top">Title:</TD>

    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD valign="top">Name:</TD>

    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD valign="top">Title:</TD>

    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Signature Page to Precision Drilling Corporation Indenture
</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="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT A</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">FORM OF NOTE
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">(Face of 6.5% Senior Note)<BR>
6.50% Senior Notes due 2019
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;Global Note Legend&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE
SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE DISTRIBUTION DATE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY
SERVICES INC. (&#147;CDS&#148;) TO PRECISION DRILLING CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS &#038; CO.,
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS
MADE TO CDS &#038; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
SINCE THE REGISTERED HOLDER HEREOF, CDS &#038; CO., HAS A PROPERTY INTEREST IN THE SECURITIES
REPRESENTED BY THIS NOTE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD,
TRANSFER OR DEAL WITH THIS NOTE.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-1<!-- /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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">No.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">CUSIP NO.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precision Drilling Corporation (including any successor thereto) promises to pay to CDS &#038; Co.
or registered assigns, the principal sum of &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; (as may be increased or decreased as set forth
on the Schedule of Increases and Decreases attached hereto) on March&nbsp;15, 2019.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Payment Dates: March&nbsp;15 and September&nbsp;15, beginning September&nbsp;15, 2011
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record Dates: March 1 and September 1 (whether or not a Business Day)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to further provisions of this Note set forth herein, which further
provisions shall for all purposes have the same effect as if set forth at this place.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the certificate of authentication hereon has been executed by the Trustee referred to
herein by manual signature, this Note shall not be entitled to any benefits under the Indenture
referred to herein or be valid or obligatory for any purpose.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-2<!-- /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">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PRECISION DRILLING CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This is one of the Notes referred to in the<BR>
within-mentioned Indenture:

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">VALIANT TRUST COMPANY, as Trustee
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-3<!-- /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">(Back of 6.50% Senior Note)<BR>
6.50% Senior Notes due 2019
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;<U>Interest</U>. Precision Drilling Corporation, a corporation amalgamated under the
laws of the Province of Alberta and any successor thereto (&#147;<I>Precision</I>&#148; or the &#147;<I>Issuer</I>&#148;) promises to
pay interest on the principal amount of this 6.50% Senior Note due 2019 (a &#147;<I>Note</I>&#148;) at a fixed rate
of 6.50% per annum. The Issuer will pay interest in Canadian dollars (except as otherwise provided
herein) semiannually in arrears on March&nbsp;15 and September&nbsp;15, commencing on September&nbsp;15, 2011
(each an &#147;<I>Interest Payment Date</I>&#148;) or if any such day is not a Business Day, on the next succeeding
Business Day with the same force and effect as if made on such Interest Payment Date, and no
additional interest shall accrue solely as a result of such delayed payment. Interest on the Notes
shall accrue from the most recent date to which interest has been paid, or, if no interest has been
paid, from and including the date of issuance. The Issuer shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate
equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest (without regard to any applicable grace period), at the same rate to the
extent lawful. Interest shall be computed on the basis of a 360-day year comprised of twelve
30-day months.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;<U>Method of Payment</U>. The Issuer will pay interest on the Notes (except defaulted
interest) on the applicable Interest Payment Date to the Persons who are registered Holders of
Notes at the close of business on the March 1 and September 1 preceding the Interest Payment Date
(whether or not a Business Day), even if such Notes are cancelled after such record date and on or
before such Interest Payment Date, except as provided in Section&nbsp;2.12 of the Indenture with respect
to defaulted interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any payments of principal of this Note prior to Stated Maturity shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. The final principal amount due and
payable at the maturity of this Note shall be payable only upon presentation and surrender of this
Note at an office of the Trustee or the Trustee&#146;s agent appointed for such purposes. Payments in
respect of Global Notes will be made by wire transfer of immediately available funds to the
Depository.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;<U>Transfer Agent and Registrar</U>. Initially, Valiant Trust Company shall act as
transfer agent and Registrar. The Issuer may change any transfer agent or Registrar without notice
to any Holder, and the Issuer and/or any Restricted Subsidiaries may act as transfer agent or
Registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;<U>Indenture</U>. The Issuer issued the Notes under an Indenture, dated as of March&nbsp;15,
2011 (the &#147;<I>Indenture</I>&#148;), among the Issuer, the Guarantors thereto and the Trustee. To the extent
the provisions of this Note are inconsistent with the provisions of the Indenture, the Indenture
shall govern. The Notes are subject to all such terms, and Holders are referred to the Indenture
for a statement of such terms. The Initial Notes issued on the Issue Date are senior obligations
of the Issuer limited to $200,000,000 in aggregate principal amount, plus amounts, if any,
sufficient to pay premium, and interest on outstanding Notes as set forth in Paragraph (1)&nbsp;hereof.
The Indenture permits the issuance of Additional Notes subject to compliance with certain
conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The payment of principal and interest on the Notes and all other amounts under the Indenture
is unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the
Guarantors.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;<U>Optional Redemption</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Notes may be redeemed, in whole or in part, at any time prior to March&nbsp;15, 2015 at the
option of the Issuer upon not less than 30 nor more than 60&nbsp;days&#146; prior notice to each Holder, at a
redemption price equal to 100.0% of the aggregate principal amount of the Notes redeemed plus the
Applicable Premium (calculated by the Issuer) as of, and accrued and unpaid interest to, the
applicable redemption date (subject to the right of Holders of record on the relevant record date
to receive interest due on the relevant Interest Payment Date).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Notes are subject to redemption, at the option of the Issuer, in whole or in part, at
any time or from time to time on or after March&nbsp;15, 2015, at the following redemption prices
(expressed as percentages of the principal amount to be redeemed) set forth below, plus accrued and
unpaid interest, if any, on the Notes to be redeemed to the applicable redemption date (subject to
the right of Holders on the relevant record date to receive interest due on the relevant Interest
Payment Date), if redeemed during the 12-month period beginning March&nbsp;15 of the years indicated
below:
</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>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Redemption Price</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">103.250</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">101.625</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2017 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.000</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;At any time or from time to time prior to March&nbsp;15, 2014, the Issuer, at its option, may
on any one or more occasions redeem up to 35.0% of the principal amount of the outstanding Notes
issued under the Indenture (calculated after giving effect to any issuance of Additional Notes)
with the net cash proceeds of one or more Qualified Equity Offerings at a redemption price equal to
106.5% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest
thereon to the date of redemption (subject to the right of Holders of record on the relevant record
date to receive interest due on the relevant Interest Payment Date); provided that:
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) at least 65.0% of the aggregate principal amount of Notes issued under the
Indenture (calculated after giving effect to any issuance of Additional Notes) remains
outstanding immediately after giving effect to any such redemption; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the redemption occurs not more than 90&nbsp;days after the date of the closing of any
such Qualified Equity Offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;<U>Mandatory Redemption</U>. Except as provided in the Indenture, the Issuer shall not
be required to make mandatory redemption or sinking fund payments with respect to Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;<U>Repurchase at Option of Holder</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If a Change of Control occurs, unless the Issuer at such time has given notice of
redemption pursuant to Paragraph (5)&nbsp;hereof with respect to all outstanding Notes, each Holder will
have the right to require the Issuer to repurchase all or any part (equal to $2,000 or an integral
multiple of $1,000 in excess thereof) of that Holder&#146;s Notes pursuant to a Change of Control Offer
at a price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus
accrued and unpaid interest to the date of purchase; <I>provided </I>that no partial redemption shall
result in a Note having a principal amount of less than $2,000. Within 30&nbsp;days following any Change
of Control unless the Issuer at such time has given notice of redemption pursuant to Paragraph (5)
hereof with respect to all outstanding Notes, the Issuer will deliver a notice to each Holder (with
a copy to the Trustee) describing the transaction or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">transactions that constitute the Change of Control and setting forth the procedures governing
the Change of Control Offer required by the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Upon the occurrence of certain Asset Sales, the Issuer may be required to offer to
purchase Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Holders of the Notes that are the subject of an offer to purchase will receive notice of a
Net Proceeds Offer or the Change of Control Offer, as applicable, pursuant to an Asset Sale or a
Change of Control from the Issuer prior to any related purchase date and may elect to have such
Notes purchased by completing the form titled &#147;Option of Holder to Elect Purchase&#148; attached hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;<U>Notice of Redemption</U>. Notice of redemption shall be delivered at least thirty
(30)&nbsp;days but not more than sixty (60)&nbsp;days before the redemption date to each Holder whose Notes
are to be redeemed in accordance with Section&nbsp;11.2 of the Indenture. Notes in denominations larger
than $2,000 may be redeemed in part but only in minimum denominations of $2,000 and integral
multiples of $1,000 thereof, unless all of the Notes held by a Holder are to be redeemed so long as
no partial redemption results in a Note having a principal amount of less than $2,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&#091;<U>Reserved</U>.&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;<U>Denominations, Transfer, Exchange</U>. The Notes are in registered form without
coupons in initial denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
transfer of the Notes may be registered and the Notes may be exchanged as provided in the
Indenture. The Registrar, the Trustee and the Issuer may require a Holder, among other things, to
furnish appropriate endorsements and transfer documents, and the Issuer may require a Holder to pay
any stamp or transfer tax or similar government charge required by law or permitted by the
Indenture in accordance with Section&nbsp;2.6(j)(2) of the Indenture. The Registrar is not required (A)
to issue, to register the transfer of or to exchange Notes during a period beginning at the opening
of business fifteen (15)&nbsp;days before the day of any selection of Notes for redemption and ending at
the close of business on the day of such selection, (B)&nbsp;to register the transfer of or to exchange
any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note
being redeemed in part, or (C)&nbsp;to register the transfer of or to exchange a Note between a record
date and the next succeeding Interest Payment Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;<U>Persons Deemed Owners</U>. The registered Holder of a Note may be treated as its
owner for all purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;<U>Amendment, Supplement and Waiver</U>. Subject to the following paragraphs, the
Indenture, the Notes and the Guarantees may be amended or supplemented with the consent of the
Holders of not less than a majority in aggregate principal amount of the outstanding Notes,
including, without limitation, consents obtained in connection with a purchase of, or tender offer
or exchange offer for, Notes, and, except as set forth in the Indenture, any existing Default or
Event of Default or compliance with any provision of the Indenture, the Notes or the Guarantees may
be waived with the consent of the Holders of a majority in principal amount of the then outstanding
Notes, including consents obtained in connection with a tender offer or exchange offer for Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding Section&nbsp;9.2 of the Indenture, without the consent of any Holders, the Issuer,
the Guarantors and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental to the Indenture for any of the following purposes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to cure any ambiguity, defect or inconsistency;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to provide for uncertificated Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to provide for the assumption of the Issuer&#146;s or a Guarantor&#146;s obligations to the
Holders in the case of a merger, amalgamation, consolidation or sale of all or substantially
all of the Issuer&#146;s or such Guarantor&#146;s assets, or winding-up or dissolution or sale, lease,
transfer, conveyance or other disposition or assignment in accordance with the Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to add any Guarantee or to effect the release of any Guarantor from any of its
obligations under its Guarantee or the provisions of the Indenture (to the extent in
accordance with the Indenture);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to make any change that would provide any additional rights or benefits to the
Holders of Notes or that does not adversely affect the legal rights of any Holder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) to secure the Notes or any Guarantees or other obligation under the Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) to evidence and provide for the acceptance of appointment by a successor trustee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) to conform the text of the Indenture or the Notes to any provision of the Details
of the Notes contained in the Offering Memorandum; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) to provide for the issuance of Additional Notes in accordance with the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the consent of the Holders of not less than a majority in aggregate principal amount of
the outstanding Notes (including, without limitation, consents obtained in connection with a
purchase of, or tender offer or exchange offer for, the Notes), the Issuer, the Guarantors, if any,
and the Trustee may amend or supplement the Indenture, the Notes or any Guarantees or, subject to
Section&nbsp;6.4 and Section&nbsp;6.7 of the Indenture, waive any existing Default or Event of Default or
compliance with any provision of the Indenture or the Notes; <I>provided</I>, <I>however</I>, that no such
amendment, supplement or waiver shall, without the consent of the Holder of each outstanding Note
affected thereby:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) reduce, or change the maturity of, the principal of any Note;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reduce the rate of or extend the time for payment of interest on any Note;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) reduce any premium payable upon redemption of the Notes or change the date on which
any Notes are subject to redemption (other than the notice provisions) or waive any payment
with respect to the redemption of the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) make any Note payable in money or currency other than that stated in the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) modify or change any provision of the Indenture or the related definitions to
affect the ranking of the Notes or any Guarantee in a manner that adversely affects the
Holders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) reduce the percentage of Holders necessary to consent to an amendment or waiver to
the Indenture or the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) waive a default in the payment of principal of or premium or interest on any Notes
(except a rescission of acceleration of the Notes by the Holders thereof as provided in the
Indenture and a waiver of the payment default that resulted from such acceleration);
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) impair the rights of Holders to receive payments of principal of or interest on the
Notes on or after the due date therefor or to institute suit for the enforcement of any
payment on the Notes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) release any Guarantor from any of its obligations under its Guarantee or the
Indenture, except as permitted thereunder; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) make any change in these amendment and waiver provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for the consent of the Holders of Notes under Section&nbsp;9.2 of the
Indenture to approve the particular form of any proposed amendment or waiver, but it shall be
sufficient if such consent approves the substance thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;<U>Defaults and Remedies</U>. Each of the following constitutes an Event of Default:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) failure to pay interest on any of the Notes when the same becomes due and payable
and the continuance of any such failure for 30&nbsp;days;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) failure to pay principal of or premium, if any, on any of the Notes when it becomes
due and payable, whether at Stated Maturity, upon redemption, upon purchase, upon
acceleration or otherwise;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) failure by the Issuer or any of its Restricted Subsidiaries to comply with any of
their respective agreements or covenants described in Section&nbsp;5.1 of the Indenture, or
failure by the Issuer to comply in respect of its obligations to make a Change of Control
Offer pursuant to Section&nbsp;4.14 of the Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) (a)&nbsp;except with respect to Section&nbsp;4.3, failure by the Issuer or any Restricted
Subsidiary to comply with any other agreement or covenant in the Indenture and continuance
of this failure for 60&nbsp;days after notice of the failure has been given to the Issuer by the
Trustee or to the Issuer and the Trustee by the Holders of at least 25.0% of the aggregate
principal amount of the Notes then outstanding, or (b)&nbsp;failure by the Issuer for 120&nbsp;days
after notice of the failure has been given to the Issuer by the Trustee or to the Issuer and
the Trustee by the Holders of at least 25.0% of the aggregate principal amount of the Notes
then outstanding to comply with Section&nbsp;4.3 of the Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) default by the Issuer or any Significant Subsidiary of the Issuer under any
mortgage, indenture or other instrument or agreement under which there may be issued or by
which there may be secured or evidenced Indebtedness for borrowed money by the Issuer or any
Restricted Subsidiary, whether such Indebtedness now exists or is incurred after the Issue
Date, which default:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is caused by a failure to pay at its Stated Maturity principal on such
Indebtedness within the applicable express grace period and any extensions thereof,
or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) results in the acceleration of such Indebtedness prior to its Stated
Maturity (which acceleration is not rescinded, annulled or otherwise cured within 30
days of receipt by the Issuer or such Restricted Subsidiary of notice of any such
acceleration),
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">and, in each case, the principal amount of such Indebtedness, together with the principal
amount of any other Indebtedness with respect to which an event described in clause (a)&nbsp;or
(b)&nbsp;has occurred and is continuing, aggregates U.S.$50.0&nbsp;million or more;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) one or more judgments (to the extent not covered by insurance) for the payment of
money in an aggregate amount in excess of U.S.$50.0&nbsp;million shall be rendered against the
Issuer, any of its Significant Subsidiaries or any combination thereof and the same shall
remain undischarged for a period of 60 consecutive days during which execution shall not be
effectively stayed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer or any Significant Subsidiary of the Issuer or group of Restricted
Subsidiaries of the Issuer that, taken together (as of the latest audited consolidated
financial statements for the Issuer and its Restricted Subsidiaries), would constitute a
Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) commences a voluntary case,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consents to the entry of an order for relief against it in an involuntary
case,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consents to the appointment of a custodian of it or for all or
substantially all of its property,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) makes a general assignment for the benefit of its creditors, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) generally is not paying its debts as they become due; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is for relief against the Issuer or any Significant Subsidiary of the
Issuer or group of Restricted Subsidiaries of the Issuer that, taken together (as of
the latest audited consolidated financial statements for the Issuer and its
Restricted Subsidiaries), would constitute a Significant Subsidiary, in an
involuntary case;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) appoints a custodian of the Issuer or any Significant Subsidiary of the
Issuer or group of Restricted Subsidiaries of the Issuer that, taken together (as of
the latest audited consolidated financial statements for the Issuer and its
Restricted Subsidiaries), would constitute a Significant Subsidiary or for all or
substantially all of the property of the Issuer or any of its Restricted
Subsidiaries; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) orders the liquidation of the Issuer or any Significant Subsidiary of the
Issuer or group of Restricted Subsidiaries of the Issuer that, taken together (as of
the latest audited consolidated financial statements for the Issuer and its
Restricted Subsidiaries), would constitute a Significant Subsidiary and the order or
decree remains unstayed and in effect for 60 consecutive days; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) any Guarantee ceases to be in full force and effect (other than in accordance with
the terms of such Guarantee and the Indenture) or is declared null and void and
unenforceable or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">found to be invalid or any Guarantor denies its liability under the Guarantee of such
Guarantor, (other than by reason of release of such Guarantor from its Guarantee in
accordance with the terms of the Indenture and the Guarantee).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default (other than an Event of Default specified in clause (7)&nbsp;above) shall
have occurred and be continuing under the Indenture, the Trustee, by written notice to the Issuer,
or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding by
written notice to the Issuer and the Trustee, may declare all amounts owing under the Notes to be
due and payable. Upon such acceleration declaration, the aggregate principal of and accrued and
unpaid interest on the outstanding Notes shall become due and payable immediately.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default specified in clause (7)&nbsp;above occurs, then all unpaid principal of, and
premium, if any, and accrued and unpaid interest, if any, on all of the outstanding Notes shall
<I>ipso facto </I>become and be immediately due and payable without any declaration or other act on the
part of the Trustee or any Holder of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;<U>No Recourse Against Others</U>. No director, officer, employee or natural person
incorporator of the Issuer or any Guarantor, any shareholder of the Issuer or an annuitant under a
plan of which a shareholder of the Issuer is a trustee or carrier will have any liability for any
indebtedness, obligations or liabilities of the Issuer under the Notes or the Indenture or of any
Guarantor under its Guarantee or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for issuance of the Notes and the
Guarantees, to the extent permitted by applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;<U>Authentication</U>. This Note shall not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Precision Drilling Corporation<BR>
4200-150-6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W.<BR>
Calgary, Alberta<BR>
T2P 3Y7<BR>
Facsimile: (403)&nbsp;264-0251<BR>
Attention: General Counsel
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->A-10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>REGISTRATION PANEL</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">(NO WRITING HEREON EXCEPT BY THE TRUSTEE)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>DATE OF</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IN WHOSE NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>REGISTRY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>REGISTERED</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>SIGNATURE OF TRUSTEE</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ASSIGNMENT FORM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To assign this Note, fill in the form below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;or (we)&nbsp;assign and transfer this Note to&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 34%">(Insert assignee&#146;s legal name)

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="20%"></TD>
    <TD width="10%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Address of assignee:</TD>
    <TD>&nbsp;</TD>
    <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
(Street Address, City, Province and Postal Code)</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Social Insurance Number or U.S. Tax I.D. Number of assignee, if applicable:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><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">and irrevocably appoint&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; to transfer this Note on the books of the Issuer.
The agent may substitute another to act for him.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="20%"></TD>
    <TD width="10%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Signature of Holder</TD>
    <TD>&nbsp;</TD>
    <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please sign exactly as the name appears on the face of this Note</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Guarantee*: &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;*Participant in a recognized Signature Guarantee Medallion Program (or other signature<BR>
guarantor acceptable to the Trustee).&#093;
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->A-11<!-- /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="center" style="font-size: 10pt; margin-top: 18pt">OPTION OF HOLDER TO ELECT PURCHASE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you want to elect to have this Note purchased by the Issuer pursuant to Section&nbsp;4.10 or
Section&nbsp;4.14 of the Indenture, check the box below:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; Section&nbsp;4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; Section&nbsp;4.14
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you want to elect to have only part of the Note purchased by the Issuer pursuant to Section
4.10 or Section&nbsp;4.14 of the Indenture, state the amount you elect to have purchased: $
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date:
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="48%"></TD>
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Your Signature:</TD>
    <TD>&nbsp;</TD>
    <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
(Sign exactly as your name<br>
appears on the face of this Note)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Identification No.:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature Guarantee*:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#091;*Participant in a recognized Signature Guarantee Medallion Program (or other signature
guarantor acceptable to the Trustee).&#093;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->A-12<!-- /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="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE OF INCREASES AND DECREASES OF 6.50% SENIOR NOTES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following transfers, exchanges and redemption of this Global Note have been made:
</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="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Principal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Amount of this</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Amount of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Amount of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Global Note</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Decrease in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Increase in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Following</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">Date of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Principal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Principal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Such</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0solid #000000">Transfer, Exchange or</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Amount of this</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Amount of this</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">Decrease</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Redemption</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2" style="border-bottom: 1px solid #000000">Global Note</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2" style="border-bottom: 1px solid #000000">Global Note</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2" style="border-bottom: 1px solid #000000">(or Increase)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2" style="border-bottom: 1px solid #000000">Signature of Trustee</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->A-13<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT B</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED<BR>
BY SUBSEQUENT GUARANTORS&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Supplemental Indenture and Guarantee, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20 (this
&#147;<I>Supplemental Indenture</I>&#148; or &#147;<I>Guarantee</I>&#148;), among (the &#147;<I>New Guarantor</I>&#148;),
Precision Drilling Corporation (together with its successors and assigns, the &#147;<I>Issuer</I>&#148;), each other
then-existing Guarantor under the Indenture referred to below (the &#147;<I>Guarantors</I>&#148;) and Valiant Trust
Company (the &#147;<I>Trustee</I>&#148;), as trustee, transfer agent and registrar under such Indenture.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">W I T N
E S S E T H:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Issuer, the Guarantors and the Trustee have heretofore executed and delivered an
Indenture, dated as of March&nbsp;15, 2011 (as amended, supplemented, waived or otherwise modified, the
&#147;<I>Indenture</I>&#148;), providing for the issuance of an unlimited aggregate principal amount of 6.50% Senior
Notes due 2019 of the Issuer (the &#147;<I>Notes</I>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Section&nbsp;4.17 and Article&nbsp;X of the Indenture provides that the Issuer will cause any
Restricted Subsidiary of the Issuer that guarantees any Indebtedness of the Issuer or any Guarantor
under a Credit Facility or under debt securities issued in the capital markets, except for any such
Subsidiary if the Fair Market Value of the assets of such Subsidiary together with the Fair Market
Value of the assets of any other Subsidiaries that guaranteed such Indebtedness of the Issuer or
any Guarantor but did not guarantee the Notes, does not exceed U.S.$20.0&nbsp;million in the aggregate,
to execute and deliver a Guarantee pursuant to which such Restricted Subsidiary will
unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the
principal of, premium, if any, and interest on the Notes and all other obligations under the
Indenture on the same terms and conditions as those set forth in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant to Section&nbsp;9.1 of the Indenture, the Trustee, the Issuer and the Guarantors
are authorized to execute and deliver this Supplemental Indenture to amend the Indenture, without
the consent of any Holder to add an additional Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Issuer, the
existing Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit
of the Holders as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE I<BR>
<U>Definitions</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.1.<U>Defined Terms</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this Supplemental Indenture, capitalized terms defined in the Indenture or in the
preamble or recitals thereto are used herein as therein defined. The words &#147;herein,&#148; &#147;hereof&#148; and
&#147;hereby&#148; and other words of similar import used in this Supplemental Indenture refer to this
Supplemental Indenture as a whole and not to any particular section hereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-1<!-- /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">ARTICLE II<U></U><BR>
<U>Agreement to be Bound; Guarantee</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1. <U>Agreement to be Bound</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New Guarantor hereby becomes a party to the Indenture as a Guarantor and as such shall
have all of the rights and be subject to all of the obligations and agreements of a Guarantor under
the Indenture. The Guarantor agrees to be bound by all of the provisions of the Indenture
applicable to a Guarantor and to perform all of the obligations and agreements of a Guarantor under
the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.2. <U>Guarantee.</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor
and not merely as a surety, jointly and severally with each other Guarantor, to each Holder and the
Trustee, the full and punctual payment when due, whether at maturity, by acceleration, by
redemption or otherwise, of the Obligations pursuant to the Notes and the Indenture.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE III<U></U><BR>
<U>Miscellaneous</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1. <U>Notices</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices and other communications to the New Guarantor shall be given as provided in the
Indenture to the New Guarantor, at its address set forth below, with a copy to the Issuer as
provided in this Indenture for notices to the Issuer.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">&#091;<I>Name of New Guarantor</I>&#093;<BR>
&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;<BR>
&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;<BR>
Fax: &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;<BR>
Attention: &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.2. <U>Parties</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing expressed or mentioned herein is intended or shall be construed to give any Person,
firm or corporation, other than the Holders and the Trustee, any legal or equitable right, remedy
or claim under or in respect of this Supplemental Indenture or the Indenture or any provision
herein or therein contained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.3. <U>Governing Law</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Supplemental Indenture shall be governed by, and construed in accordance with, the laws
of the Province of Alberta and the federal laws of Canada applicable therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.4. <U>Service of Process</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New Guarantor, if it is organized in the U.S., hereby appoints the Issuer as its agent for
service of process in any suit, action or proceeding with respect to this Supplemental Indenture
and the Notes.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.5. <U>Severability Clause</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any provision in this Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby and such provision shall be ineffective only to the extent
of such invalidity, illegality or unenforceability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.6. <U>Ratification of Indenture; Supplemental Indentures Part of
Indenture; No Liability of Trustee</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed
and all the terms, conditions and provisions thereof shall remain in full force and effect. This
Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of a
Note heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee does
not makes any representation or warranty as to the validity or sufficiency of this Supplemental
Indenture or the New Guarantor&#146;s Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.7. <U>Counterparts</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto may sign one or more copies of this Supplemental Indenture in counterparts,
all of which together shall constitute one and the same agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.8. <U>Headings</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The headings of the Articles and the sections in this Supplemental Indenture are for
convenience of reference only and shall not be deemed to alter or affect the meaning or
interpretation of any provisions hereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Signatures on following page</I>&#093;
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->D-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>PRECISION DRILLING CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD valign="top">Name:</TD>

    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>


    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD valign="top">Title:</TD>

    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>&#091;EXISTING GUARANTORS</B>&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD valign="top">Name:</TD>

    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD valign="top">Title:</TD>

    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&#091;<B>NEW GUARANTOR</B>&#093;,<BR>
as a Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD valign="top">Name:</TD>

    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD valign="top">Title:</TD>

    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>VALIANT TRUST COMPANY</B>,<BR>
as Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD valign="top">Name:</TD>

    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD valign="top">Title:</TD>

    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD valign="top">Name:</TD>

    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

    <TD valign="bottom">&nbsp;&nbsp;</TD>
    <TD valign="top">Title:</TD>

    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->D-4<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>39
<FILENAME>o69608exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">May&nbsp;4, 2011

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Corporation<BR>
4200, 150 &#151; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.<BR>
Calgary, Alberta, Canada T2P 3Y7

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as United States counsel to Precision Drilling Corporation, a corporation
amalgamated under the Business Corporations Act (Alberta) (the &#147;Company&#148;), and to certain
subsidiaries of the Company named on Annex I hereto (collectively, the &#147;U.S. Guarantors&#148;) and to
certain subsidiaries of the Company named on Annex II hereto (collectively, the &#147;Canadian
Guarantors&#148; and together with the U.S. Guarantors, the &#147;Guarantors&#148;) in connection with the
Registration Statement on Form F-4 (the &#147;Registration Statement&#148;) filed by the Company and the
Guarantors with the Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities Act
of 1933, as amended, relating to the issuance by the Company of US$650,000,000 aggregate principal
amount of 6.625% Senior Notes due 2020 (the &#147;Exchange Securities&#148;) and the issuance by the
Guarantors of guarantees (the &#147;Guarantees&#148;) with respect to the Exchange Securities. The Exchange
Securities and the Guarantees will be issued under an indenture dated as of November&nbsp;17, 2010 (the
&#147;Indenture&#148;) among the Company, the Guarantors, The Bank of New York Mellon, as U.S. trustee (the
&#147;U.S. Trustee&#148;) and Valiant Trust Company, as Canadian trustee (the &#147;Canadian Trustee&#148;). The
Exchange Securities will be offered by the Company in exchange for US$650,000,000 aggregate
principal amount of its outstanding 6.625% Senior Notes due 2020.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;-2-&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have examined the Registration Statement and the Indenture, which has been filed with the
Commission as an exhibit to the Registration Statement. We also have examined the originals, or
duplicates or certified or conformed copies, of such corporate and other records, agreements,
documents and other instruments and have made such other investigations as we have deemed relevant
and necessary in connection with the opinions hereinafter set forth. As to questions of fact
material to this opinion, we have relied upon certificates or comparable documents of public
officials and of officers and representatives of the Company and the Guarantors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering the opinions set forth below, we have assumed the genuineness of all signatures,
the legal capacity of natural persons, the authenticity of all documents submitted to us as
originals, the conformity to original documents of all documents submitted to us as duplicates or
certified or conformed copies and the authenticity of the originals of such latter documents. We
also have assumed that the Indenture is the valid and legally binding obligation of each of the
U.S. Trustee and the Canadian Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have assumed further that (1)&nbsp;the Company and each Canadian Guarantor is validly existing
under the law of Alberta, Canada or the law of Canada, as applicable, and have duly authorized,
executed and delivered the Indenture in accordance with their respective organizational documents
and the law of Alberta, Canada or the law of Canada, as applicable, (2)&nbsp;execution, delivery and
performance by the Company and each Canadian Guarantor of the Indenture, the Exchange Securities
and the Guarantees do not and will not violate the law of Alberta, Canada, the law of Canada or any
applicable other laws (excepting the law of the State of New York and the federal laws of the
United States) and (3)&nbsp;execution, delivery and performance by the Company and each Canadian
Guarantor of the Indenture, the Exchange
</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="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;-3-&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and the Guarantees, do not and will not constitute a breach or violation of any
agreement or instrument that is binding upon the Company and any Canadian Guarantor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing, and subject to the qualifications, assumptions and limitations
stated herein, we are of the opinion that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. When the Exchange Securities have been duly executed, authenticated,
issued and delivered in accordance with the provisions of the Indenture upon the exchange,
the Exchange Securities will constitute valid and legally binding obligations of the Company
enforceable against the Company in accordance with their terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. When (a)&nbsp;the Exchange Securities have been duly executed, authenticated,
issued and delivered in accordance with the provisions of the Indenture upon the exchange
and (b)&nbsp;the Guarantees have been duly issued, the Guarantees will constitute valid and
legally binding obligations of the Guarantors enforceable against the Guarantors in
accordance with their terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our opinions set forth above are subject to (i)&nbsp;the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting
creditors&#146; rights generally, (ii)&nbsp;general equitable principles (whether considered in a proceeding
in equity or at law), (iii)&nbsp;an implied covenant of good faith and fair dealing and (iv)&nbsp;the effects
of the possible judicial application of foreign laws or foreign governmental or judicial action
affecting creditors&#146; rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the provisions of the Indenture whereby the parties submit to the
jurisdiction of the courts of the United States of America located in the Borough of Manhattan in
The City of New York, we note the limitations of 28 U.S.C. &#167;&#167; 1331 and 1332 on subject matter
jurisdiction of the U.S. federal courts. In connection with the provisions of the Indenture that
relate to forum selection (including, without limitation, any waiver of any objection to venue or
any objection that a court is an inconvenient forum), we note that under NYCPLR &#167; 510 such court
may have discretion to transfer the place of trial, and under 28 U.S.C. &#167; 1404(a) a United States
District Court has discretion to transfer an action from one U.S. federal court to another.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;-4-&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as the opinions expressed herein relate to or are dependent upon matters governed by
the law of the States of Louisiana, Nevada and Texas, we have relied upon the respective opinions
of Slattery Marino &#038; Roberts, Jones Vargas and Fulbright &#038; Jaworski L.L.P., each dated the date
hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not express any opinion herein concerning any law other than the law of the State of New
York, the federal law of the United States and the Delaware General Corporation Law (including the
statutory provisions, all applicable provisions of the Delaware Constitution and reported judicial
decisions interpreting the foregoing) and, to the extent set forth herein, the law of the States of
Louisiana, Nevada and Texas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion letter as Exhibit&nbsp;5.1 to the Registration
Statement and to the use of our name under the caption &#147;Legal Matters&#148; in the Prospectus included
in the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Simpson Thacher &#038; Bartlett LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Simpson Thacher &#038; Bartlett LLP

</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="right" style="font-size: 10pt; margin-top: 12pt"><B>Annex
I</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>U.S. Guarantors</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="83%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Guarantor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Jurisdiction of Incorporation/Formation</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DI Energy, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DI/Perfensa Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grey Wolf International, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grey Wolf Supply Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Murco Drilling Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Completion &#038; Production Services Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Directional Services, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Company LP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Holdings Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Louisiana</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Oilfield Services Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</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="right" style="font-size: 10pt; margin-top: 12pt"><B>Annex
II</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Canadian Guarantors</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="75%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Guarantor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Jurisdiction of Incorporation/Formation</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Diversified Oilfield Services Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alberta, Canada</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Canada Limited Partnership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alberta, Canada</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grey Wolf International Drilling Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canada</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Limited Partnership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alberta, Canada</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Oilfield Personnel Services Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alberta, Canada</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-5.2
<SEQUENCE>40
<FILENAME>o69608exv5w2.htm
<DESCRIPTION>EX-5.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.2</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="60%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960874.gif" alt="(BENNETT JONES LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4500 Bankers Hall East, 855 &#150;
2nd Street SW<br>
Calgary, Alberta, Canada T2P 4K7<br>
Tel: 403.298.3100 Fax: 403.265.7219<br>
www.bennettjones.com</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">May&nbsp;4, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Corporation<BR>
Suite&nbsp;4200, 150 &#151; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue SW<BR>
Calgary, AB T2P 3Y7

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Precision Drilling Corporation &#151;</B><br>
<B>Exchange Offer for 6.625% Senior Notes Due 2020</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have acted as Canadian counsel to each of Precision Drilling Corporation (the &#147;<B>Corporation</B>&#148;),
Precision Diversified Oilfield Services Corp. (&#147;<B>PDOSC</B>&#148;), Precision Limited Partnership (&#147;<B>PLP</B>&#148;),
Precision Drilling Canada Limited Partnership (&#147;<B>PDCLP</B>&#148;), Grey Wolf International Drilling
Corporation (&#147;<B>GWIDC</B>&#148;), Precision Oilfield Personnel Services Ltd. (&#147;<B>POPSL</B>&#148;), Precision Drilling,
Inc. (&#147;<B>PDI</B>&#148;), DI Energy, Inc. (&#147;<B>DII</B>&#148;), Grey Wolf International, Inc. (&#147;<B>GWII</B>&#148;), Precision Drilling
Holdings Company (&#147;<B>PDHC</B>&#148;), Precision Drilling LLC (&#147;<B>PDLLC</B>&#148;), Precision Drilling Company, LP
(&#147;<B>PDLP</B>&#148;), Murco Drilling Corporation (&#147;<B>MDC</B>&#148;), DI/Perfensa Inc. (&#147;<B>DIP</B>&#148;), Precision Completion &#038;
Production Services Ltd. (&#147;<B>PCPSL</B>&#148;), Grey Wolf Supply Inc. (&#147;<B>GWSI</B>&#148;), Precision Drilling Oilfield
Services Corporation (&#147;<B>PDSC</B>&#148;) and Precision Directional Services, Inc. (&#147;<B>PDSI</B>&#148;) in connection with
the Registration Statement on Form F-4 (the &#147;<B>Registration Statement</B>&#148;) filed by the Corporation and
the Guarantor Subsidiaries (as defined herein) with the Securities and Exchange Commission (the
&#147;<B>Commission</B>&#148;) under the <I>Securities Act of 1933</I>, as amended, relating to the issuance by the
Corporation of US$650,000,000 aggregate principal amount of 6.625% Senior Notes due 2020 (the
&#147;<B>Exchange Securities</B>&#148;) and the issuance by the Guarantor Subsidiaries of guarantees (the
&#147;<B>Guarantees</B>&#148;) with respect to the Exchange Securities. The Exchange Securities and the Guarantees
have been issued under an indenture dated as of November&nbsp;17, 2010 (the &#147;<B>Indenture</B>&#148;) among the
Corporation, the Initial Subsidiary Guarantors (as defined herein) and The Bank of New York Mellon, as U.S. trustee
(the &#147;<B>U.S. Trustee</B>&#148;) and Valiant Trust Company, as Canadian co-trustee (the &#147;<B>Canadian Trustee</B>&#148;), as
supplemented by a supplemental indenture and guarantee dated as of
May 3, 2011 (the
&#147;<B>Supplemental Indenture</B>&#148;) among PDSI, the Corporation, the Initial Subsidiary Guarantors, the U.S.
Trustee and the Canadian Trustee. The Exchange Securities will be offered by the Corporation in
exchange for US$650,000,000 aggregate principal amount of its outstanding 6.625% Senior Notes due
2020.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation, PDOSC, GWIDC and POPSL are referred to collectively as the &#147;<B>Corporate Parties</B>&#148; and
individually as a &#147;<B>Corporate Party</B>&#148;; PDOSC, in its capacity as the general partner of PLP, is
referred to as &#147;<B>PLP GP</B>&#148; and in its capacity as the general partner of PDCLP, is referred to as
&#147;<B>PDCLP GP</B>&#148;; PDHC, in its capacity as the
general partner of PDLP, is referred to as &#147;<B>PDLP GP</B>&#148;; PDOSC, PLP, PLP GP, PDCLP, PDCLP GP, GWIDC
and POPSL are referred
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CALGARY&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;TORONTO&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;EDMONTON&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;OTTAWA
</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">- 2 -
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to collectively as the &#147;<B>Canadian Initial Subsidiary Guarantors</B>&#148; and
individually as a &#147;<B>Canadian Initial Subsidiary Guarantor</B>&#148;; the Canadian Initial Subsidiary
Guarantors, PDI, DII, GWII, PDHC, PDLLC, PDLP, PDLP GP, MDC, DIP, PCPSL, GWSI and PDSC are referred
to collectively as the &#147;<B>Initial Subsidiary Guarantors</B>&#148; and individually as an &#147;<B>Initial Subsidiary
Guarantor</B>&#148;; the Corporation and the Canadian Initial Subsidiary Guarantors are referred to
collectively as the &#147;<B>Canadian Parties</B>&#148; and individually as a &#147;<B>Canadian Party</B>&#148;; and the Initial
Subsidiary Guarantors and PDSI are referred to collectively as the &#147;<B>Guarantor Subsidiaries</B>&#148; and
individually as a &#147;<B>Guarantor Subsidiary</B>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Scope of Review</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the purpose of this opinion letter, we have examined executed copies of the following
documents:
</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 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Indenture and the Supplemental Indenture (including the Guarantees set
forth 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Exchange Securities.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Indenture and the Supplemental Indenture are referred to collectively as the &#147;<B>Indentures</B>&#148;. The
Indentures and the Exchange Securities are referred to collectively as the &#147;<B>Operative Documents</B>&#148;
and individually as an &#147;<B>Operative Document</B>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, we have considered such questions of law, examined such other documents, and conducted
such investigations as we have considered necessary to enable us to express the opinions set forth
herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As to various questions of fact material to our opinions that we have not verified independently,
we have relied upon the following documents, copies of which have been provided to you:
</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>certificates of status dated the date hereof in respect of the Corporation,
PDOSC and POPSL issued pursuant to the <I>Business Corporations Act </I>(Alberta) and a
certificate of compliance in respect of GWIDC issued pursuant to the <I>Canada Business
Corporations Act</I>, on which we have relied exclusively in giving the opinion expressed
in paragraph 1 below;</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>a trade name/partnership search dated the date hereof in respect of each of
PLP and PDCLP issued under the authority of the Registrar of Corporations for Alberta;</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>a closing certificate of the Corporation dated the date hereof containing
copies of, among other things, the articles of amalgamation and by-laws of the
Corporation and a resolution of the directors of the Corporation; and
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 3 -
</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a closing certificate of each other Corporate Party dated the date hereof
containing copies of, among other things, such Corporate Party&#146;s articles and by-laws,
a resolution of the directors of such Corporate Party, and in the case of the closing
certificate of PDOSC (on its own behalf and in its capacity as PDCLP GP and in its
capacity as PLP GP), the PDCLP limited
partnership agreement between PDOSC and the Corporation dated as of January&nbsp;2,
2009, as amended to the date hereof (the &#147;<B>PDCLP Agreement</B>&#148;) and the PLP limited
partnership agreement between PDOSC and the Corporation made effective August&nbsp;15,
2006, as amended to the date hereof (the &#147;<B>PLP Agreement</B>&#148;).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Assumptions</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our examination we have assumed the following:
</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 genuineness of all signatures;</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 authenticity of all documents submitted to us as originals, the
completeness and conformity to the originals of all documents submitted to us as
copies, and the authenticity of the originals of such copies;</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 due authorization, execution, and delivery of the Operative Documents by
all parties thereto other than the Canadian Parties;</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 legal existence, power, and capacity of all parties to the Operative
Documents other than the Canadian Parties;</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 legal capacity of all individuals;</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>that all individuals who signed any of the documents we have examined had
legal capacity at the time they signed such documents; 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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that none of the documents examined by us have been amended or modified in
any manner since the date they were submitted to us, whether by written or oral
agreement, by conduct of the parties thereto, or otherwise.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Applicable Law</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are solicitors qualified to practice law in Alberta (the &#147;<B>Province</B>&#148;) and we express no opinion
as to any laws or any matters governed by any laws other than the laws of the Province and the
federal laws of Canada applicable in the Province.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Opinions</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based upon the foregoing, we are of the opinion that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Corporation, PDOSC and POPSL is a valid and subsisting corporation under the laws
of Alberta. GWIDC is a valid and subsisting corporation under the laws of Canada.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 4 -
</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of PLP and PDCLP is validly subsisting as a limited partnership under the laws of
Alberta.</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>The execution by the Corporation of the Registration Statement and the execution and delivery
by the Corporation of the Operative Documents and the performance by the Corporation of its
obligations thereunder have been duly authorized by all necessary corporate action on the part
of the Corporation. The Corporation has duly executed the Registration Statement and the
Operative Documents and, to
the extent delivery is governed by Alberta law, duly delivered the Operative Documents.</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>The execution by each of PDOSC, GWIDC and POPSL of the Registration Statement and the
execution and delivery by each of PDOSC, GWIDC and POPSL of the Indentures and the performance
by each of PDOSC, GWIDC and POPSL of its respective obligations under the Indentures and the
Guarantees has been duly authorized by all necessary corporate action on the part of PDOSC,
GWIDC and POPSL, respectively. Each of PDOSC, GWIDC and POPSL has duly executed the
Registration Statement and the Indentures and, to the extent delivery is governed by Alberta
law, duly delivered the Indentures. The execution by PLP GP, on behalf of PLP, of the
Registration Statement and the execution and delivery by PLP GP, on behalf of PLP, of the
Indentures and the performance by PLP GP, on behalf of PLP, of PLP&#146;s obligations under the
Indentures and the Guarantees has been duly authorized by all necessary corporate action on
the part of PLP GP and all action required by the PLP Agreement. PLP GP, on behalf of PLP, has
duly executed the Registration Statement and the Indentures and, to the extent delivery is
governed by Alberta law, duly delivered the Indentures. The execution by PDCLP GP, on behalf
of PDCLP, of the Registration Statement and the execution and delivery by PDCLP GP, on behalf
of PDCLP, of the Indentures and the performance by PDCLP GP, on behalf of PDCLP, of PDCLP&#146;s
obligations under the Indentures and the Guarantees has been duly authorized by all necessary
corporate action on the part of PDCLP GP and all action required by the PDCLP Agreement. PDCLP
GP, on behalf of PDCLP, has duly executed the Registration Statement and the Indentures and,
to the extent delivery is governed by Alberta law, duly delivered the Indentures.</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The execution by each Canadian Party of the Registration Statement and the execution and
delivery by each Canadian Party of the Operative Documents to which it is a party and the
performance by each Canadian Party of its obligations thereunder and the issuance and sale of
the Exchange Securities and the performance by the Corporation of its obligations thereunder
do not and will not:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of each Corporate Party, result in a violation of such Corporate
Party&#146;s articles or by-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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of PLP, result in a violation of the PLP 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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of PDCLP, result in a violation of the PDCLP Agreement;</TD>
</TR>

</TABLE>
</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 style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">- 5 -
</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to our knowledge, contravene any provisions of any indenture, mortgage, deed
of trust, loan, credit agreement, note or any other agreement to which any Canadian
Party is a party, or by which it is bound;</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>to our knowledge, contravene any provisions of any judgment, order or decree
of any governmental body, agency or court in Canada having jurisdiction over any
Canadian Party or any of their respective assets; 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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contravene or conflict with any law or regulation in force in Alberta
applicable to any Canadian Party.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Whenever our opinion with respect to the existence or absence of facts or circumstances is
qualified by the phrase &#147;to our knowledge&#148;, it is intended to indicate that during the
course of our firm&#146;s representation of the Corporation and the Guarantor Subsidiaries in connection
with the transaction described above, no information has come to the attention of the members of
Bennett Jones LLP who have given substantive attention to the transaction contemplated herein that
would give us actual knowledge of the existence or absence of such facts or circumstances and such
phrase does not include constructive knowledge of matters or information. No inference as to our
knowledge as to any facts or circumstances should be drawn merely from our representation of the
Corporation and the Guarantor Subsidiaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Reliance Limitation</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This opinion letter relates solely to the transaction described above and is solely for the use and
benefit of the addressee hereof and not for the benefit of any other person. This opinion letter
may not be relied upon by other parties or in respect of other transactions and may not be quoted
or reproduced in whole or in part or otherwise referred to or used for any purpose without our
prior written consent provided that this opinion letter may be filed by the Corporation with the
Commission as an exhibit to the Registration Statement. We hereby consent to the inclusion of a
reference to the name of our firm under the heading &#147;Legal Matters&#148; contained in the prospectus
included in the Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yours truly,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ Bennett Jones LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bennett Jones LLP

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<SEQUENCE>41
<FILENAME>o69608exv5w3.htm
<DESCRIPTION>EX-5.3
<TEXT>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.3</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o69608o6960876.gif" alt="(FULBRIGHT LOGO)">
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Fulbright Tower <B>&#149;</B> 1301 McKinney, Suite&nbsp;5100 <B>&#149;</B> Houston, Texas 77010-3095</B><BR>
<I>Main: 713 651 5151 <B>&#149;</B> Facsimile: 713 651 5246</I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">May 4, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Corporation<BR>
4200, 150-6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.<BR>
Calgary, Alberta, Canada T2P 3Y7

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as local counsel to
each of Precision Drilling Oilfield Services Corporation, a
Texas corporation (&#147;<B><I>PDOSC</I></B>&#148;), Grey Wolf International, Inc., a Texas corporation (&#147;<B><I>Grey
Wolf
International</I></B>&#148;), Grey Wolf Supply Inc., a Texas corporation (&#147;<B><I>Grey Wolf Supply</I></B>&#148;), DI Energy, Inc.,
a Texas corporation (&#147;<B><I>DI Energy</I></B>&#148;), DI/Perfensa, Inc., a Texas corporation (&#147;<B><I>DI/Perfensa</I></B>&#148;),
Precision Directional Services, Inc., a Texas corporation (&#147;<B><I>PDSI</I></B>&#148;, and together with PDOSC, Grey
Wolf International, Grey Wolf Supply, DI Energy, DI/Perfensa, the &#147;<B><I>Texas Corporate Entities</I></B>&#148;), and
Precision Drilling Company, LP, a Texas limited partnership (the &#147;<B><I>Texas Partnership Entity</I></B>&#148; and
together with the Texas Corporate Entities, the &#147;<B><I>Texas Entities</I></B>&#148;) in connection with the filing by
Precision Drilling Corporation, a corporation amalgamated under the laws of the Province of Alberta
(&#147;<B><I>Parent</I></B>&#148;), the Texas Entities and certain other subsidiaries of Parent of a Registration Statement
on Form F-4 (the &#147;<B><I>Registration Statement</I></B>&#148;) with the U.S. Securities and Exchange Commission under
the Securities Act of 1933, as amended, relating to the registration of Parent&#146;s 6.625% Senior
Notes due 2020 in an aggregate principal amount of USD$650&nbsp;million (the &#147;<B><I>Exchange Notes</I></B>&#148;),
which
Exchange Notes are to be issued by Parent pursuant to the Indenture dated as of November&nbsp;17, 2010,
by and among Parent, each Texas Entity, the other guarantors party thereto, The Bank of New York
Mellon, as U.S. trustee, and Valiant Trust Company, as Canadian co-trustee, as amended by that
certain Supplemental Indenture and Guarantee, dated as of May 3, 2011 (as so amended, the
&#147;<B><I>Indenture</I></B>&#148;), and the payment of which Exchange Notes and the other obligations of Parent under the
Indenture are guaranteed by the Texas Entities (the &#147;<B><I>Guarantee</I></B>&#148;) in guarantee provisions contained
in and constituting a part of the Indenture. The Exchange Notes will be offered by Parent in
exchange for an aggregate principal amount of USD$650&nbsp;million of Parent&#146;s outstanding 6.625% Senior
Notes due 2020. Capitalized terms defined herein have the meanings set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with rendering the opinions expressed herein, our engagement has been limited in
scope solely to our review of the Indenture and (as applicable) the articles of incorporation,
certificate of incorporation, certificate of formation, bylaws, limited partnership agreement, or
equivalent, resolutions, and certificates of representatives of each of the Texas Entities
(collectively, the &#147;<B><I>Texas Constituent Documents</I></B>&#148;), in each case solely for the purposes of the
opinions expressed herein. We (a)&nbsp;have not participated as counsel to Parent, any of the
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">AUSTIN <B>&#149;</B> BEIJING <B>&#149;</B> DALLAS <B>&#149;</B> DENVER <B>&#149;</B> DUBAI <B>&#149;</B> HONG KONG <B>&#149;</B> HOUSTON <B>&#149;</B> LONDON <B>&#149;</B> LOS ANGELES<BR>
MINNEAPOLIS <B>&#149;</B> MUNICH <B>&#149;</B> NEW YORK <B>&#149;</B> RIYADH <B>&#149;</B> SAN ANTONIO <B>&#149;</B> ST. LOUIS <B>&#149;</B> WASHINGTON DC<BR>
<I>www.fulbright.com</I>
</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">Precision Drilling Corporation<BR>
May 4, 2011<BR>
Page 2

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Texas
Entities, or any other guarantor of the Exchange Notes in regard to (i)&nbsp;the formation of Parent or
any of the Texas Entities, or (ii)&nbsp;except for the preparation of this opinion letter and the review
of the Indenture and Texas Constituent Documents in connection therewith, the offering, issuance,
or sale of the Exchange Notes, or the negotiation of the Guarantees or any other guarantee,
including, without limitation, the development or preparation of any offering memorandum or
circular, the Registration Statement (other than the section titled &#147;Texas Registrants&#148; in Item&nbsp;20
of Part&nbsp;II thereof), any other registration statement, or other disclosure document, or any
agreement, instrument, or document related to any of the foregoing, and (b)&nbsp;have not advised any of
the Texas Entities with respect to the consummation of the transactions contemplated by any of the
foregoing, or the internal governance considerations related to any of the foregoing, and our sole
representation of the Texas Entities is limited to rendering the opinions expressed herein. We
have not
reviewed any documents (other than the Indenture and the Texas Constituent Documents) that are
referred to in or incorporated by reference into the Indenture or any Texas Constituent Document.
In addition, we have assumed that there exists no provision in any document that we have not
reviewed that is inconsistent with the opinions set forth herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering the opinions expressed herein, we have (a)&nbsp;examined the Indenture (including the
Guarantee), Texas Constituent Documents, certificates of representatives of the Texas Entities,
certificates and other communications of public officials, and such other instruments, agreements,
and documents as are in our judgment necessary to enable us to render the opinions expressed
herein, and (b)&nbsp;as to questions of fact material to the opinions expressed herein, and as to
factual matters arising in connection with our examination of the aforesaid materials, relied, to
the extent we deemed appropriate, upon the factual representations and warranties contained in the
Indenture, the Texas Constituent Documents, and such certificates, communications, instruments,
agreements, and documents and certain facts stated elsewhere herein, and we have made no
independent investigation into the accuracy of such information, representations, warranties, and
certificates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In making such examination and in such reliance, we have assumed (i)&nbsp;the authenticity and
completeness of all records, certificates, instruments, agreements, and other documents submitted
to us as originals, (ii)&nbsp;the conformity to authentic originals, records, certificates, instruments,
agreements, and other documents of all documents submitted to us as copies, (iii)&nbsp;the legal
capacity of each natural person identified in, or indicated as having executed, any of those
records, certificates, instruments, agreements, and other documents, (iv)&nbsp;the genuineness of all
signatures on all such records, certificates, instruments, agreements, and other documents, (v)&nbsp;the
due execution and delivery by all parties thereto (except to the extent set forth in paragraph 5
below) of the Indenture, and (vi)&nbsp;the enforceability of the Indenture against all parties thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering the opinions expressed herein, we also have assumed that (i)&nbsp;Precision Drilling
Holdings Company, a Nevada corporation and general partner of the Texas Partnership Entity (&#147;<B><I>PDHC</I></B>&#148;)
(1)&nbsp;has been duly organized or formed, (2)&nbsp;is validly existing as a corporation in good standing
under the laws of the State of Nevada, and (3)&nbsp;has the corporate power and
</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">Precision Drilling Corporation<BR>
May 4, 2011<BR>
Page 3

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">authority to execute and
deliver, in its capacity as general partner of the Texas Partnership Entity, the Indenture, and
(ii)&nbsp;the execution and delivery by PDHC, in its capacity as general partner of the Texas
Partnership Entity, of the Indenture have been duly authorized by all necessary corporate action on
the part of PDHC in accordance with the laws of the State of Nevada.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing and in the reliance thereon, and subject to and qualified by the
assumptions, qualifications, limitations, and exceptions set forth herein, and having due regard
for such legal considerations as we deem relevant, we are of the opinion that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Each Texas Corporate Entity (a)&nbsp;is validly existing as a corporation in good standing under
the laws of the State of Texas, and (b)&nbsp;has the corporate power and authority to execute and
deliver, and to perform its obligations (including its Guarantee obligations) under, the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Texas Partnership Entity (a)&nbsp;is validly existing as a limited partnership in good
standing under the laws of the State of Texas, and (b)&nbsp;has the limited partnership power and
authority to execute and deliver, and to perform its obligations (including its Guarantee
obligations) under, the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The execution and delivery by each Texas Corporate Entity of the Indenture, and the
performance by each Texas Corporate Entity of its obligations (including its Guarantee obligations)
thereunder, have been duly authorized by all necessary corporate action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;The execution and delivery by the Texas Partnership Entity of the Indenture, and the
performance by the Texas Partnership Entity of its obligations (including its Guarantee
obligations) thereunder, have been duly authorized by all necessary limited partnership action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;The Indenture has been duly executed and delivered by each Texas Entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Neither the execution and delivery by a Texas Entity of the Indenture, nor the performance
by such Texas Entity of its obligations (including its Guarantee obligations) thereunder, will
violate, or result in a breach of, or constitute a default under (a)&nbsp;the articles of incorporation,
certificate of incorporation, or certificate of formation, and bylaws or limited partnership
agreement, as the case may be, of such Texas Entity, or (b)&nbsp;any statutory law or regulation of the
State of Texas applicable to such Texas Entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing opinions expressed herein are further subject to, and qualified by, the
following assumptions, exceptions, qualifications and limitations:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;The opinions expressed herein are limited exclusively to the internal laws of the State of
Texas. References herein to such laws, rules, and regulations, in addition to other limitations
set forth herein, are (i)&nbsp;limited to laws that are normally applicable to the transactions of the
type contemplated by the Indenture and the opinions expressed herein, without our having
</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">Precision Drilling Corporation<BR>
May 4, 2011<BR>
Page 4

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">made any
special investigation as to the applicability of any specific law, rule, or regulation which is
not the subject of a specific opinion herein referring expressly to a particular law or laws and
(ii)&nbsp;exclusive of, and without regard to antitrust, taxation, and securities laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;We do not express any opinion with respect to any exhibit to, or other agreement
referred to in, the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;In rendering the opinions expressed in paragraphs 1 and 2 above relating to existence and
good standing, as the case may be, we have relied solely upon a review of certificates of public
officials, without further investigation as to matters set forth therein, and such opinions are
limited to the dates of such certificates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions expressed herein are solely for the benefit of, and may only reasonably and in
good faith be relied upon by, you, in connection with your filing of the Registration Statement.
Neither this opinion letter nor any excerpt hereof (nor any reproduction of any of the foregoing)
may be furnished to (except in connection with a legal or arbitral proceeding or as may be required
by applicable law), or relied upon by, any other person without the prior written consent of this
Firm, except that the opinions expressed herein may be relied upon by your counsel, Simpson Thacher
&#038; Bartlett LLP in connection with its opinion filed as an exhibit to the Registration Statement
regarding the validity of the securities being registered. We hereby consent to the filing of this
opinion letter as an exhibit to the Registration Statement. The opinions expressed herein are as
of the date hereof (and not as of any other date, including, without limitation, the effective date
of the Indenture, if a date other than the date hereof) or, to the extent a reference to a
certificate or other document dated another date is made herein, to such date, and we make no
undertaking to amend or supplement such opinions as facts and circumstances come to our attention
or changes in the law occur which could affect such opinions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Fulbright &#038; Jaworski L.L.P.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Fulbright &#038; Jaworski L.L.P.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.4
<SEQUENCE>42
<FILENAME>o69608exv5w4.htm
<DESCRIPTION>EX-5.4
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.4</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960875.gif" alt="(JONES VARGAS LOGO)">
</DIV>

<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JOSEPH W. BROWN
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WILLIAM C. DAVIS, JR.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ATTORNEYS AT LAW
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">SARIG ARMENIAN
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">VAR E. LORDAHL, JR.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ALBERT F. PAGNI
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KARL L. NIELSON
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3773 HOWARD HUGHES PARKWAY
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">JUSTIN J. BUSTOS
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">RICHARD A. RAWSON</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JOHN P. SANDE, III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PATRICK J. SHEEHAN
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">THIRD FLOOR SOUTH
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">DANIEL S. CEREGHINO
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">JOHN P. SANDE, IV</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">WILLIAM J. RAGGIO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JOHN P. DESMOND
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">LAS VEGAS, NEVADA 89169
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">KENNETH K. CHING
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap>BRADLEY SCOTT SCHRAGER</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GARY R. GOODHEART
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SCOTT M. SCHOENWALD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">CONOR P. FLYNN
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">JESSE A. WADHAMS</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MICHAEL E. BUCKLEY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CONSTANCE L. AKRIDGE
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">TEL (702)&nbsp;862-3300 FAX
(702)&nbsp;734-2722
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap>BENJAMIN W. KENNEDY
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">GORDON H. WARREN</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">RICHARD F. JOST
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>RICHARD M. TRACHOK, II
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">WAYNE O. KLOMP</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">DOUGLAS M. COHEN
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">EDWARD M. GARCIA</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">WWW.JONESVARGAS.COM</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">KEVIN R. STOLWORTHY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ELIZABETH FIELDER</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">JAMES L. WADHAMS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MOLLY MALONE REZAC</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">JODI R. GOODHEART
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BRIAN R. IRVINE</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">PAUL A. LEMCKE
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MATTHEW T. MILONE</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">MICHAEL G. ALONSO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BRETT J. SCOLARI</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">ANN MORGAN
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AMANDA J. COWLEY</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">KRIS T. BALLARD
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TRACY A. DIFILLIPPO</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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" colspan="2"><DIV style="margin-left:125px; text-indent:-15px">&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;</DIV></TD>

    <TD>&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">MELVIN D. CLOSE, JR.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JEFFERY S. GEEN</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">RICHARD G. BARRIER
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OF COUNSEL</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD align="left" valign="top" colspan="2"><DIV style="margin-left:105px; text-indent:-15px">&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;&#095;</DIV></TD>

<TD align="left" valign="top">&nbsp;</TD>
<TD align="left" valign="top">&nbsp;</TD>
<TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLIFFORD A. JONES (1912 &#150; 2001)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;4, 2011
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CATHERINE A. SOURK</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">HERBERT M. JONES (1914 &#150; 2008)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">EXECUTIVE DIRECTOR</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GEORGE L. VARGAS (1909 &#150; 1985)</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">JOHN C. BARTLETT (1910 &#150; 1982)</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">LOUIS MEAD DIXON (1919 &#150; 1993)</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">GARY T. FOREMASTER (1953 &#150; 1998)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Corporation<BR>
4200-150-6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W.<BR>
Calgary, Alberta<BR>
Canada T2P 3Y7<BR>
Attn: General Counsel

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:&nbsp;&nbsp;Precision Drilling Holdings Company, a Nevada corporation (&#147;<U>PDHC</U>&#148;)
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as special counsel in the State of Nevada (the &#147;<U>State</U>&#148;) to PDHC in
connection with the Registration Statement on Form F-4 (the &#147;<U>Registration Statement</U>&#148;)
filed by Precision Drilling Corporation, a corporation amalgamated under the Business Corporation
Act (Alberta) (&#147;<U>Precision</U>&#148;), PDHC and certain other guarantors identified in the
Registration Statement (together with PDHC, collectively, the &#147;<U>Guarantors</U>&#148;) with the
Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) under the Securities Act of 1933, as
amended, relating to the issuance by Precision of $650,000,000 aggregate principal amount of its
6.625% Senior Notes due 2020 (the &#147;<U>Exchange Securities</U>&#148;), which are guaranteed by the
Guarantors, including PDHC pursuant to the Indenture (as hereinafter defined) (collectively, the
&#147;<U>Guarantees</U>&#148;). The Exchange Securities and the Guarantees will be issued under an
Indenture dated as of November&nbsp;17, 2010 (the &#147;<U>Indenture</U>&#148;) among Precision, The Bank of New
York Mellon, as U.S. trustee and Valiant Trust Company, as Canadian co-trustee (collectively, the
&#147;<U>Trustee</U>&#148;). The Exchange Securities will be offered by Precision in exchange for
$650,000,000 aggregate principal amount of its outstanding 6.625% Senior Notes due 2020.
Capitalized terms used in this opinion which are not otherwise defined herein have the meanings
given such terms in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our capacity as such special Nevada counsel, we have reviewed copies of the following
documents (collectively, the &#147;<U>Transaction Documents</U>&#148;):
</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Indenture (including the Guarantees set forth 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The form of Exchange Securities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this opinion, we have also examined the originals or copies of the
following organizational documents of PDHC:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">RENO OFFICE<BR>
100 WEST LIBERTY STREET, TWELFTH FLOOR, RENO, NEVADA 89504 TEL (775)&nbsp;786-5000 FAX (775)&nbsp;786-1177
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Corporation<BR>
Attn: General Counsel<BR>
May&nbsp;4, 2011<BR>
Page 2

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Articles of Incorporation of Grey Wolf Holdings Company filed with the Nevada Secretary of
State on December&nbsp;28, 1998, as amended by Articles of Merger of Grey Wolf Management Company (a
Texas corporation) and Grey Wolf Holdings Company (a Nevada corporation) filed with the Nevada Secretary of State on December&nbsp;31, 1998, and a
Certificate of Amendment to Articles of Incorporation For Nevada Profit Corporations filed with the
Nevada Secretary of State on May&nbsp;19, 2009 (changing the name of the corporation to &#147;Precision
Drilling Holdings Company&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Bylaws of PDHC certified to us by its corporate officer as of the date hereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Certificate of Existence with Status in Good Standing of PDHC issued by the Nevada
Secretary of State on April&nbsp;6, 2011 (the &#147;<U>PDHC Good Standing Certificate</U>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Those certain resolutions adopted by unanimous consent of the Board of Directors of PDHC
dated November&nbsp;10, 2010, authorizing and approving the execution, delivery and performance of the
Indenture and other actions of PDHC necessary for the consummation of the transactions contemplated
by the Indenture and those certain resolutions adopted by unanimous consent of the Board of
Directors of PDHC dated May&nbsp;3, 2011, authorizing and approving the issuance of the Exchange
Securities and other action of PDHC necessary contemplated thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The organizational documents described in items (l)&nbsp;and (2)&nbsp;above are collectively referred to
hereinafter as the &#147;<U>PDHC Organizational Documents</U>.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering our opinions, we have also examined such certificates of public officials,
documents, records, and other certificates and instruments as we have deemed necessary for the
purposes of the opinions herein expressed and have assumed that each such certificate, document,
record and instrument is accurate, complete, authentic and current. As to various questions of fact
material to our opinions, we have relied upon certificates and written statements of PDHC and such
other persons as we have deemed necessary for the issuance of our opinions. However, we have not
necessarily independently verified the content of factual statements made to us in connection
therewith, or the veracity of such representations or statements in such certificates, but we have
no reason to believe that such factual statements or representations are inaccurate. We have not
reviewed, and express no opinion as to, any instrument or agreement referred to or incorporated by
reference in the Transaction Documents (other than references to documents which are themselves
Transaction Documents).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Assumptions</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering the opinions contained herein we have, with your consent and without
investigation, assumed: (a)&nbsp;that each of the entity parties to the Transaction Documents other than
PDHC is duly incorporated or formed, validly existing and in good standing under the laws of its
jurisdiction of incorporation or formation; (b)&nbsp;the power and authority of all parties other than
PDHC, as applicable, to execute, deliver &#183;and perform their respective obligations under the
Transaction Documents; (c)&nbsp;the valid authorization of the Transaction Documents by all parties
thereto other than PDHC, and the valid execution and delivery of the Transaction Documents by all
parties thereto (other than PDHC with respect to the Indenture); (d)&nbsp;that each entity party to the
Transaction Documents, other than PDHC, is acting in appropriate furtherance of its company
purposes with respect to the execution, delivery and performance of its obligations under the
Transaction Documents to which it is a party, and such execution and delivery and the performance
of each such party&#146;s obligations thereunder will not violate the articles or certificate of
incorporation or other charter document or bylaws, partnership agreement, operating agreement or
other
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Corporation<BR>
Attn: General Counsel<BR>
May&nbsp;4, 2011<BR>
Page 3

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">organizational agreement of such party; (e)&nbsp;the legal capacity of all natural persons; (f)
that the Transaction Documents constitute the legally valid and binding obligations of each of the
parties thereto, other than PDHC, as applicable, enforceable against such parties in accordance
with their respective terms; (g)&nbsp;that there are no other documents or agreements, oral or written,
and no
usage of trade or course of dealing among the parties to the Transaction Documents, or between
any two or more of them, that would have an effect on the opinions rendered herein; (h)&nbsp;the
genuineness of all signatures; (i)&nbsp;the performance by the parties (other than PDHC, as applicable)
of their respective obligations under the Transaction Documents does not and will not contravene or
conflict with any law, rule or regulation of any jurisdiction, or any judgment, order or decree of
any court or regulatory body applicable to the parties or by which such parties may be bound; (j)
that PDHC does not engage in any of the following: (i)&nbsp;gaming business, (ii)&nbsp;liquor business, (iii)
insurance business, or (iv)&nbsp;cemetery business; (k)&nbsp;that PDHC is not a financial institution or
public utility; (1)&nbsp;PDHC has not entered into any agreement with any governmental or public body or
authority of the State requiring any consent or approval to the transactions contemplated by the
Transaction Documents by any such body or authority; (m)&nbsp;the accuracy, completeness and correctness
of all statements of fact and factual representations and warranties contained in the Transaction
Documents except for representations or warranties which purport to represent or warrant matters
opined to hereinafter; (n)&nbsp;the authenticity of all documents submitted to us as originals; (o)&nbsp;the
conformity to authentic original documents of all documents submitted to us as certified,
conformed, photostatic, electronic or facsimile copies; and (p)&nbsp;that PDHC is an owner, member,
manager or affiliate of Precision, or otherwise benefits from its relationship with Precision and
the financial accommodations provided to Precision under the Transaction Documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Opinions</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the foregoing, and in reliance thereon, and subject to the assumptions,
qualifications, limitations and exceptions set forth herein, we are of the opinion that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;PDHC has been duly incorporated and, based solely on the PDHC Good Standing
Certificate, is existing and in good standing under the laws of Nevada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Indenture has been duly authorized by PDHC, and duly executed and delivered
by PDHC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The execution, delivery and performance of the Indenture, and the compliance
with the terms and provisions thereof by PDHC, and the issuance of the Guarantee will not result in
a breach or violation of any of the terms and provisions of, or constitute a default under, or
result in the imposition of any lien, charge or encumbrance upon any property or assets of PDHC
pursuant to the articles of incorporation or bylaws of PDHC or any statute, rule or regulation
under the laws of the State applicable to PDHC, or, to our actual knowledge, any judgment, order or
decree of any governmental agency or body or any court in the State having jurisdiction over PDHC
or any of its properties, and PDHC has full power and authority to authorize and issue the
Guarantee in accordance with the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Limitations and Qualifications</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever our opinion in this letter with respect to the existence or absence of facts is
qualified by the phrase &#147;to our actual knowledge,&#148; or terms of similar import, it is intended to
signify that during the course of our representation of PDHC no information has come to the
attention of lawyers currently
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Corporation<BR>
Attn: General Counsel<BR>
May&nbsp;4, 2011<BR>
Page 4

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">members of or associated with this firm who have performed services
on behalf of PDHC which would give us actual knowledge of any facts inconsistent with this
opinion. We have not undertaken any independent investigation to determine the existence or
absence of those facts, and no inference as to our knowledge of the existence or absence of those
facts shall or may be drawn from our representation of PDHC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to our opinions contained herein, we have not conducted any special review of
statutes, rules, regulations, decisions, or orders and our opinion with respect thereto is limited
to such State statutes, rules and regulations as in our experience are customarily applicable to
transactions of the sort contemplated by the Transaction Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without limitation to any assumption or other qualification contained herein, we express no
opinion as to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;The enforceability of the Transaction Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;The status of title to any real or personal property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;The reasonableness of any late charge or liquidated damages.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;Any permits or approvals that may be required for the operation of the business of PDHC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;The following: (i)&nbsp;any federal or state securities, commodities or investment company laws
or regulations; (ii)&nbsp;any federal or state labor, pension or other employee benefit laws or
regulations; (iii)&nbsp;any federal or state antitrust, trade or unfair competition laws or regulations;
(iv)&nbsp;any federal or state laws or regulations pertaining to the environment, occupational safety,
health or other similar matters; (v)&nbsp;any federal or state energy laws or regulations; (vi)&nbsp;any
laws, ordinances, administrative decisions, rules, regulations or requirements of any county,
municipality, subdivision or similar local authority of any jurisdiction or any agency or
instrumentality thereof; (vii)&nbsp;any federal or state tax laws or regulations or other tax matters,
including, without limitation, franchise, income, sales, use or transfer taxes; (viii)&nbsp;any
accounting matters; (ix)&nbsp;any federal or state laws or regulations pertaining to the regulation of
utilities or telecommunication companies; (x)&nbsp;any federal or state laws or regulations relating to
copyrights, patents, trademarks or other intellectual property; (xi)&nbsp;the financial condition or
solvency of, or any financial or other information provided by PDHC; (xii)&nbsp;federal and state
building, landmark, archaeological or historical preservation, mobile home, land use, zoning,
subdivision, environmental, or hazardous materials laws or regulations; or (xiii)&nbsp;the federal laws
of Canada or the laws of the Province of Alberta.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.&nbsp;Except as set forth herein, the ability of PDHC to perform the obligations of or to comply
with the requirements imposed on them in the Transaction Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.&nbsp;Any restrictions on the power and authority of PDHC to act in its capacity as the general
partner of Precision Drilling Company L.P., a Texas limited partnership (&#147;<U>PDC Texas</U>&#148;) that
may be imposed under the organizational documents of PDC Texas or by the laws of the jurisdiction
under which PDC Texas was formed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are admitted to practice in the State, and our opinion is limited to matters under or
involving the laws of the State. We express no opinion as to matters under or involving the laws of
any jurisdiction other than the laws of the State as those laws presently exist.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Corporation<BR>
Attn: General Counsel<BR>
May&nbsp;4, 2011<BR>
Page 5

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This letter is issued in the State, and by issuing this letter the law firm of Jones Vargas
shall not be deemed to be transacting business in any other state. Furthermore, by issuing this
letter the law firm of Jones Vargas does not consent to the jurisdiction of any state but the
State, and any claim or cause of action arising out of the opinions expressed herein must be
brought in the State.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is furnished by us to you at the request of and as special counsel to PDHC. No
client relationship we have exists between our Firm and you in connection with the Indenture or by
virtue of this opinion. This opinion is solely for the benefit of the addressee hereto and may not
be relied upon or used by, circulated, quoted or referred to, nor may copies hereof be delivered
to, any person other than the addressees and PDHC without, in each instance, our prior written
approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion letter as Exhibit&nbsp;5.4 to the Registration
Statement. We further consent to the reliance by Simpson Thacher &#038; Bartlett LLP upon this opinion
letter in rendering its opinions to you with respect to the transactions contemplated in the
Registration Statement. The opinions expressed in this letter are rendered as of the date hereof,
and we express no opinion as to circumstances or events that may occur subsequent to such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Jones Vargas

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">JONES VARGAS

</DIV>

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</DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.5
<SEQUENCE>43
<FILENAME>o69608exv5w5.htm
<DESCRIPTION>EX-5.5
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w5</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.5</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Sender e-mail: hgarner@smr-lwfirm.com
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">May&nbsp;4, 2011
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Corporation<BR>
4200, 150 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W.<BR>
Calgary, Alberta, Canada T2P 3Y7

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Precision Drilling LLC<br>
Pursuant to the Form&nbsp;F-4 Registration Statement<br>
Our File: 2948.3084</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as special Louisiana counsel for Precision Drilling LLC, a Louisiana limited
liability company (the &#147;<U>Company</U>&#148;). We furnish this opinion (the &#147;Opinion&#148;) in connection
with the filing with the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) by Precision
Drilling Corporation (&#147;<U>PDC</U>&#148;), the Company and other registrants of a Registration Statement
on Form F-4 (the &#147;<U>Registration Statement</U>&#148;) under the Securities Act of 1933, as amended
(the &#147;<U>Act</U>&#148;). The Registration Statement relates to the registration of PDC&#146;s 6.625% Senior
Notes due 2020 in an aggregate principal amount of USD$650&nbsp;million (the &#147;<U>Exchange Notes</U>&#148;),
which Exchange Notes are to be issued by PDC pursuant to the Indenture dated as of November&nbsp;17,
2010 (the &#147;<U>Indenture</U>&#148;) among PDC, The Bank of New York Mellon, as U.S. Trustee, Valiant
Trust Company, as Canadian Trustee, the Company and the other guarantors party thereto and the
payment of which Exchange Notes and other obligations of PDC under the Indenture are being
guaranteed by the Company (the &#147;<U>Company Guarantee</U>&#148;) in guarantee provisions contained in
and constituting part of the Indenture. The Exchange Notes will be offered by PDC in exchange for
an aggregate principal amount of USD$650&nbsp;million of PDC&#146;s outstanding 6.625% Senior Notes due 2020
(the &#147;<U>Initial Notes</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the rendition of this Opinion, our engagement has been limited in scope to
our review of copies of the following documents (i)&nbsp;the Indenture (solely in connection with the
Company Guarantee), (ii)&nbsp;the Articles of Organization of Company dated December&nbsp;22, 1998, as
amended by that Certificate of Amendment to the Articles of Organization of Grey Wolf LLC, dated
May&nbsp;18, 2009 (the &#147;<U>Articles</U>&#148;), (iii)&nbsp;the Regulations of Company dated and effective
December&nbsp;29, 1998, as amended by that First Amendment to Regulations of Grey Wolf LLC, dated
effective October&nbsp;31, 2009 (the &#147;<U>Regulations</U>&#148;), (iv)&nbsp;the Resolutions of the Board of
Directors of Precision Drilling Holdings Company dated November&nbsp;10, 2010 and the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Resolutions of the
Board of
Directors of Precision Drilling Holdings Company dated May&nbsp;3, 2011 (the &#147;<U>Resolutions</U>,&#148; and
together with the Articles and the Regulations, the &#147;<U>Company Documents</U>&#148;), and (v)&nbsp;the
Louisiana Secretary of State Certificate, dated May&nbsp;2, 2011, certifying that the Company (a)&nbsp;filed
its charter and qualified to do business on December&nbsp;29, 1998 (b)&nbsp;is in good standing; and (c)
authorized to do business in Louisiana (collectively, the &#147;<U>Qualification Certificate</U>, and
have relied on same with respect to matters of fact without independent review or verification with
respect to the matters contained therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are aware, and we hereby confirm, that we (a)&nbsp;have not participated as counsel to PDC,
Company or any other guarantor of the Exchange Notes in regard to (i)&nbsp;the formation of PDC, Company
or any other guarantor, or (ii)&nbsp;except for the preparation of this Opinion and our review of the
Indenture, the Company Documents, the Qualification Certificate and the Company Officer&#146;s
Certificate, in connection therewith, the negotiation or preparation of the Indenture, the Company
Guarantee, the guarantees which may have been executed by the Other Guarantors, the Registration
Statement, or any of the related agreements, reports, documents or other instruments executed or
delivered in connection with the Initial Notes or the Exchange Notes. We have been retained solely
for the purpose of rendering certain opinions pursuant to Louisiana law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In making such examinations, unless otherwise specifically addressed by our opinions herein,
we have assumed:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The genuineness of all signatures, the authenticity of all documents submitted to us as
originals, the conformity with the authentic original documents of all documents submitted to us as
certified or photostatic copies, and that the documents submitted to us for review are the
documents, or copies thereof, executed by the parties thereto;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;Except as expressly stated in paragraph 1 regarding the Company, that each of the parties
to the Indenture is (i)&nbsp;duly organized and validly existing, and (ii)&nbsp;in good standing in any
jurisdiction necessary to permit it to enter into and perform under the Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;Except as expressly stated in paragraph 1 regarding the Company, that each of the
parties to the Indenture has the power and authority to execute and deliver such document and to
perform their respective obligations thereunder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;Except as expressly stated in paragraph 1 regarding the Company, that the due execution
and delivery of the Indenture by each party thereto and that the execution and delivery of such
document by each party thereto, and the performance of their respective obligations thereunder,
have been duly authorized by all necessary partnership, limited liability company, corporate or
other similar action, as the case may be;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;That the Indenture constitutes the legal, valid and binding obligations of the Company and
all other parties thereto, enforceable against the same, as the case may be, in accordance with its
respective terms;
</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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;That consideration, fair and sufficient to support the Company Guarantee, has been and
would be deemed by a court of competent jurisdiction to have been, legally adequate and duly
received by the Company;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;That none of the parties to the Indenture is involved in any court or administrative
proceeding, or other similar proceeding, to which their business, assets or property would be
subject or which would question the validity or enforceability of the Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;With the exception of the Company, that there is no requirement of consent, approval or
authorization by any person or governmental authority with respect to other parties to the
Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;The legal capacity of all natural persons;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;That the federal tax identification number and organizational number of the Company set
forth in the Registration Statement are correct;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;Without verification, that no facts exist that would make available defenses of mutual
mistake, fraud, concealment, undue influence, duress or criminal activity and that there is no
usage of trade or course of prior dealing among the parties that would, in either case, define,
supplement or qualify the terms of any of the agreements or documentation on which we have opined;
and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;That the representations as to factual matters made by or on behalf of the Company in
the Indenture and the Company Officer&#146;s Certificate, are accurate and complete.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing, and subject to the assumptions, qualifications and limitations set
forth herein, we are of the opinion that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;(a) (i)&nbsp;The Company is duly organized as a limited liability company and validly existing
under the laws of the State of Louisiana, and (ii)&nbsp;based solely on the Qualification Certificate,
the Company is authorized to do business and is in good standing in the State of Louisiana.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The execution and delivery by the Company of the Indenture, and the performance by the
Company of its payment obligations, including the Company Guarantee, thereunder, has been duly
authorized by all necessary limited liability action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Indenture has been duly authorized, executed and delivered by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Neither the execution and delivery by the Company of the Indenture, nor the performance by
the Company of its payment obligations, including the Company Guarantee, thereunder, will violate,
or result in a breach of, or constitute a default under, (a)&nbsp;the Articles or the Regulations of
the Company (b)&nbsp;any statutory law or regulation of the State of Louisiana applicable to the
Company, or (c)&nbsp;to our knowledge, any order, judgment, or decree of any court or governmental
authority having jurisdiction over the Company or any of its properties.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions expressed hereinabove are limited and qualified as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Our opinions are subject to the effects of bankruptcy, receivership, insolvency,
reorganization, arrangement, moratorium, fraudulent transfer, fraudulent conveyance or similar laws
or equitable principals (whether applied in any proceeding at
law or in equity) of general application now or hereafter in effect relating to or affecting the
rights of creditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;We have not conducted independent investigations or inquiries to determine the existence
of matters, actions, proceedings, items, documents, facts, judgments, decrees, franchises,
certificates, permits or the like, and we have made no independent search of the records of any
court, arbitrator or governmental authority affecting the Company, and no inference as to our
knowledge thereof shall be drawn from the fact of any representation of any party or otherwise and
express no opinion with respect thereto. We have made no independent investigations as to the
accuracy or completeness of any factual representation, warranty, data or other information,
whether written or oral, that may have been made by or on behalf of the parties to the Indenture
and express no opinion with respect thereto. We have made no independent investigation of any
accounting or financial matters and express no opinion with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;With respect to our opinions contained in paragraph 1(a)(ii) above, we have relied solely
upon the Qualification Certificate without further investigation as to matters set forth therein,
and such opinions are limited to the dates of such Qualification Certificate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;We express no opinion herein with respect to the need for authorizations, consents,
approvals, exemptions, franchises, licenses, filings or other actions required in the operation of
the business of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;In rendering our opinions herein, we have not conducted any investigation into the types
of business and activities in which the Company engages or the manner in which the Company conducts
its business, and express no opinion regarding same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;We express no opinion as to the enforceability of the Indenture or any of the particular
provisions therein (including, but not limited to any choice of law provisions) either under
Louisiana law, laws of the United States, or pursuant to the terms and conditions of the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;We express no opinion on compliance with, or any governmental or regulatory filing,
approval, authorization, license or consent required by or under any (a)&nbsp;federal or state
environmental law, (b)&nbsp;federal or state antitrust law, (c)&nbsp;federal or state taxation law, (d)
federal or state worker health or safety, zoning or permitting or land use matter, (e)&nbsp;federal or
state patent, trademark or copyright statute, rule or regulation, (f)&nbsp;federal or state statutory or
other requirement relating to the disposition of hazardous waste or environmental protection, (g)
federal or state receivership or conservatorship law, (h)&nbsp;securities registration or antifraud
provisions under any federal or state securities law, (i)&nbsp;federal or state labor or employment law,
(j)&nbsp;federal or state employee benefits or pension law, (k)&nbsp;federal or state health, safety,
building
</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="left" style="font-size: 10pt; margin-top: 6pt">or subdivision law, ordinance, code, rule or regulation or (l)&nbsp;state or federal labor,
pension and employee benefit law, rule or regulation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;We express no opinion herein as to the organization or existence of Precision Drilling
Holdings Company, sole member of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;We express no opinion as to any matters arising under any applicable federal or state
securities laws, antitrust or trade regulation laws, environmental laws or regulations, tax laws,
laws relating to licenses, permits, approvals or similar matters
applicable to the businesses or activities of the Company, or any matters of local or municipal law
or the laws of any local agencies or political subdivisions within any state or any laws which are
applicable to the subject transactions or the parties thereto because of the nature or extent of
their business.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">********
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Factual matters or agreements pertaining to the Company, any subsidiary of the Company or the
Indenture may exist of which we have no knowledge or information; however, we have no current
actual knowledge of any facts or circumstances which would make any opinion expressed herein
incorrect or inaccurate. Furthermore, no inference as to our knowledge thereof shall be drawn from
the fact of our representation of the Company or any subsidiary of the Company or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wherever used in any opinion or statement herein, the phrases &#147;of which we have knowledge,&#148;
&#147;to our knowledge,&#148; &#147;insofar as is known to us,&#148; &#147;known to us&#148; and other words of similar meaning
qualify and limit such opinion or statement to the knowledge of those lawyers in this firm who have
provided legal services to the Company in connection with the Indenture, of facts, matters or other
information affecting such opinion or statement, which is the only matter with respect to which
this firm has represented the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are licensed attorneys only in the State of Louisiana, and, therefore, except as set forth
immediately hereinbelow, we express opinions herein only insofar as to matters governed by the laws
of the State of Louisiana. We express no opinion as to the effect or applicability of any law of
any other jurisdiction or as to any provision of the Indenture providing for the application of any
other law. The opinions expressed herein are made as of the date hereof, and we assume no, and
expressly disclaim any, obligation to update or supplement such opinions to reflect any facts,
circumstances or changes in laws which may hereafter occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The scope of this Opinion is limited to those issues specifically considered herein, and no
further or more expansive opinion is to be implied from the opinions expressed herein. Any
variation or difference in the facts upon which this Opinion is based may affect our conclusions in
an adverse manner and may make them inapplicable or inaccurate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Opinion is being furnished to PDC for use in connection with the transactions
contemplated by the Registration Statement. This opinion letter may be relied upon you and your
legal counsel but may not be relied upon by any other person without our prior written consent.
Notwithstanding the foregoing, (i)&nbsp;this opinion may be relied upon by Simpson Thacher
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#038; Bartlett
LLP for the purpose of issuing its opinion letter dated as of the date hereof pursuant to the
Registration Statement to be filed as Exhibit&nbsp;5.1 to the Registration Statement; and (ii)&nbsp;we hereby
consent to the filing of this opinion letter with the Commission as Exhibit&nbsp;5.5 to the Registration
Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/
SLATTERY, MARINO &#038; ROBERTS<BR>
A Professional Law Corporation

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">SLATTERY, MARINO &#038; ROBERTS<BR>
A Professional Law Corporation

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>44
<FILENAME>o69608exv10w1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>US $550,000,000</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>EXTENDIBLE REVOLVING TERM CREDIT FACILITY</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CREDIT AGREEMENT</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BETWEEN:</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PRECISION DRILLING CORPORATION<BR>
(as Borrower)</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>- and -</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE FINANCIAL INSTITUTIONS SIGNATORY HERETO<BR>
(as Lenders)</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>- and -</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ROYAL BANK OF CANADA<BR>
(as Administration Agent for the Lenders)</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>- with -</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RBC CAPITAL MARKETS and CREDIT SUISSE SECURITIES (USA)&nbsp;LLC<BR>
(as Co-Lead Arrangers and Joint Bookrunners)</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>- and -</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE TORONTO-DOMINION BANK, HSBC BANK CANADA and<BR>
WELLS FARGO BANK, N.A.<BR>
(as Co-Documentation Agents)</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Dated as of November&nbsp;17, 2010</B>
</DIV>
</DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</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>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 1 INTERPRETATION</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.1 Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.2 Headings and Table of Contents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.3 References</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.4 Rules of Interpretation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.5 Generally Accepted Accounting Principles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.6 Time</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.7 Payment for Value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.8 Monetary References</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 2 REPRESENTATIONS AND WARRANTIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>35</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.1 Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.2 Deemed Representations and Warranties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 3 THE CREDIT FACILITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>39</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.1 Obligations of Each Lender</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.2 Extension of Maturity Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.3 Increase of Total Commitment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.4 Purpose</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.5 Takeover Notification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.6 Borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.7 Selection of Libor Interest Periods</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.8 Conditions Applicable to Bankers&#146; Acceptances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.9 Agent&#146;s Duties Regarding Bankers&#146; Acceptances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.10 Letters of Credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.11 Notice of Repayment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.12 Pro-Rata Treatment of Borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.13 Conversion Option</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.14 Rollovers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.15 Notices Irrevocable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.16 Lender Swaps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.17 Cash Management Facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.18 Operating Facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 4 REPAYMENT AND PREPAYMENT</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>57</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.1 Repayment of Borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.2 Repayment of Borrowings In Excess of Commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.3 Breakage Costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.4 Cancellation of Total Commitment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.5 Early Repayment of Libor Loans, Letters of Credit and Bankers&#146; Acceptances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.6 Evidence of Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 5 PAYMENT OF INTEREST AND FEES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>59</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.1 Interest on Prime Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.2 Interest on U.S. Base Rate Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&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 -->ii<!-- /Folio -->
<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>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.3 Interest on Libor Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.4 Bankers&#146; Acceptance Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.5 Letter of Credit Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.6 Interest on Overdue Amounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.7 Agent&#146;s Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.8 Maximum Rate Permitted by Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.9 Interest Generally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.10 Standby Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.11 Interest and Fee Adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 6 LOAN PARTY GUARANTEE AND SECURITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>62</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.1 Loan Party Guarantee and Security</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.2 Form of Loan Party Guarantee and Security</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.3 Registrations and Renewals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.4 Security Effective Notwithstanding Date of Advance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.5 Extensions, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.6 No Merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.7 Material Subsidiary Designation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.8 Release of Loan Party Guarantee or Security</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.9 Fall-away of Security</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.10 Permitted Encumbrances and Permitted Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 7 PAYMENT AND TAXES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>66</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.1 Time, Place and Currency of Payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.2 Application of Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.3 Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.4 Account Debit Authorization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 8 CONDITIONS PRECEDENT TO DISBURSEMENT OF THE BORROWINGS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>67</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.1 Effectiveness and Conditions Precedent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.2 Conditions Precedent to each Utilization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.3 Waiver of a Condition Precedent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 9 COVENANTS OF THE BORROWER</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>70</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.1 Positive Covenants of the Borrower</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.2 Negative Covenants of the Borrower</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">9.3 Financial Covenants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 10 EVENTS OF DEFAULT</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>76</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.1 Events of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.2 Acceleration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.3 Demands for Repayment of other Secured Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.4 Cash Collateral Accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.5 Remedies on Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.6 Right of Set-Off</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.7 Application and Sharing of Payments Following Acceleration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.8 Adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.9 Swap Indebtedness Calculations as at the Adjustment Time</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&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 -->iii<!-- /Folio -->
<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>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.10 Lender May Perform Covenants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">10.11 Waiver of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 11 EXPENSES AND INDEMNITIES, MARKET DISRUPTION,
REPLACEMENT LENDERS AND DEFAULTING LENDERS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>84</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.1 Reimbursement of Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.2 Increased Cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.3 Illegality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.4 Market Disruption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.5 Funding Indemnity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.6 General and Environmental Indemnity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.7 Replacement Lender</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">11.8 Defaulting Lenders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 12 THE AGENT AND THE LENDERS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>91</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.1 Authorization of Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.2 Responsibility of Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.3 Acknowledgment of Secured Lenders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.4 Rights and Obligations of Each Secured Lender</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.5 Notice to Secured Lenders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.6 Notices between the Secured Lenders, the Agent and the Borrower</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.7 Agent&#146;s Duty to Deliver Documents Obtained from the Borrower</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.8 Arrangements for Borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.9 Arrangements for Repayment of Borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.10 Repayment by Lenders to Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.11 Adjustments Among Lenders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.12 Lenders&#146; Consents to Waivers, Amendments, etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.13 Reimbursement of Agent&#146;s Expenses or Lender&#146;s Costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.14 Reliance by Agent on Notices, etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.15 Relations with Borrower</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.16 Successor Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.17 Indemnity of Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.18 Sharing of Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.19 Amendment to this Article&nbsp;12</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">12.20 The Agent and Defaulting Lenders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 13 SUCCESSORS AND ASSIGNS, JUDGMENT CURRENCY AND CONFIDENTIAL INFORMATION</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.1 Successors and Assigns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.2 Judgment Currency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.3 Secured Lenders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">13.4 Exchange and Confidentiality of Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE 14 MISCELLANEOUS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>103</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">14.1 Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">14.2 Failure to Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">14.3 Waivers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">14.4 Amendments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">14.5 Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&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 -->iv<!-- /Folio -->
<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>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">14.6 Whole Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">14.7 Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">14.8 Term of Agreement and Survival</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">14.9 Term e of Essence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">14.10 Anti-Money Laundering Legislation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">14.11 Conflict with Other Documents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">14.12 Saskatchewan Legislation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">14.13 Counterpart Execution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&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="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Commitments and Addresses</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Borrowing/Repayment Notice</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rollover Notice</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;D
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conversion Notice</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;E
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Borrowing Notice by Way of Bankers&#146; Acceptances</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;F
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compliance Certificate</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;G
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Request for Extension</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;H
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lender Transfer Agreement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney Terms &#151; Bankers&#146; Acceptances</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;J
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Power of Attorney Terms &#151; BA Equivalent Advances</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;K
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Chart</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;L
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Existing Lender Swaps</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;M
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Existing Letters of Credit</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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS CREDIT AGREEMENT </B>is dated as of the 17<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of November, 2010.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BETWEEN:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>PRECISION DRILLING CORPORATION</B>, as Borrower</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>AND:</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>ROYAL BANK OF CANADA, CREDIT SUISSE AG, TORONTO BRANCH AND THE OTHER FINANCIAL
INSTITUTIONS NAMED HEREIN OR IN LENDER TRANSFER AGREEMENTS</B>, in their capacities as
Lenders
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>AND:</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>ROYAL BANK OF CANADA</B>, a Canadian chartered bank having its head office in the City
of Toronto, Ontario, Canada, in its capacity as Agent
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS </B>the Borrower has requested and the Lenders have agreed to establish extendible
revolving credit facilities on the terms and conditions set forth herein and RBC has agreed to act
as Agent for the Lenders under such credit facilities;</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW THEREFORE</B>, in consideration of the premises, the covenants herein contained and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by
each of the parties hereto, the parties agree as follows:</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 1<BR>
INTERPRETATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.1 Definitions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this Agreement, including the recitals and the Schedules hereto and in all notices pursuant
to this Agreement, unless something in the subject matter or context is inconsistent therewith, the
following words and phrases shall have the following meanings:</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>2010 Notes</B>&#148; means the 6.625% notes due November&nbsp;15, 2020 to be issued by the Borrower concurrently
with the closing of the Credit Facility under the 2010 Note Indenture (but for greater certainty
excluding any additional notes which may be issued under the 2010 Note Indenture thereafter);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>2010 Note Indenture</B>&#148; means the trust indenture to be entered into by the Borrower, as note issuer,
and The Bank of New York Mellon, as trustee, and Valiant Trust Company, as Canadian co-trustee, on
or about the Effective Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Acceleration Notice</B>&#148; has the meaning ascribed to it in Section&nbsp;10.2(b);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Acceptable Foreign Jurisdiction</B>&#148; means a Foreign Jurisdiction which, in the opinion of the
Agent, acting reasonably, is acceptable in all respects, including, without limiting the foregoing,
as to location, political system and legal system;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Acceptable Foreign Material Subsidiary</B>&#148; means each Material Subsidiary that is incorporated under
or otherwise governed by the laws of an Acceptable Foreign Jurisdiction;
</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">&nbsp;2
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Accommodations</B>&#148; means the advance of Loans by the Lenders, the acceptance and purchase of Bankers&#146;
Acceptances or, if applicable, the advance of BA Equivalent Advances by the Lenders and the issuing
of Letters of Credit by the Fronting Lender for the account of the Lenders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Accounting Change</B>&#148; has the meaning ascribed thereto in Section&nbsp;1.5(b);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Accounting Change Notice</B>&#148; has the meaning ascribed thereto in Section&nbsp;1.5(b);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Accounts</B>&#148; means the accounts and records established by the Agent pursuant to Section&nbsp;4.6;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Acquisition</B>&#148; means any acquisition by the Borrower or any of its Subsidiaries, whether by
purchase, merger or otherwise, of all or a substantial portion of the assets or shares or other
ownership interests of any Person or of all or a substantial portion of the assets constituting a
business line or unit or a division of any Person, provided that in the case of the acquisition of
shares or other ownership interests of a Person incorporated or formed under the laws of Canada or
the United States or any province, state or territory thereof, such shares or other ownership
interests acquired shall be directly and beneficially owned by a Loan Party;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Additional Compensation</B>&#148; has the meaning ascribed to it in Section&nbsp;11.2;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Adjustment Time</B>&#148; means the time of occurrence of the last event necessary (being either the
delivery of a Demand for Repayment or the occurrence of a Termination Event) to ensure that all
Secured Obligations are thereafter due and payable and such time shall conclusively be:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case where such last event is the delivery of a Demand for Repayment, the time of
delivery for such Demand for Repayment or, where not delivered as required within a time period
specified in Section&nbsp;10.3, then the last day of such time period; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case where such last event is the occurrence of a Termination Event, the time of
occurrence of such Termination Event determined pursuant to the provisions of the Secured Documents
giving rise to such Termination Event;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Affected Lender</B>&#148; has the meaning ascribed to it in Section&nbsp;11.7;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Affiliate</B>&#148; means any Person which, directly or indirectly controls, is controlled by, or is under
common control with another Person, and for the purpose of this definition, &#147;control&#148; (including
with correlative meanings, the terms &#147;controlled by&#148; or &#147;under common control&#148;) means the power to
direct or cause the direction of the management and policies of any Person, whether through the
ownership of Voting Shares, by contract or otherwise, provided that, for all purposes of this
Agreement, each of the Loan Parties shall be deemed to be Affiliates of each other;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Agent</B>&#148; means RBC and any successor entity to RBC when acting in its capacity as administration
agent hereunder and includes any successor agent appointed pursuant to Section&nbsp;12.16;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Agent&#146;s Account for Payments</B>&#148; means, with respect to payments made by the Borrower or a Lender,
those accounts maintained by the Agent at the Agent&#146;s Branch of Account referred to in the
definition thereof or such other places or accounts as the Agent may from time to time advise the
Borrower or the Lenders, as applicable, in writing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Agent&#146;s Branch of Account</B>&#148; means, the office of the Agent located at 12th Floor, South Tower,
Royal Bank Plaza, 200 Bay Street, Toronto, Ontario M5J 2W7 (Telecopy No.&nbsp;416-842-4023) or such
other
</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 -->3<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">office or branch of the Agent in Canada as the Agent may from time to time advise the Borrower and
the Lenders in writing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Agreement</B>&#148; means this credit agreement, all Schedules attached hereto and any future amendments,
amendments and restatements, replacements or supplements hereto or thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>AIMCO Notes</B>&#148; means the 10% senior unsecured notes issued by the Borrower in favour of Her Majesty
the Queen in right of the Province of Alberta under a note indenture dated as of April&nbsp;22, 2009 in
the original principal amount of Cdn.$175,000,000;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>AML Legislation</B>&#148; has the meaning ascribed to it in Section&nbsp;14.10(a);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Applicable Law</B>&#148; means, in relation to any Person, property, transaction or event, all applicable
provisions (or mandatory applicable provisions, if so specified) of federal, provincial, state or
local laws, statutes, rules, regulations, official directives and orders of all Governmental
Authorities and Governmental Actions in actions or proceedings in which the Person in question is a
party or by which it is bound or having application to the Person, property, transaction or event;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Applicable Margin</B>&#148; means a margin, expressed as a rate per annum, payable to the Agent on behalf
of all of the Lenders, with respect to Borrowings, as set forth in the table below for the
applicable Consolidated Total Debt to EBITDA Ratio:
</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="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Libor Loans, Bankers&#146;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Consolidated Total Debt</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Prime Loans and U.S. Base</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Acceptances and</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Level</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">to EBITDA Ratio</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Rate Loans</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Letters of Credit</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">I
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top"><FONT style="font-family: symbol">&#163;</FONT>  1.00
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.00%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.00%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">II
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#062; 1.00 and <FONT style="font-family: symbol">&#163;</FONT>  1.50
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.25%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.25%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">III
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#062; 1.50 and <FONT style="font-family: symbol">&#163;</FONT>  2.00
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.50%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.50%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">IV
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#062; 2.00 and <FONT style="font-family: symbol">&#163;</FONT>  2.50
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.75%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.75%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">V
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#062; 2.50 and <FONT style="font-family: symbol">&#163;</FONT>  3.00
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.25%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.25%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">VI
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#062;3.00
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.75%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.75%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided that changes in the Applicable Margin shall be effective and adjusted in accordance with
Section&nbsp;5.11. The Applicable Margin for Letters of Credit that are not Financial Letters of Credit
(as determined by the Fronting Lender issuing such Letter of Credit in its discretion) will be
two-thirds (2/3) of the Applicable Margin for Financial Letters of Credit. For the purposes of
calculating the Applicable Margins for Prime Loans, U.S. Base Rate Loans and Bankers&#146; Acceptances,
the per annum rate is expressed on the basis of a 365&nbsp;day year, as applicable, and the Applicable
Margin for Libor Loans is calculated as a per annum rate expressed on the basis of a 360&nbsp;day year;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Approved Fund</B>&#148; means a Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of business and that is administered or managed by a Lender, an
affiliate of a Lender or a Person or an affiliate of a Person that administers or manages a Lender;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>BA Acceptance Fee</B>&#148; means, with respect to Bankers&#146; Acceptances, the fee, expressed as a rate per
annum, payable to each Lender or retained by each Lender, in each case with respect to Bankers&#146;
Acceptances to be accepted and purchased by such Lender as set forth in the table in the definition
of &#147;Applicable Margin&#148; for Bankers&#146; Acceptances;
</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 -->4<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>BA Equivalent Advance</B>&#148; means an advance made in Canadian Dollars by a Non-Acceptance Lender as
part of an Accommodation by way of Bankers&#146; Acceptances;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Bankers&#146; Acceptances</B>&#148; means bankers&#146; acceptances denominated in Cdn. Dollars which are issued by
the Borrower pursuant to Sections&nbsp;3.6, 3.13 or 3.14 and accepted and if applicable, purchased by a
Lender pursuant to Section&nbsp;3.8(i);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Board</B>&#148; means the Board of Governors of the Federal Reserve System of the United States of America
(or any successor);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Borrower</B>&#148; means Precision Drilling Corporation and its successors and permitted assigns;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Borrowing Notice</B>&#148; means a notice to effect an Accommodation delivered under Section&nbsp;3.6 and
substantially in the form of Schedule&nbsp;B with all applicable blanks completed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Borrowings</B>&#148; means, at any time, the principal amount outstanding by way of Loans made by the
Lenders together with the face amount of Bankers&#146; Acceptances outstanding (and, if applicable, any
related BA Equivalent Advances) accepted and, if applicable, purchased by the Lenders and the
undrawn amount of all outstanding Letters of Credit issued by the Fronting Lenders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>bps</B>&#148; means 1/100th of one percent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Branch of Account</B>&#148; means, with respect to each Lender, the branch or office of such Lender located
at the address set forth opposite such Lender&#146;s name on Schedule&nbsp;A to this Agreement or in its
Lender Transfer Agreement or such other branch or office as such Lender may from time to time
advise the Borrower and the Agent in writing; provided that, for purposes of delivering any notice
required to be delivered by the Agent to a Lender pursuant to Section&nbsp;12.6 and for purposes of
effecting any payments to a Lender in connection with this Agreement, a Lender may specify in
writing to the Agent any other branch or office of such Lender in Canada or the United States and
such branch or office shall thereafter be the Branch of Account of such Lender for such purpose;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Business Day</B>&#148; means a day, excluding Saturday and Sunday, on which banking institutions are open
for the transaction of commercial business in Toronto, Ontario, Calgary, Alberta, and New York, New
York and also, if such term is considered in the context of a Libor Loan or determination of Libor,
London, England;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Canadian Dollars</B>&#148;, &#147;<B>Cdn. Dollars</B>&#148; and the symbol &#147;<B>Cdn. $</B>&#148; each mean lawful money of Canada;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Canadian Loan Parties</B>&#148; means those Loan Parties which are incorporated under or otherwise governed
by the laws of Canada or a province or territory thereof, and &#147;<B>Canadian Loan Party</B>&#148; means any of
them;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Capital Lease</B>&#148; means, with respect to any Person, any lease or other arrangement relating to real
or personal property which should, in accordance with GAAP, be accounted for as a capital lease on
a balance sheet of such Person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Capitalized Lease Obligations</B>&#148; means, at any time, the amount of any obligation which would, in
accordance with GAAP, be required to be classified and accounted for as a Capital Lease on the
consolidated balance sheet of the Borrower;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Cash Collateral Account</B>&#148; means an account with the Agent, or such other financial institution as
designated by the Agent, from which the Borrower does not have any withdrawal rights or privileges
until
</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">repayment of the Borrowings in full, termination of the Total Commitment and termination of this
Agreement, except to apply the amount represented thereby to the Borrowings or a portion thereof,
which account and all funds credited thereto and interest earned thereon (which interest shall be
at the prevailing rate of the Agent or such other financial institution, as the case may be, for
demand deposits of comparable amounts) shall be the subject of a Security Interest in favour of the
Agent on behalf of the Lenders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Cash Management Facilities</B>&#148; means any cash management, treasury, depository, purchasing card or
similar facilities provided for under any Cash Management Facility Agreements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Cash Management Facility Agreements</B>&#148; means any agreements (including for certainty the centralized
banking agreement dated December&nbsp;23, 2008, as amended from time to time, entered into between Royal
Bank of Canada, the Borrower and certain of its Subsidiaries) providing for treasury, depository,
purchasing card or cash management services, including in connection with any automated clearing
house transfers of funds or any similar transactions between a Loan Party and any Lender or
Affiliate thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Cash Management Facility Demand for Repayment</B>&#148; means a demand made by a Cash Management Facility
Provider pursuant to a Cash Management Facility Agreement demanding repayment of all obligations
thereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Cash Management Facility Indebtedness</B>&#148; means, as at any time, the aggregate amount owing by the
Loan Parties under any and all Cash Management Facility Agreements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Cash Management Facility Providers</B>&#148; means any Lender (or its Affiliate) providing Cash Management
Facilities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>CDOR Rate</B>&#148; means on any day:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to Bankers&#146; Acceptances having a Standard Term which are required to be accepted
and, if applicable, purchased on any day, the arithmetical average of the percentage discount rates
(expressed to three (3)&nbsp;decimal places) for Canadian Dollar bankers&#146; acceptances in comparable
amounts having an identical issue and maturity date which are quoted on the &#147;Reuters&#146; Screen CDOR
CAD-BA Page&#148; (as defined in the International Swaps and Derivatives Association, Inc. definitions,
as modified and amended from time to time) (or if such screen shall not be available any successor
or similar service selected by the Agent) as at approximately 10:00&nbsp;a.m. (Toronto time) on such
day, or if such day is not a Business Day, then on the immediately preceding Business Day (as
adjusted by the Agent in good faith after 10 a.m. (Toronto time) or as soon thereafter as
practicable to reflect any error in a posted rate of interest or in the posted average annual rate
of interest); 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to Bankers&#146; Acceptances which do not have a Standard Term or if the rate referred
to in paragraph (a)&nbsp;of this definition does not appear on such &#147;Reuters Screen CDOR Page&#148; (or a
successor service as referred to in paragraph (a)&nbsp;of this definition), then the CDOR Rate, on any
day, shall be the arithmetic average of the percentage discount rate (expressed to three (3)
decimal places) quoted by each Schedule&nbsp;I Reference Lender (determined by such Lender as of 10 a.m.
(Toronto time) on such day), which would be applicable in respect of an issue of bankers&#146;
acceptances in a comparable amount and with identical maturity dates to the Bankers&#146; Acceptances
proposed to be issued by the Borrower on such day or if such day is not a Business Day, then on the
immediately preceding Business Day;</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">If any Schedule&nbsp;I Reference Lender does not furnish a timely quotation, the Agent shall determine
the relevant discount rate on the basis of the quotation or quotations furnished by the remaining
Schedule&nbsp;I Reference Lenders. Each determination of the CDOR Rate shall be conclusive and binding,
absent manifest error, and be computed using any reasonable averaging and attribution method;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Certificated Service Rigs</B>&#148; means a service rig, including a truck-mounted service rig, which is
subject to a certificate of title statute of a state of the United States for the purposes of the
Uniform Commercial Code;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Change of Control</B>&#148; means the occurrence of either of the following events:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Person or combination of Persons acting jointly or in concert (within the meaning of the
<I>Securities Act </I>(Alberta)) becomes the beneficial owner of or controls, directly or indirectly,
Voting Shares of the Borrower which, together with all other Voting Shares of the Borrower held by
such Persons, represent fifty percent (50%) or more of all outstanding Voting Shares of the
Borrower on a fully diluted basis, provided that a Person shall be deemed to have beneficial
ownership of Voting Shares if it has the right to acquire such Voting Shares, whether such right is
exercisable immediately or only after the passage of time; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Specified Change of Control;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Circumstance</B>&#148; has the meaning ascribed to it in Section&nbsp;11.2;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Code</B>&#148; means the Internal Revenue Code of 1986 of the United States of America, as amended from
time to time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Collateral</B>&#148; is a collective reference to all present and after-acquired property, assets, rights
and things (whether real, personal or mixed), tangible and intangible, and the proceeds and
products thereof, subjected or intended to be subjected from time to time to any Security Interest
under any of the Security;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Commitment</B>&#148; means, with respect to each Lender, such Lender&#146;s obligation to make Loans under the
Credit Facility available to, and accept and purchase Bankers&#146; Acceptances from (or, if applicable,
make BA Equivalent Advances to) and issue Letters of Credit through the Fronting Lender for the
account of, the Borrower, subject to the terms of this Agreement, in an aggregate amount not at any
time in excess of the amount set forth opposite such Lender&#146;s name on Schedule&nbsp;A hereto (or in any
Lender Transfer Agreement executed hereafter) as such Lender&#146;s Commitment, as such amount may
hereafter be cancelled, reduced, increased or terminated from time to time pursuant to the
provisions of this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Compliance Certificate</B>&#148; means a compliance certificate substantially in the form attached hereto
as Schedule&nbsp;F executed by a senior officer (including for certainty the chief financial officer or
vice president finance) of the Borrower;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Consenting Lender</B>&#148; has the meaning ascribed to it in Section&nbsp;3.5(b);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Consolidated Cash Flow</B>&#148; means, for any period, Consolidated Net Income (excluding, for certainty,
any income tax expenses, penalties and interest related to the Contingent Tax Liabilities) prior to
distributions to shareholders plus Consolidated Interest Expense, deferred income taxes and
depreciation, non-cash depletion and amortization expense and any other non-cash expenses and
charges deducted in the compilation of such Consolidated Net Income;
</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>Consolidated EBITDA</B>&#148; means, for any period, Consolidated Net Income for such period plus, without
duplication and to the extent reflected as a charge in the determination of such Consolidated Net
Income for such period, the sum 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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>income tax expense, including interest and penalties thereon;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest expense, amortization or writeoff of debt discount (including original issue discount)
and debt issuance costs and commissions, discounts, prepayment premiums and other fees and charges
associated with Debt;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>depreciation, non-cash depletion and amortization expense;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amortization of intangibles (including, but not limited to, goodwill) and organization costs
and any other non-cash expenses and charges in the period (including non-cash foreign exchange
expenses);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any extraordinary non-cash expenses or losses (including, whether or not otherwise includable
as a separate item in the statement of such Consolidated Net Income for such period, losses on the
sale of assets outside of the ordinary course of business), all in the case of clauses (a)&nbsp;through
(e)&nbsp;above, as determined on a consolidated basis; 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="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for purposes of any determination of Consolidated EBITDA for any four Fiscal Quarter period,
the amount of any documented extraordinary, non-recurring or unusual restructuring charges incurred
during any such period, to the extent reasonable back-up is provided to support such costs upon
request by the Agent; provided, that the aggregate amount of such costs that relate to acquisitions
that may be added to Consolidated EBITDA for any such four Fiscal Quarter period pursuant to this
clause (f)&nbsp;shall not exceed U.S. $25,000,000;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and <U>minus</U>:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent included in the determination of such Consolidated Net Income for such period,
the sum of (i)&nbsp;interest income, (ii)&nbsp;any extraordinary income or gains (including, whether or not
otherwise includable as a separate item in the statement of such Consolidated Net Income for such
period, gains on the sales of assets outside of the ordinary course of business), (iii)&nbsp;income tax
credits (to the extent not netted from income tax expense) and (iv)&nbsp;any other non-cash income
(including non-cash foreign exchange income), all, in the case of clauses (i)&nbsp;through (iv)&nbsp;above,
as determined on a consolidated basis; 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="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any cash payments made during such period in respect of items described in clause (e)&nbsp;above
subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were reflected
as a charge in the statement of Consolidated Net Income, all as determined on a consolidated basis.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the purposes of calculating Consolidated EBITDA for any period of four consecutive Fiscal
Quarters, (i)&nbsp;if at any time during such period the Borrower or any Subsidiary shall have made any
Material Disposition, the Consolidated EBITDA for such period shall be reduced after giving <I>pro
forma </I>effect thereto by an amount equal to the Consolidated EBITDA (if positive) attributable to
the property that is the subject of such Material Disposition for such period or increased by an
amount equal to the Consolidated EBITDA (if negative) attributable thereto for such period and (ii)
if during such period the Borrower or any Subsidiary shall have made a Material Acquisition,
Consolidated EBITDA for such
</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">period shall be calculated after giving <U><I>pro forma</I></U> effect thereto as if such Material Acquisition
occurred on the first day of such period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Consolidated Interest Coverage Ratio</B>&#148; means, as at the end of a Fiscal Quarter, the ratio of
Consolidated EBITDA for the four Fiscal Quarters ending at the end of such Fiscal Quarter to
Consolidated Interest Expense for the four Fiscal Quarters ending at the end of such Fiscal
Quarter;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Consolidated Interest Expense</B>&#148; means, for any period, total cash interest expense (including that
attributable to Capital Lease Obligations) of the Borrower and its Subsidiaries for such period
with respect to all outstanding Debt of the Borrower and its Subsidiaries (including all cash
commissions, discounts in respect of bankers&#146; acceptances and other fees and charges owed with
respect to letters of credit and bankers&#146; acceptance financing and net costs under Swaps in respect
of interest rates to the extent such net costs are allocable to such period in accordance with GAAP
and, for the avoidance of doubt, excluding any debt discount (including original issue discount),
debt issuance costs and commissions, brokerage fees, underwriter fees and other upfront fees and
other fees associated with Debt) <U>minus</U> total cash interest income of the Borrower and its
Subsidiaries, in each case determined on a consolidated basis;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Consolidated Net Income</B>&#148; means, for any period, the consolidated net income (or loss) of the
Borrower and its Subsidiaries, determined on a consolidated basis in accordance with GAAP; <U>provided</U>
that there shall be excluded:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary or is
merged into or consolidated with the Borrower or any of 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the income (or deficit) of any Person (other than a Subsidiary of the Borrower) in which the
Borrower or any of its Subsidiaries has an ownership interest, except to the extent that any such
income is actually received by the Borrower or such Subsidiary in the form of dividends or similar
distributions; 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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the undistributed earnings of any Subsidiary of the Borrower to the extent that the declaration
or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by
the terms of any contractual obligation (other than under any Loan Document) or requirement of law
applicable to such Subsidiary;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Consolidated Net Tangible Assets</B>&#148; means, at any time, the total assets of the Borrower and its
Subsidiaries properly classified as such on a consolidated balance sheet of the Borrower in
accordance with GAAP, less, to the extent included in a determination of total assets, and without
duplication;
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Intangible Assets of the Borrower and 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any minority interests in Subsidiaries;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Consolidated Senior Debt</B>&#148; means, as at any time, and as determined in accordance with GAAP for the
Borrower on a consolidated basis and without duplication (with any amounts owing in a currency
other than Cdn. Dollars being calculated at the Equivalent Amount in Cdn. Dollars), all Debt (other
than any attributable to undrawn letters of credit in an amount not in excess of U.S. $200,000,000
issued to cover the Contingent Tax Liabilities) but excluding in any event (without duplication)
Convertible Debt and Specified Unsecured Debt;
</DIV>




</DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Consolidated Senior Debt to EBITDA Ratio</B>&#148; means, as at the end of a Fiscal Quarter, the ratio of
Consolidated Senior Debt as at the end of such Fiscal Quarter to Consolidated EBITDA for the four
Fiscal Quarters ending at the end of such Fiscal Quarter;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Consolidated Total Debt</B>&#148; means, as at any time, and as determined in accordance with GAAP for the
Borrower on a consolidated basis and without duplication (with any amounts owing in a currency
other than Cdn. Dollars being calculated at the Equivalent Amount in Cdn. Dollars), all Debt (other
than any attributable to undrawn letters of credit in an amount not in excess of U.S. $200,000,000
issued to cover the Contingent Tax Liabilities) but excluding in any event (without duplication)
Convertible Debt;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Consolidated Total Debt to EBITDA Ratio</B>&#148; means, as at the end of a Fiscal Quarter, the ratio of
Consolidated Total Debt as at the end of such Fiscal Quarter to Consolidated EBITDA for the four
Fiscal Quarters ending at the end of such Fiscal Quarter;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Contingent Tax Liabilities</B>&#148; means those contingent tax liabilities as disclosed in note 10 to the
financial statements of the Borrower for the Fiscal Quarter ended September&nbsp;30, 2010;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Conversion</B>&#148; means a conversion of a Borrowing (other than a Letter of Credit) or part thereof from
one basis of Borrowing to another (other than a Letter of Credit) and, where applicable, such term
shall include the issuance of new Bankers&#146; Acceptances in respect of converted or unconverted
portions of a Borrowing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Conversion Date</B>&#148; means each Business Day that the Borrower has notified the Agent as the date on
which the conversion of a Borrowing or a portion thereof is to be made pursuant to a request from
the Borrower under Section&nbsp;3.13;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Conversion Notice</B>&#148; means a notice to effect a Conversion delivered under Section&nbsp;3.13 and
substantially in the form of Schedule&nbsp;D with all applicable blanks completed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Convertible Debt</B>&#148; means any convertible subordinated debentures or notes created, issued or
assumed by the Borrower which have all of the following characteristics:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an initial final maturity or due date in respect of repayment of principal extending beyond the
latest Maturity Date of any Lender under this Agreement in effect at the time such debentures or
notes are created, issued or assumed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no scheduled or mandatory payment or repurchase of principal thereunder (other than
acceleration following an event of default in regard thereto or payment which can be satisfied by
the delivery of shares as contemplated in paragraph (f)&nbsp;of this definition and other than on a
change of control of the Borrower where a Change of Control also occurs under this Agreement) prior
to the latest Maturity Date of any Lender under this Agreement in effect at the time such
debentures or notes are created, issued or assumed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon and during the continuance of a Default, an Event of Default or acceleration of the time
for repayment of any Secured Obligations which has not been rescinded, (i)&nbsp;all amounts payable in
respect of principal, premium (if any) or interest under such debentures or notes are subordinate
and junior in right of payment to all such obligations and (ii)&nbsp;no enforcement steps or enforcement
proceedings may be commenced in respect of such debentures or notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon distribution of the assets of the Borrower on any dissolution, winding up, total
liquidation or reorganization of the Borrower (whether in bankruptcy, insolvency or receivership
proceedings or</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon an assignment for the benefit of creditors or any other marshalling of the assets and
liabilities of such person, or otherwise), all Secured Obligations shall first be paid in
full, or provisions made for such payment, before any payment is made on account of
principal, premium (if any) or interest payable in regard to such debentures or notes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the occurrence of a Default or Event of Default under this Agreement or the acceleration of the
time for repayment of any of the Secured Obligations or enforcement of the rights and remedies of
the Agent and the Lenders hereunder or under any other Loan Document shall not in and of
themselves:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cause a default or event of default (with the passage of time or otherwise) under such
debentures or notes or the indenture governing the same; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cause or permit the obligations under such debentures or notes to be due and payable
prior to the stated maturity thereof; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>payments of interest or principal due and payable under such debentures or notes can be
satisfied, at the option of the Borrower, by delivering shares of the Borrower in accordance with
the indenture or agreement governing such debentures or notes (whether such shares are received by
the holders of such debentures or notes as payment or are sold by a trustee or representative under
such indenture or agreement to provide cash for payment to holders of such debentures or notes);</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Credit Facility</B>&#148; has the meaning set forth in Section&nbsp;3.1;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>CS</B>&#148; means Credit Suisse AG, Toronto Branch;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Debt</B>&#148; means, of any Person at any date, without duplication:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all indebtedness of such Person for borrowed money;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all obligations of such Person for the deferred purchase price of property or services (other
than (i)&nbsp;current trade payables incurred in the ordinary course of such Person&#146;s business and (ii)
any earn-out obligation until such obligation becomes a liability on the balance sheet of such
Person in accordance with GAAP and if not paid after becoming due and payable);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all obligations of such Person evidenced by notes, bonds, debentures or other similar
instruments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all indebtedness created or arising under any conditional sale or other title retention
agreement with respect to property acquired by such Person (even though the rights and remedies of
the seller or lender under such agreement in the event of default are limited to repossession or
sale of such property);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all Capital Lease Obligations of such Person;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all obligations of such Person, contingent or otherwise, as an account party or applicant under
or in respect of acceptances, letters of credit, surety bonds or similar arrangements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the obligations of such Person under or in connection with any asset securitization program
(which shall be deemed to be equal to the net proceeds received by such Person thereunder);</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="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the liquidation value of all preferred capital stock of such Person which is, or upon the
happening of any event or the passage of time would be, required to be redeemed by such Person, at
the option of the holder thereof, or matures or is mandatorily redeemable, in whole or in part, on
or prior to the latest Maturity Date of any Lender then in effect under 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="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all guarantee obligations of such Person in respect of obligations of the kind referred to in
clauses (a)&nbsp;through (h)&nbsp;above;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all obligations of the kind referred to in clauses (a)&nbsp;through (i)&nbsp;above secured by (or for
which the holder of such obligation has an existing right, contingent or otherwise, to be secured
by) any lien on property (including accounts and contract rights) owned by such Person, whether or
not such Person has assumed or become liable for the payment of such obligation; 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="1%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>actual amounts owed by such Person under Swaps of such Person upon termination (including early
termination) of such Swaps, including, without limitation, net settlement amounts payable upon
maturity and termination payments payable upon termination.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Default</B>&#148; shall mean the occurrence of any of the events specified in Section&nbsp;10.1, whether or not
any requirement for notice or lapse of time or other condition precedent has been satisfied;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Defaulting Lender</B>&#148; means any Lender:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that has failed to fund any payment or its portion of any Accommodations required to be made by
it hereunder or to purchase any participation required to be purchased by it hereunder and under
the other Loan Documents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that has notified the Borrower, the Agent or any Lender (verbally or in writing) that it does
not intend to or is unable to comply with any of its funding obligations under this Agreement or
has made a public statement to that effect or to the effect that it does not intend to or is unable
to fund advances generally under credit arrangements to which it is a party;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that has failed, within three (3)&nbsp;Business Days after written request by the Agent or the
Borrower, to confirm in writing to the Agent and the Borrower that it will comply with the terms of
this Agreement relating to its obligations to fund prospective Accommodations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that has otherwise failed to pay over to the Borrower, the Agent or any other Lender any other
amount required to be paid by it hereunder within three (3)&nbsp;Business Days of the date when due,
unless the subject of a good faith dispute;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in respect of which a Lender Insolvency Event or a Lender Distress Event has occurred in
respect of such Lender or its Lender Parent; 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="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to which the Agent has concluded, acting reasonably, and has advised the Lenders
in writing, that it is of the view that it is more likely than not that such Lender shall become a
Defaulting Lender pursuant to paragraphs (a)&nbsp;to (e), inclusive, of this definition;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Defaulting Lender Exposure</B>&#148; has the meaning ascribed to it in Section&nbsp;11.8(d);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Demand for Repayment</B>&#148; means delivery of an Acceleration Notice, a Swap Demand for Repayment, an
Operating Facility Demand for Repayment or a Cash Management Facility Demand for Repayment;
</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 align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Discount Proceeds</B>&#148; means, in respect of any Bankers&#146; Acceptance required to be purchased by a
Lender hereunder, an amount (rounded to the nearest whole cent with one-half of one cent being
rounded up) determined as of the applicable Drawdown Date, Conversion Date or Rollover Date which
is equal to:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Face Amount x Price
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">where &#147;<B>Face Amount</B>&#148; is the face amount of such bankers&#146; acceptance and &#147;<B>Price</B>&#148; is equal to:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960866a.gif" alt="(EQUATION)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">where the &#147;<B>Rate</B>&#148; is the applicable Discount Rate expressed as a decimal on the day of purchase; the
&#147;<B>Term</B>&#148; is the term of such Bankers&#146; Acceptance expressed as a number of days; and the Price as so
determined is rounded up or down to the fifth decimal place with .000005 being rounded up;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Discount Rate</B>&#148; means:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to an issue of Bankers&#146; Acceptances having the same maturity date accepted by a
Schedule&nbsp;I Lender, Alberta Treasury Branches or Export Development Canada, the CDOR Rate; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to an issue of Bankers&#146; Acceptances having the same maturity date accepted by a
Schedule&nbsp;II Lender or a Non-Acceptance Lender, the lesser of:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the CDOR Rate plus 10 bps; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the annual rate determined by the Agent to be the arithmetical average of the
percentage discount rates (expressed to three (3)&nbsp;decimal places) for Canadian dollar
bankers&#146; acceptances in comparable amounts and having comparable issue and maturity dates
as quoted to the Agent by the Schedule&nbsp;II Reference Lenders at or about 10 a.m. (Toronto
time) on the applicable Drawdown Date, Conversion Date or Rollover Date;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Disposition</B>&#148; means, with respect to any property or asset, any sale, lease, sale and leaseback,
assignment, conveyance, transfer or other disposition, whether direct or indirect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Distributable Cash Flow</B>&#148; means, for any period, Consolidated Cash Flow determined without regard
to non-cash working capital, <U>plus</U>, without duplication, net proceeds of permitted disposition of
assets not otherwise reinvested or applied towards the prepayment of the Borrowings, all as
determined on a consolidated basis in accordance with GAAP, <U>minus</U> principal, interest and other
debt service payments (including all cash commissions, discounts in respect of bankers&#146; acceptances
and other fees and charges owed with respect to letters of credit and bankers&#146; acceptance financing
and net costs under Swaps in respect of interest rates to the extent such net costs are allocable
to such period in accordance with GAAP but excluding any debt discount (including original issue
discount), debt issuance costs and commissions, brokerage fees, underwriter fees and other upfront
fees and other fees associated with Debt) scheduled or required to be made on Debt in such period
(excluding ordinary course principal revolvement of the Borrowings);
</DIV>




</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Distribution</B>&#148; means:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any declaration, payment or setting aside for payment of any dividend, return of capital or
other distribution on or in respect of any of the share, partnership or trust capital of the
Borrower; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any redemption, retraction, purchase, retirement or other acquisition, in whole or in part, of
any of the share, partnership or trust capital of the Borrower or any securities, instruments or
contractual rights capable of being converted into, exchanged or exercised for share, partnership
or trust capital of the Borrower, including options, warrants, conversion or exchange privileges
and similar rights;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">whether any of the foregoing is made, paid or satisfied in or for cash, property or both, but
excluding in all cases any Distribution to the extent payable in common shares of the Borrower;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Drawdown</B>&#148; means the advance of a Borrowing other than as a result of a Conversion, Rollover or a
drawing under a Letter of Credit;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Drawdown Date</B>&#148; means each Business Day on which Borrowings are to be made pursuant to a request
from the Borrower under Section&nbsp;3.6;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Effective Date</B>&#148; means the date on which the conditions precedent under Section&nbsp;8.1 have been
satisfied;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Environmental Laws</B>&#148; means all Applicable Laws and Governmental Actions regarding the environment
or pursuant to which Environmental Liabilities could arise or have arisen, including, without
limitation, all Applicable Laws and Governmental Actions relating to the Release or threatened
Release of any contaminant or the generation, use, storage or transportation of any contaminant;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Environmental Liabilities</B>&#148; means any and all liabilities for any Release, any environmental
damage, any contamination or any other environmental problem caused or alleged to have been caused
to any Person, property or the environment as a result of any Release or the condition of any
property or asset, whether or not caused by a breach of Applicable Laws, including, without
limitation, all liabilities arising from or related to: any surface, underground, air, groundwater,
or surface water contamination; the abandonment or plugging of any well; restorations and
reclamations; the removal of or failure to remove any foundations, structures or equipment; the
cleaning up or reclamation of storage sites; any Release; violation of pollution standards; and
personal injury (including sickness, disease or death) and property damage arising from the
foregoing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Equivalent Amount</B>&#148; in one currency (the &#147;<B>First Currency</B>&#148;) of an amount in another currency (the
&#147;<B>Other Currency</B>&#148;) means, as of the date of determination, the amount of the First Currency which
would be required to purchase such amount of the Other Currency at the Bank of Canada noon (Toronto
time) mid-point spot rate for such currencies on such date of determination (as quoted or published
from time to time by the Bank of Canada) or, if such date of determination is not a Business Day,
on the Business Day immediately preceding such date of determination, or at such other rate as may
have been agreed to by the Borrower and the Agent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>ERISA</B>&#148; means the Employee Retirement Income Security Act of 1974 of the United States of America,
as amended from time to time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>ERISA Affiliate</B>&#148; means, any trade or business (whether or not incorporated) that, together with
the Borrower or any Subsidiary of the Borrower, is treated as a single employer under Section&nbsp;414
of the Code;
</DIV>




</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>ERISA Event</B>&#148; means:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder,
other than those events for which the 30&nbsp;day notice period has been waived;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any failure by any Pension Plan to satisfy the minimum funding standards (within the meaning of
Section&nbsp;412 or 430 of the Code or Section&nbsp;303 of ERISA) applicable to such Pension Plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the filing pursuant to Section&nbsp;412 of the Code or Section&nbsp;303 of ERISA of an application for a
waiver of the minimum funding standard with respect to any Pension Plan, the failure to make by its
due date (including extensions thereof) a required payment under Section 430(j) of the Code with
respect to any Pension Plan or the failure by the Borrower or any of its Subsidiaries or any ERISA
Affiliate to make any required contribution to a Multiemployer Plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the incurrence by the Borrower or any of its Subsidiaries or any ERISA Affiliate of any
material liability under Title IV of ERISA including but not limited to the imposition of any
material Security Interest in favor of the Pension Benefit Guaranty Corporation (or any Successor)
or any Pension Plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a determination that any Pension Plan is, or is expected to be, in &#147;at risk&#148; status (within the
meaning of Section 430(i) of the Code);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the appointment of a trustee to administer any Pension Plan under Section&nbsp;4042 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="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the incurrence by the Borrower or any of its Subsidiaries or any ERISA Affiliate of any
material liability with respect to the withdrawal or partial withdrawal from any Pension Plan or
Multiemployer Plan or a determination that a Multiemployer Plan is, or is reasonably expected to
be, insolvent, in reorganization or in endangered or critical status, within the meaning of Section
432 of the Code or Section&nbsp;305 of ERISA; 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="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other event with respect to a Plan or Plans that, individually or in the aggregate, would
reasonably be expected to have a Material Adverse Effect;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Escrow Funds</B>&#148; has the meaning ascribed thereto in Section&nbsp;10.4;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Event of Default</B>&#148; means any of the events or circumstances specified in Section&nbsp;10.1;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Existing Credit Agreement</B>&#148; means the credit agreement dated as of December&nbsp;23, 2008, as amended as
of February&nbsp;2, 2009, February&nbsp;11, 2009, March&nbsp;25, 2009, November&nbsp;3, 2009, January&nbsp;28, 2010, June&nbsp;1,
2010 and June&nbsp;30, 2010, currently among, <I>inter alia</I>, the Borrower, as borrower, a syndicate of
financial institutions as lenders, and Royal Bank of Canada, as administrative agent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Existing Lender Swaps</B>&#148; means those Swaps listed on Schedule&nbsp;L entered into by the Borrower with
RBC while it was a Lender (as defined under the Existing Credit Agreement) under the Existing
Credit Agreement and which remain outstanding on the Effective Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Existing Letters of Credit</B>&#148; means those letters of credit or letters of guarantee issued at the
request of the Borrower under the Existing Credit Agreement and listed on Schedule&nbsp;M;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Extending Lender</B>&#148; has the meaning ascribed to it in Section&nbsp;3.2(b);
</DIV>



</DIV>
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<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">&#147;<B>Federal Funds Rate</B>&#148; means, on any day, the weighted average (rounded upwards, if necessary, to the
next 1/100 of 1%) of the annual rates of interest on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York, or, if such day is not a Business
Day, such weighted average for the immediately preceding Business Day for which the same is
published or, if such rate is not so published for any day that is a Business Day, the average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day on such
transactions received by the Agent from three Federal funds brokers of recognized standing selected
by the Agent, acting reasonably;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Financial Assistance</B>&#148; means providing or agreeing to provide (either directly or indirectly)
financial assistance to any Person by way of a loan or a guarantee of Debt;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Financial Calculation</B>&#148; has the meaning ascribed to it in Section&nbsp;1.5(b);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Financial Letter of Credit</B>&#148; means any Letter of Credit issued by a Fronting Lender which such
Fronting Lender in accordance with its usual and customary practices determines is a &#147;financial
letter of credit&#148; for capital adequacy purposes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Fiscal Quarter</B>&#148; means the three (3)&nbsp;month period commencing on the first day of each Fiscal Year
and each successive three month period thereafter during such Fiscal Year;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Fiscal Year</B>&#148; means the Borrower&#146;s fiscal year currently commencing on January 1 of each year and
ending on December&nbsp;31 of such year;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Foreign Jurisdiction</B>&#148; means a jurisdiction other than Canada or the United States;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Fronted LC Commitment</B>&#148; means, with respect to each Fronting Lender, such Fronting Lender&#146;s
obligation to issue Letters of Credit (or, if so specified, certain types of Letters of Credit) on
behalf of the Lenders for the account of the Borrower, subject to the terms of this Agreement, in
an aggregate amount not at any time in excess of the amount set forth opposite such Lender&#146;s name
in Schedule&nbsp;A hereto as such Lender&#146;s Fronted LC Commitment, as such amount may hereafter be
cancelled, reduced, increased or terminated from time to time pursuant to the provisions of this
Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Fronted Letter of Credit</B>&#148; means a Letter of Credit issued by a Fronting Lender for the account of
the Lenders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Fronting Fee Rate</B>&#148; means the per annum fee to be charged by a Fronting Lender for the issuance of
a Fronted Letter of Credit by such Fronting Lender as agreed to from time to time between such
Fronting Lender and the Borrower;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Fronting Lenders</B>&#148; means RBC, CS and Wells Fargo Bank, N.A. (and, in relation to the Existing
Letters of Credit only, The Toronto-Dominion Bank and HSBC Bank Canada) or such other Lenders as
may be selected by the Agent and the Borrower, with the concurrence of such other Lenders, which
assume in writing with the Borrower and the Agent the obligations of issuing Letters of Credit on
behalf of the Lenders under the Credit Facility to the extent of such Lender&#146;s Fronted LC
Commitment, and &#147;<B>Fronting Lender</B>&#148; means any one of them as the context requires;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>GAAP</B>&#148; means generally accepted accounting principles which are in effect from time to time in
Canada;
</DIV>




</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Governmental Action</B>&#148; means an authorization, consent, approval, waiver, order, decree, licence,
exemption, permit, registration, filing, qualification or declaration of or with any Governmental
Authority or the giving of notice to any Governmental Authority or any other action in respect of a
Governmental Authority;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Governmental Authority</B>&#148; means any federal, state, provincial, county, local or municipal
government; any governmental body, agency, authority, board, bureau, department or commission
(including any taxing authority); any instrumentality or office of any of the foregoing (including
any court or tribunal) exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government; or any Person directly or indirectly controlled by any of
the foregoing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Indemnified Liabilities</B>&#148; has the meaning ascribed to it in Section&nbsp;11.6;
&#147;<B>Indemnitee</B>&#148; has the meaning ascribed to it in Section&nbsp;11.6; &#147;<B>Information</B>&#148;
has the meaning ascribed to it in Section&nbsp;13.4;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Intangible Assets</B>&#148; means assets which would be treated as intangibles under GAAP, including,
without limitation, such items as goodwill, trade marks, trade names, service marks, copyrights,
patents and licenses, and expense and organization expenses;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Intellectual Property</B>&#148; means the collective reference to all rights, priorities and privileges
relating to intellectual property, whether arising under Canadian, United States, multinational or
foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses,
trademarks, trademark licenses, technology, know-how and processes, and all rights to sue at law or
in equity for any infringement or other impairment thereof, including the right to receive all
proceeds and damages therefrom;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Interest Date</B>&#148; means the first Business Day of each Fiscal Quarter;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>ISDA Master Agreement</B>&#148; means:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the 1992 or 2002 International Swaps and Derivatives Association, Inc. Master Agreement (Multi
Currency-Cross Border) as from time to time amended, restated or replaced by the International
Swaps and Derivatives Association, Inc.; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in respect of physically settled commodity swaps, such agreements as are usual and customary
with respect thereto;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and, in each case, as used in this Agreement in relation to Lender Swaps, means the form of such
agreement as entered into between a Loan Party and the applicable Swap Lender;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Judgment Currency</B>&#148; has the meaning ascribed to it in Section&nbsp;13.2;
&#147;<B>Judicial Order</B>&#148; has the meaning ascribed to it in Section&nbsp;3.10(l)(ii);
&#147;<B>LC Disbursements</B>&#148; has the meaning ascribed to it in Section&nbsp;3.10(l);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Lender BA Suspension Notice</B>&#148; has the meaning ascribed to it in Section&nbsp;11.4(b)(ii);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Lender Distress Event</B>&#148; means, in respect of a Lender:
</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Lender or its Lender Parent is subject to a forced liquidation, merger, sale or other
change of control supported in whole or in part by guarantees or other support (including the
nationalization or assumption of ownership or operating control by the Government of the United
States, Canada or any other Governmental Authority); 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Lender or its Lender Parent is otherwise adjudicated as, or determined to be, insolvent or
bankrupt, in each case, by any Governmental Authority having regulatory authority over such Lender
or Lender Parent or their respective assets;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided that, for certainty, a Lender Distress Event shall not have occurred solely by virtue of
the ownership or acquisition of any equity interest in such Lender or its Lender Parent by any
Governmental Authority;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Lender Insolvency Event</B>&#148; means, in respect of a Lender:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Lender or its Lender Parent is dissolved (other than pursuant to a consolidation,
amalgamation or merger);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Lender or its Lender Parent becomes insolvent, is deemed insolvent by Applicable Law or is
unable to pay its debts or fails or admits in writing its inability generally to pay its debts as
they become due;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Lender or its Lender Parent makes a general assignment, arrangement or composition with or
for the benefit of its creditors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Lender or its Lender Parent (i)&nbsp;institutes, or has instituted against it by a regulator,
supervisor or any similar Governmental Authority with primary insolvency, rehabilitative or
regulatory jurisdiction over it in the jurisdiction of its incorporation or organization or the
jurisdiction of its head or home office, (A)&nbsp;a proceeding pursuant to which such Governmental
Authority takes control of such Lender&#146;s or Lender Parent&#146;s assets, (B)&nbsp;a proceeding seeking a
judgment of insolvency or bankruptcy or any other relief under any bankruptcy, insolvency or
winding-up law or other similar law affecting creditors&#146; rights, or (C)&nbsp;a petition is presented for
its winding-up or liquidation by it or such regulator, supervisor or similar Governmental
Authority; or (ii)&nbsp;has instituted against it a proceeding seeking a judgment of insolvency or
bankruptcy or any other relief under any bankruptcy, insolvency or winding-up law or other similar
law affecting creditors&#146; rights, or a petition is presented for its winding-up or liquidation, and
such proceeding or petition is instituted or presented by a person or entity not described in
clause (i)&nbsp;above and either (A)&nbsp;results in a judgment of insolvency or bankruptcy or the entry of
an order for relief or the making of an order for its winding-up or liquidation or (B)&nbsp;is not
dismissed, discharged, stayed or restrained in each case within 15&nbsp;days of the institution or
presentation 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="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Lender or its Lender Parent has a resolution passed for its winding-up, official
management or liquidation (other than pursuant to a consolidation, amalgamation or merger);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Lender or its Lender Parent seeks or becomes subject to the appointment of an
administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar
official for it or for all or a substantial portion of all of its 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="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Lender or its Lender Parent has a secured party take possession of all or a substantial
portion of all of its assets or has a distress, execution, attachment, sequestration or other legal
process</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 -->18<!-- /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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>levied, enforced or sued on or against all or substantially all its assets and such secured
party maintains possession, or any such process is not dismissed, discharged, stayed or
restrained, in each case, within fifteen (15)&nbsp;days thereafter;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Lender or its Lender Parent causes or is subject to any event with respect to it which,
under the Applicable Law of any jurisdiction, has an analogous effect to any of the events
specified in paragraphs (a)&nbsp;to (g)&nbsp;above, inclusive; 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="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Lender or its Lender Parent takes any action in furtherance of, or indicating its consent
to, approval of, or acquiescence in, any of the foregoing;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Lender Libor Suspension Notice</B>&#148; has the meaning ascribed to it in Section&nbsp;11.4(a)(iii);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Lender Parent</B>&#148; means any Person that directly or indirectly controls a Lender and, for the
purposes of this definition, &#147;control&#148; shall have the same meaning as set forth in the definition
of &#147;Affiliate&#148; contained herein;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Lender Swap</B>&#148; means:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Existing Lender Swap, 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Swap entered into by any Loan Party where the other party (other than such Loan Party), at
the time the Transaction was entered into under such Swap, is a Lender or an Affiliate of a Lender,
whether or not such Lender remains a Lender thereafter;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Lender Transfer Agreement</B>&#148; means an agreement substantially in the form attached hereto as
Schedule&nbsp;H;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Lender&#146;s Proportion</B>&#148; means, at any time with respect to each Lender, the proportion that such
Lender&#146;s Commitment bears to the Total Commitment at such time and, if such Total Commitment is
cancelled or terminated, &#147;<B>Lender&#146;s Proportion</B>&#148; shall mean the Lender&#146;s Proportion of such Lender in
effect immediately prior to such cancellation or termination;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Lenders</B>&#148; means each of the financial institutions named on the signature pages hereto as Lenders,
including RBC in its capacity as a Lender but excluding RBC in its capacity as the Agent; and any
other financial institution which is a Permitted Assignee that has executed a Lender Transfer
Agreement pursuant to Section&nbsp;13.1 which Lender Transfer Agreement has been executed by the
assignee and the Agent, and &#147;<B>Lender</B>&#148; means any one of them;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Letter of Credit</B>&#148; means a standby or documentary letter of credit or letter of guarantee in Cdn.
Dollars or U.S. Dollars issued by the Fronting Lender at the request of the Borrower pursuant to
this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Letter of Credit Application</B>&#148; has the meaning ascribed to it in Section&nbsp;3.10(i)(i);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Letter of Credit Fee</B>&#148; means a fee based on the applicable Consolidated Total Debt to EBITDA Ratio
from the definition of &#147;Applicable Margin&#148; and expressed as a rate per three hundred and sixty-five
(365)&nbsp;day period with respect to Letters of Credit issued by a Fronting Lender (on behalf of the
Lenders) hereunder plus, in the case of documentary Letters of Credit, the administrative costs and
expenses incurred by such Fronting Lender in connection with the issuance of such Letters of
Credit;
</DIV>



</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Libor</B>&#148; means, with respect to any Libor Interest Period applicable to a Libor Loan, the rate
determined by the Agent, based on a three hundred sixty (360)&nbsp;day year, as the average of the
offered quotations appearing on the display referred to as the &#147;LIBOR 01 Page&#148; (or any display
substituted therefor) of Reuters Monitor Money Rates Service for a period equal to the number of
days in the applicable Libor Interest Period, for deposits in U.S. Dollars of amounts comparable to
the principal amount of such Libor Loan to be outstanding during such Libor Interest Period, at or
about 11:00&nbsp;a.m. (London, England time) two (2)&nbsp;Business Days prior to a Drawdown Date, Conversion
Date or Rollover Date, as the case may be, for such Libor Interest Period. If such &#147;LIBOR 01 Page&#148;
is not available, then &#147;Libor&#148; shall mean, with respect to any Libor Interest Period applicable to
a Libor Loan, the rate determined by the Agent, based on a three hundred sixty (360)&nbsp;day year, at
which the Agent, in accordance with its normal practice, would be prepared to offer to leading
banks in the London interbank market for delivery by the Agent, on the first day of the applicable
Libor Interest Period for a period equal to the number of days in such Libor Interest Period,
deposits in U.S. Dollars of amounts comparable to the principal amount of such Libor Loan to be
outstanding during such Libor Interest Period, at or about 11:00&nbsp;a.m. (London, England time) two
(2)&nbsp;Business Days prior to a Drawdown Date, Conversion Date or Rollover Date, as the case may be,
for such Libor Interest Period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Libor Interest Date</B>&#148; means the date falling on the last day of each Libor Interest Period;
provided that if the Borrower selects a Libor Interest Period for a period longer than three (3)
months, the Libor Interest Date shall be each date falling every three (3)&nbsp;months after the
beginning of such Libor Interest Period and the date falling on the last day of such Libor Interest
Period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Libor Interest Period</B>&#148; means, with respect to each Libor Loan, the period (subject to
availability) of approximately one (1)&nbsp;month, two (2)&nbsp;months, three (3)&nbsp;months or six (6)&nbsp;months
(as selected by the Borrower and notified to the Agent pursuant to Section&nbsp;3.6) commencing on and
including the Drawdown Date, Conversion Date or Rollover Date, as the case may be, applicable to
such Libor Loan and ending on and including the last day of such period; provided that no Libor
Interest Period may be selected which, in the case of any Libor Loan made by a Lender, ends after
such Lender&#146;s Maturity Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Libor Loans</B>&#148; means the advances or any portion thereof, made available by the Lenders to the
Borrower pursuant to Sections&nbsp;3.6, 3.13 or 3.14 and outstanding from time to time, which are
denominated in U.S. Dollars and on which the Borrower has agreed to pay interest in accordance with
Section&nbsp;5.3;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Loan Documents</B>&#148; means this Agreement, the Loan Party Guarantee, the Security, each Bankers&#146;
Acceptance, each application and indemnity with respect to a Letter of Credit, all other
agreements, certificates, instruments and documents delivered by or on behalf of any Loan Party in
connection herewith or therewith from time to time and all future renewals, extensions, or
restatements of, or amendments, modifications or supplements to, all or any part of the foregoing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Loan Parties</B>&#148; means, collectively, the Borrower and each Material Subsidiary and &#147;<B>Loan Party</B>&#148;
means any of them;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Loan Party Guarantee</B>&#148; means the loan party guarantee provided by the Loan Parties in favour of the
Agent on behalf of the Lenders with respect to the payment and performance of the Secured
Obligations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Loans</B>&#148; means Prime Loans, U.S. Base Rate Loans and Libor Loans;
</DIV>




</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Majority Lenders</B>&#148; means:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>during the continuance of a Default or an Event of Default when there are any Secured
Obligations outstanding, and subject to Section&nbsp;10.5(a), those Lenders to whom there is owing 50.1%
or more of the aggregate Borrowings under the Credit Facility; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at any other time, those Lenders whose Commitments are, in the aggregate, at least 50.1% of the
Total Commitment;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Mark-to-Market</B>&#148; means, in respect of any Swap and for any day on which the Mark-to-Market is
calculated, the amount, if any, that would be payable by any Loan Party to a counterparty
(expressed as a positive number, a &#147;<B>Positive Mark-to-Market</B>&#148;) or by such counterparty to such Loan
Party (expressed as a negative number, a &#147;<B>Negative Mark-to-Market</B>&#148;), estimated by making at
mid-market the calculations required by the ISDA Master Agreement between such counterparty, on the
one hand, and such Loan Party, on the other hand, as if such ISDA Master Agreement were being
terminated as a result of a Termination Event (as defined in the ISDA Master Agreement) with two
Affected Parties (as defined in the ISDA Master Agreement) on that day of calculation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Material Acquisition</B>&#148; means any acquisition of property or series of related acquisitions of
property that (a)&nbsp;constitutes assets comprising all or substantially all of an operating unit of a
business or constitutes all or substantially all of the common stock of a person and (b)&nbsp;involves
the payment of consideration by the Borrower and its Subsidiaries in excess of U.S. $25,000,000;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Material Adverse Effect</B>&#148; means a material adverse effect on:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the business, property, operations or condition (financial or otherwise) of the Loan Parties
taken as a whole except to the extent any such effect results directly and solely from the
Contingent Tax Liabilities becoming due to the relevant taxing authorities; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the validity or enforceability of this Agreement or any other Loan Document or the rights or
remedies of the Agent or the Lenders hereunder or thereunder;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Material Disposition</B>&#148; means any disposition of property or series of related dispositions of
property that yields gross proceeds to the Borrower or any of its Subsidiaries in excess of U.S.
$25,000,000;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Material Subsidiary</B>&#148; means any wholly-owned direct or indirect Subsidiary of the Borrower
designated by the Borrower as a Material Subsidiary in accordance with and as required by Section
6.7 which has provided the Loan Party Guarantee and Security and other supporting documents in
accordance with Article&nbsp;6;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Maturity Date</B>&#148; means, in respect of each Lender, November&nbsp;17, 2013, unless such date is extended
pursuant to Section&nbsp;3.2 by such Lender, in which case it shall be the date as so extended;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Moody&#146;s</B>&#148; means Moody&#146;s Investors Service, Inc. and its successors;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Multiemployer Plan</B>&#148; means a Plan covered by Title IV of ERISA that is a multiemployer plan as
defined in Section&nbsp;4001(a)(3) of ERISA;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Negative Mark-to-Market</B>&#148; has the meaning attributed to it in the definition of Mark-to-Market;
</DIV>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Non-Acceptance Lender</B>&#148; means a Lender which does not accept bankers&#146; acceptances in the ordinary
course of its business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Non-Consenting Lenders</B>&#148; has the meaning ascribed to it in Section&nbsp;3.5(c);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Non-Extending Lender</B>&#148; has the meaning ascribed to it in Section&nbsp;3.2(b);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>North American and Acceptable Secured Foreign Assets</B>&#148; means, without duplication:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>those assets of the Canadian Loan Parties and the U.S. Loan Parties which are located in
Canada, the United States or an Acceptable Foreign Jurisdiction; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>those assets of an Acceptable Foreign Material Subsidiary which are located in an Acceptable
Foreign Jurisdiction where the Security Interest of the Security extends to such assets, and the
Security constitutes a first perfected Security Interest (or equivalent security under local law,
as determined by the Agent, acting reasonably) on such assets, as determined by the Agent, acting
reasonably, subject only to Permitted Encumbrances;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>North American and Secured Foreign Assets</B>&#148; means, without duplication:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>those assets of the Canadian Loan Parties and the U.S. Loan Parties which are located in Canada
or the United States; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>those assets of a Loan Party which are located in a Foreign Jurisdiction where the Security
Interest of the Security extends to such assets, and such Security constitutes a first perfected
Security Interest (or equivalent security under local law, as determined by the Agent, acting
reasonably) on such assets, as determined by the Agent, acting reasonably, subject only to
Permitted Encumbrances;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Obligations</B>&#148; means all indebtedness and obligations of the Borrower to the Agent and the Lenders
under or in respect of the Credit Facility;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>One Month BA Rate</B>&#148; means, on any day, the CDOR Rate (determined as of 10 a.m. (Toronto time) on
such day) which would be applicable in respect of an issuance of Bankers&#146; Acceptances with a term
to maturity of one month issued on such day, or if such day is not a Business Day, then on the
immediately preceding Business Day;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Operating Facilities</B>&#148; means those bilateral operating credit facilities provided by a Lender (or
its Affiliate) to a Loan Party providing for borrowings and other credit accommodations, and
including without limitation:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the credit facility provided by Royal Bank of Canada to the Borrower pursuant to a letter
agreement dated November&nbsp;17, 2010, as amended or restated from time to time, currently providing
for Cdn. $25,000,000 in credit facilities; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the credit facility provided by Wells Fargo Bank, N.A. to Precision Drilling Oilfield Services
Corporation pursuant to a letter agreement dated May&nbsp;27, 2010, as amended or restated from time to
time, currently providing for U.S. $15,000,000 in credit facilities;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Operating Facility Agreements</B>&#148; means any agreements providing for Operating Facilities between a
Loan Party and a Lender or Affiliate thereof;
</DIV>




</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Operating Facility Demand for Repayment</B>&#148; means a demand made by an Operating Facility Lender
pursuant to an Operating Facility Agreement demanding repayment of all obligations thereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Operating Facility Indebtedness</B>&#148; means, as at any time, the aggregate amount owing by the Loan
Parties under any and all Operating Facility Agreements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Operating Facility Lender</B>&#148; means any Lender (or its Affiliate) providing Operating Facilities;
<BR>
<BR style="font-size: 6pt">&#147;<B>Participant</B>&#148; has the meaning ascribed to it in Section&nbsp;13.1(b); <BR>
<BR style="font-size: 6pt">&#147;<B>Participation</B>&#148; has the meaning
ascribed to it in Section&nbsp;13.1(b); <BR>
<BR style="font-size: 6pt">&#147;<B>Participation Date</B>&#148; has the meaning ascribed to it in Section
3.10(d);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Pension Plan</B>&#148; means any Plan (other than a Multiemployer Plan) subject to the provisions of
Title IV of ERISA or Section&nbsp;412 of the Code or Section&nbsp;302 of ERISA, and in respect of which the
Borrower or any Subsidiary of the Borrower or any ERISA Affiliate is (or, if such Plan were
terminated, would under Section&nbsp;4069 of ERISA be deemed to be) an &#147;employer&#148; as defined in section
3(5) of ERISA;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Permitted Assignee</B>&#148; has the meaning ascribed to it in Section&nbsp;13.1(a);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Permitted Dispositions</B>&#148; means, in respect of the Loan Parties:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Disposition of obsolete or worn out property in the ordinary course of 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the sale of inventory in the ordinary course of 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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Disposition to a Loan Party or to any other Subsidiary of the Borrower;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Disposition where the proceeds of such Disposition are reinvested (whether by way of
acquisition (including for certainty acquisitions of shares and other ownership interests), capital
expenditure or otherwise) in the business of the Loan Parties or of any other Subsidiaries of the
Borrower, including acquisitions (including for certainty acquisitions of shares and other
ownership interests), improvements or repairs of assets useful in the business of the Loan Parties
or of any other Subsidiaries of the Borrower within 12&nbsp;months after such Disposition;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dispositions of assets or property not otherwise permitted above, provided that the aggregate
fair market value of such assets or property, together with the fair market value of all other such
assets or property so disposed of within the applicable Fiscal Year to which this subsection (e)
applies, does not exceed an amount equal to 1% of Consolidated Net Tangible Assets; 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="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Disposition constituting a Reorganization Transaction to the extent permitted by Section
9.2(e);</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided in each case that no Default or Event of Default (including for certainty as a result of a
breach of Section&nbsp;9.1(s) or Section&nbsp;9.1(t)) has occurred and is continuing or would reasonably be
expected to occur as a result thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Permitted Encumbrances</B>&#148; means any of the following Security Interests or other encumbrances:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reservations, limitations, provisos and conditions expressed in any original grant from the
Crown;</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 -->23<!-- /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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Interests for taxes not yet due or that are being contested in good faith by
appropriate proceedings, provided that adequate reserves with respect thereto are maintained on the
books of the Borrower or its Subsidiaries, as the case may be, in conformity with GAAP;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>carriers&#146;, warehousemen&#146;s, mechanics&#146;, builders&#146;, materialmen&#146;s, repairmen&#146;s or other like
liens arising in the ordinary course of business that are not overdue for a period of more than 45
days or that are being contested in good faith by appropriate proceedings or that relate to amounts
less than U.S. $5,000,000 in the aggregate or the Equivalent Amount in any other currency;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pledges or deposits made in connection therewith in the ordinary course of business in
connection with workers&#146; compensation, unemployment insurance, road transportation and social
security regulations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Interests on cash and cash equivalents and deposits to secure the performance of bids,
tenders, trade contracts, warehouse receipts, take-or-pay obligations in supply arrangements,
leases, statutory obligations, surety and appeal bonds, performance and completion bonds and other
obligations of a like nature (other than in each case for borrowed money) incurred in the ordinary
course of 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="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Interests on cash and cash equivalents and deposits to secure liabilities under
property, casualty or liability insurance or self insurance obligations in the ordinary course of
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="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary
course of business that, in the aggregate, do not in any case materially detract from the value of
the property subject thereto or materially interfere with the ordinary conduct of the business of
the Borrower or any Subsidiary;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Interests granted on oil and gas properties in the ordinary course of business
pursuant to customary agreements in the oil and gas business including royalties, net carried
interests, net profit interests and operator&#146;s liens;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any interest or title of a lessor under any lease entered into by the Borrower or any
Subsidiary in the ordinary course of its business and covering only the assets so leased;</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">(j)</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Interests securing Debt assumed in connection with an Acquisition, provided 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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Security Interests exist at the time of such Acquisition and were not
created in contemplation of or in connection with such Acquisition; 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">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Security Interests do not extend beyond the assets (including for
certainty, shares and other ownership interests) acquired in such Acquisition or
any proceeds thereof; and</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Interests securing Debt which refinances, refunds, renews or extends any Debt
described in subsection (i)&nbsp;immediately above provided that such Security Interests do not
extend beyond the assets originally subject to the Security Interests described in
subsection (i)&nbsp;immediately above or any proceeds thereof;</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 -->24<!-- /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="3%" style="background: transparent">&nbsp;</TD>
    <TD COLSPAN="3">provided that the aggregate principal amount of Debt outstanding at any time secured by all
Security Interests permitted by this subsection (j)&nbsp;and subsection (k)&nbsp;below shall not
exceed U.S. $100,000,000 or the Equivalent Amount in any other currency;</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 ALIGN="RIGHT" width="3%" style="background: transparent">(k)</TD>
    <TD width="3%" nowrap align="left">(i)&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Interests securing Debt incurred to finance an Acquisition, provided that such
Security Interests extend only to the assets acquired or any proceeds thereof (which assets may,
for certainty, constitute shares or other ownership interests), or where a Subsidiary is acquired,
to the assets of the Subsidiary so acquired; and</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Interests securing Debt which refinances, refunds, renews or extends any Debt
described in subsection (i)&nbsp;immediately above provided that such Security Interests do not
extend beyond the assets originally subject to the Security Interests described in
subsection (i)&nbsp;immediately above or any proceeds thereof;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided that the aggregate principal amount of Debt outstanding at any time secured by all
Security Interests permitted by subsection (j)&nbsp;above and this subsection (k)&nbsp;shall not
exceed U.S. $100,000,000 or the Equivalent Amount in any other currency;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the filing of UCC financing statements solely as a precautionary measure in connection with
operating leases or consignments of goods or the filing of PPSA financing statements in connection
with operating leases, consignments of goods or transfers of accounts, in each case to the extent
not securing performance of a payment or other obligation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Security Interests of the Security securing the Operating Facilities, the Cash Management
Facilities and the Lender Swaps;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Security Interests of the Security securing the Credit Facility and any Security Interests
created in favour of the Agent pursuant to any of the Loan Documents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any lien, charge or encumbrance the satisfaction of which has been provided for by deposit with
the Agent of cash or a surety bond or other security satisfactory to the Agent in an amount
sufficient to pay the liability in respect of such lien in full;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase Money Security Interests provided that such Security Interests are granted at the time
of acquisition, construction, installation or improvement of the property subject thereto or within
90&nbsp;days thereafter and are limited to the property so acquired, constructed, installed or improved,
and Security Interests constituted by Capital Leases and Sale/Leasebacks, provided that the
aggregate amount of Debt outstanding at any time secured by all such Purchase Money Security
Interests, Capital Leases and Sale/Leasebacks shall not exceed U.S. $75,000,000 or the Equivalent
Amount in any other currency;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Interests granted by a Loan Party to another Loan Party provided such Security
Interests are expressly subordinated to the Security; 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="1%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Interests not otherwise permitted above so long as:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate principal amount of Debt outstanding at any time secured thereby does not
exceed the greater of U.S. $150,000,000 (or the Equivalent Amount in any other currency)
and an amount equal to 5% of Consolidated Net Tangible Assets;</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 -->25<!-- /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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Security Interests do not cover all or substantially all of the assets of the
Loan Parties as a whole; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Security Interests do not create a lien on any service rigs of the Canadian Loan
Parties or the U.S. Loan Parties (whether or not constituting Certificated Service Rigs)
unless the Security granted hereunder, and any registrations in public registry offices
(including registrations against specific serial numbers) and/or any deliveries of
certificates of title in respect thereof, would result in the Security Interests under the
Security constituting a prior lien on the service rigs affected thereby;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided that, notwithstanding anything to the contrary contained herein, where a maximum amount of
Debt may be secured pursuant to a clause above, such maximum amount shall be deemed not to have
been exceeded where such excess occurs solely as a result of fluctuations in the exchange rates of
currencies;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Permitted Indebtedness</B>&#148; means:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all Debt of a Loan Party under this Agreement (including for certainty, any increase pursuant
to Section&nbsp;3.3), the Loan Party Guarantee and any other Loan Document;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt of a Loan Party owing to another Loan Party or to any other Subsidiary of the Borrower
(and the Financial Assistance which resulted in the creation of such Debt) provided that no Default
or Event of Default (including for certainty as a result of a breach of Section&nbsp;9.1(s) or Section
9.1(t)) has occurred and is continuing or would reasonably be expected to occur as a result
thereof, and provided further that any Debt owing to a Subsidiary which is not a Loan Party or to a
Material Subsidiary which is not a Canadian Loan Party, U.S. Loan Party or Acceptable Foreign
Material Subsidiary shall be expressly subordinated to the Secured Obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Financial Assistance resulting in the creation of Debt of a Subsidiary of the Borrower which is
not a Loan Party owing to a Loan Party provided that no Default or Event of Default (including for
certainty as a result of a breach of Section&nbsp;9.1(s) or Section&nbsp;9.1(t)) has occurred and is
continuing or would reasonably be expected to occur as a result 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="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any guarantees by one Loan Party of the Permitted Indebtedness of another Loan Party;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all Debt arising from Capital Leases, Purchase Money Security Interests or Sale/Leasebacks,
provided that the aggregate amount of Debt outstanding at any time under all such Capital Leases,
Purchase Money Security Interests and Sale/Leasebacks shall not exceed U.S. $75,000,000 or the
Equivalent Amount in any other currency;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt assumed in connection with an Acquisition, provided 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Debt exists at the time of such Acquisition and was not incurred in contemplation
of such Acquisition;</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>such Debt is unsecured or is secured only to the extent contemplated in subsection (j)
of the definition of Permitted Encumbrances;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the only obligors with respect to such Debt are those Persons who were obligors of
such Debt prior to such Acquisition and their permitted successors; and</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 -->26<!-- /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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate principal amount of Debt outstanding at any time permitted by this
subsection (f), together with the aggregate principal amount of Debt outstanding at any
time permitted by subsection (g)&nbsp;below, shall not exceed U.S. $500,000,000 or the
Equivalent Amount in any other currency;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt incurred to finance an Acquisition, provided 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Debt is unsecured or is secured only to the extent contemplated in subsection (k)
of the definition of Permitted Encumbrances; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate principal amount of Debt outstanding at any time permitted by this
subsection (g), together with the aggregate principal amount of Debt outstanding at any
time permitted by subsection (f)&nbsp;above, shall not exceed U.S. $500,000,000 or the
Equivalent Amount in any other currency;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>indemnification, adjustment of purchase price, earn-out or similar obligations (other than
guarantees of Debt), in each case incurred or assumed in connection with an Acquisition or a
Disposition permitted by Section&nbsp;9.2(c), provided that in the case of a Disposition, the maximum
liability in respect of such obligation shall not exceed the gross proceeds actually received by
the Borrower or its Subsidiaries in connection with such Disposition;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt in respect of Swap Agreements designed to hedge against interest rates, foreign exchange
rates or commodity prices incurred in the ordinary course of business and not for speculative
purposes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt in respect of any Operating Facilities and other local lines of credit, letters of credit,
bank guarantees and similar extensions of credit in the ordinary course of business, provided that
the aggregate principal amount of Debt outstanding at any time under all Operating Facilities and
other extensions of credit shall not exceed U.S. $100,000,000 or the Equivalent Amount in any other
currency;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt in respect of any Cash Management Facilities and any other Debt in respect of cash
management obligations, netting services, overdraft protection and similar arrangements in the
ordinary course of 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="1%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt arising in connection with the endorsement of instruments for deposit in the ordinary
course of 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="1%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt in respect of workers&#146; compensation claims, warehouse receipts, property, casualty or
liability insurance, take-or-pay obligations in supply arrangements, self-insurance obligations,
performance bonds, bid performance bonds, appeal and surety bonds and completion guaranties, in
each case in the ordinary course of 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="1%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Convertible Debt of the Borrower;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt incurred to finance the Contingent Tax Liabilities in an aggregate principal amount not to
exceed U.S. $200,000,000 at any one time outstanding or the Equivalent Amount in any other
currency;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the AIMCO Notes, provided that any Subsidiary (other than Grey Wolf Mexico Holdings LLC during
such time as it is not required to become a Material Subsidiary pursuant to Section&nbsp;6.7(a))</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 -->27<!-- /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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which guarantees such notes shall become a Material Subsidiary hereunder, and for greater
certainty, shall guarantee the Obligations hereunder and the other Secured Obligations;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the 2010 Notes issued on or about the Effective Date in the principal amount of U.S.
$650,000,000, provided that any Subsidiary which guarantees such notes shall become a Material
Subsidiary hereunder, and for greater certainty, shall guarantee the Obligations hereunder and the
other Secured Obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt representing deferred compensation to directors, officers, members of management or
employees (in their capacities as such) of the Borrower or any of its Subsidiaries incurred in the
ordinary course of 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="1%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Financial Assistance consisting of loans and advances to directors, officers and employees of
the Borrower and its Subsidiaries in the ordinary course of business (including for payroll,
travel, entertainment and relocation expenses) in an aggregate amount not to exceed U.S.
$15,000,000 at any one 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="1%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>additional Debt or Financial Assistance not otherwise described above in an aggregate principal
amount outstanding at any time for all such Debt and Financial Assistance not to exceed the greater
of U.S. $150,000,000 and an amount equal to 5% of Consolidated Net Tangible 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="1%" nowrap align="left">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt in connection with any refinancing, refunding, renewal or extension of the AIMCO Notes or
the 2010 Notes, provided the principal amount thereof does not exceed the principal amount then
owing under the AIMCO Notes or the 2010 Notes, as applicable, together with any debt prepayment
premiums incurred in connection with any such refinancing, refunding, renewal or extension and
provided further that any Subsidiary of the Borrower which guarantees such Debt shall also
guarantee the Secured Obligations; 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="1%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Debt in connection with any refinancing, refunding, renewal or extension of any Debt listed
under subsection (f), subsection (g)&nbsp;or subsection (o)&nbsp;above, provided that the principal amount
thereof does not exceed the principal amount then owing under such Debt, and, in the case of any
Debt to refinance, refund, renew or extend Debt listed under subsection (o)&nbsp;above, such Debt
continues to finance or to relate to the Contingent Tax Liabilities;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided that, notwithstanding anything to the contrary contained herein, where a maximum amount of
Debt may be incurred pursuant to a clause above, such maximum amount shall be deemed not to have
been exceeded where such excess occurs solely as a result of fluctuations in the exchange rates of
currencies;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Person</B>&#148; means any individual, firm, partnership, limited partnership, trust, company, corporation
or other body corporate, government, governmental body, agency, instrumentality, unincorporated
body of persons or association;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Plan</B>&#148; means any employee benefit plan as defined in Section&nbsp;3(3) of ERISA, including any employee
welfare benefit plan (as defined in Section&nbsp;3(1) of ERISA), any employee pension benefit plan (as
defined in Section&nbsp;3(2) of ERISA), and any plan which is both an employee welfare benefit plan and
an employee pension benefit plan, and in respect of which the Borrower or any Subsidiary of the
Borrower or any ERISA Affiliate is an &#147;employer&#148; as defined in Section&nbsp;3(5) of ERISA, but excluding
employee benefit plans or arrangements mandated by non-U.S. law;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Positive Mark-to-Market</B>&#148; has the meaning attributed to it in the definition of &#147;Mark-to-Market&#148;;
</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 -->28<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Prime Loan</B>&#148; means the advances or any portion thereof made available by the Lenders to the
Borrower pursuant to Section&nbsp;3.6, 3.10(j), 3.13 or 3.14 and outstanding from time to time, which
are denominated in Canadian Dollars and on which the Borrower has agreed to pay interest in
accordance with Section&nbsp;5.1;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Prime Rate</B>&#148; means, with respect to Prime Loans on any day, the greater 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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the annual rate of interest announced from time to time by the Agent as being its reference
rate then in effect for determining interest rates on Canadian Dollar denominated commercial loans
made by the Agent in Canada; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the One Month BA Rate in effect on such day plus 100 bps;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Purchase Money Security Interest</B>&#148; means:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Security Interest taken or reserved in fixed or capital assets to secure payment of all or
part of the cost of acquisition, construction, installation or improvement of such assets; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Security Interest taken in fixed or capital assets by a Person who gives value for the
purpose of enabling a Loan Party to acquire rights in such assets, to the extent that the value is
applied to acquire those rights;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">but does not include a Capital Lease or an operating lease;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>RBC</B>&#148; means Royal Bank of Canada, a Canadian chartered bank and its successors and permitted
assigns;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Regulation&nbsp;T</B>&#148; means Regulation&nbsp;T of the Board as in effect from time to time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Regulation&nbsp;U</B>&#148; means Regulation&nbsp;U of the Board as in effect from time to
time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Regulation&nbsp;X</B>&#148; means Regulation&nbsp;X of the Board as in effect from time to time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Release</B>&#148; means any release, spill, emission, leaking, pumping, pouring, injection, escaping,
deposit, disposal, discharge, leeching or migration of any element or compound in or into the
indoor or outdoor environment (including the abandonment or disposal of any barrels, tanks,
containers or receptacles containing any contaminant), or in, into or out of any vessel or
facility, including the movement of any contaminant through the air, soil, subsoil, surface, water,
groundwater, rock formation or otherwise;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Release Date</B>&#148; has the meaning ascribed to it in Section&nbsp;6.9;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Remaining Lenders</B>&#148; has the meaning ascribed to it in Section&nbsp;12.16;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Reorganization Transaction</B>&#148; has the meaning ascribed to it in Section&nbsp;9.2(e);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Repayment Notice</B>&#148; means a notice to effect a repayment of Borrowings delivered under Section&nbsp;3.11
and substantially in the form of Schedule&nbsp;B with all applicable blanks completed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Requested Lender</B>&#148; has the meaning ascribed to it in Section&nbsp;3.2(a);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Request for Extension</B>&#148; means a request of the Borrower substantially in the form attached as
Schedule&nbsp;G;
</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 -->29<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Rollover</B>&#148; means, in respect of a maturing Bankers&#146; Acceptance or Libor Loan, the provision by a
Lender of a further Borrowing by way of a Bankers&#146; Acceptance or Libor Loan, as applicable, in the
same currency, the proceeds of which are to be applied in whole or part to the repayment of the
maturing Borrowing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Rollover Date</B>&#148; means that date that a Rollover is to be made pursuant to a Rollover Notice;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Rollover Notice</B>&#148; means a notice to effect a Rollover delivered under Section&nbsp;3.14 and
substantially in the form of Schedule&nbsp;C with all applicable blanks completed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>S&#038;P</B>&#148; means Standard &#038; Poor&#146;s Ratings Services, a division of The McGraw-Hill Companies, Inc. and
its successors;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Sale/Leaseback</B>&#148; means an arrangement under which title to any property or asset, or an interest
therein, is transferred by a Person (the &#147;<B>First-Mentioned Person</B>&#148;) to some other Person which
leases or otherwise gives or grants the right to use such property or asset or interest therein to
the First-Mentioned Person, whether or not in connection therewith the First Mentioned Person also
acquires a right or is subject to an obligation to re-acquire the property, asset or interest, and
regardless of the accounting treatment of such arrangement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Schedule&nbsp;I Lender</B>&#148; means a Lender which is a Canadian chartered bank listed on Schedule&nbsp;I to the
<I>Bank Act </I>(Canada);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Schedule&nbsp;I Reference Lender</B>&#148; means each of RBC and such other Schedule&nbsp;I Lender as is agreed to
from time to time by the Borrower and the Agent, each acting reasonably, provided that there shall
be no more than two Schedule&nbsp;I Reference Lenders at any one time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Schedule&nbsp;II Lender</B>&#148; means a Lender which is a Canadian chartered bank listed on Schedule&nbsp;II or
Schedule&nbsp;III to the <I>Bank Act </I>(Canada) (other than a Lender that is a Non-Acceptance Lender);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Schedule&nbsp;II Reference Lender</B>&#148; means:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if there is only one Schedule&nbsp;II Lender, such Schedule&nbsp;II Lender; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if there is more than one Schedule&nbsp;II Lender, such Schedule&nbsp;II Lenders as are agreed to from
time to time by the Borrower and the Agent, each acting reasonably;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided that there shall be no more than two Schedule&nbsp;II Reference Lenders at any one time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Secured Documents</B>&#148; means collectively, this Agreement, the Lender Swaps, the Operating Facility
Agreements and the Cash Management Facility Agreements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Secured Lenders</B>&#148; means the Agent, the Lenders, the Swap Lenders, the Operating Facility Lenders
and the Cash Management Facility Providers, and &#147;<B>Secured Lender</B>&#148; means any of them;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Secured Obligations</B>&#148; has the meaning ascribed to it in Section&nbsp;6.1;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Security</B>&#148; has the meaning ascribed thereto in Section&nbsp;6.1, any amendments thereto and any
indentures or instruments supplemental to or in implementation thereof, and any and all other
documents, instruments or agreements pursuant to which the Agent on behalf of any Secured Lender is
granted or receives a Security Interest pursuant to the terms hereof or thereof;
</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 -->30<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Security Interest</B>&#148; means any assignment, mortgage, charge, pledge, lien, hypothec, encumbrance
securing or in effect securing an obligation or indebtedness of any Person, conditional sale, title
retention agreement, control agreement or security interest whatsoever, howsoever created or
arising, whether absolute or contingent, fixed or floating, legal or equitable, perfected or not,
and includes the rights of a lessor pursuant to a Capital Lease or Sale/Leaseback but not under an
operating lease, but does not include a right of set-off or a set-off;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Specified Change of Control</B>&#148; means a &#147;Change of Control&#148; (or any other defined term having a
similar purpose substituted in lieu thereof) as defined in the 2010 Note Indenture or a &#147;change of
control&#148; (or other term having a similar purpose as that used in the 2010 Note Indenture) under any
other note indenture, trust indenture or other document under which any unsecured bonds, notes,
debentures or other debt instruments (other than the AIMCO Notes) are issued;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Specified Unsecured Debt</B>&#148; means the 2010 Notes, the AIMCO Notes and any other Debt of a Loan Party
(other than inter-corporate debt) for which security has not been granted and in respect of which
the lender does not have a preferential interest by operation of law or otherwise over that of the
Secured Lenders in the assets of such Loan Party, or in the assets formerly held by such Loan Party
and transferred to such lender as part of such Debt transaction;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Standard Term</B>&#148; means, in respect of a Bankers&#146; Acceptance, a term of 1&nbsp;month, 2&nbsp;months, 3&nbsp;months
or 6&nbsp;months;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Standby Fee Rate</B>&#148; means, at any time, the rate, expressed as a rate per annum based on a year of
three hundred sixty-five (365)&nbsp;days, set out in the following table opposite the applicable
Consolidated Total Debt to EBITDA Ratio:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Consolidated Total Debt</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Level</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">to EBITDA Ratio</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Standby Fees</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">I
</TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top"><FONT style="font-family: symbol">&#163;</FONT>  1.00
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.5000%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">II
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#062; 1.00 and <FONT style="font-family: symbol">&#163;</FONT>  1.50
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.5625%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">III
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#062; 1.50 and <FONT style="font-family: symbol">&#163;</FONT>  2.00
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.6250%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">IV
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#062; 2.00 and <FONT style="font-family: symbol">&#163;</FONT>  2.50
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.6875%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">V
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#062; 2.50 and
<FONT style="font-family: symbol">&#163;</FONT>  3.00
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.8125%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">VI
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#062;3.00
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.9375%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided that changes in the Standby Fee Rate shall be effective and adjusted in accordance with
Section&nbsp;5.11;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Subject Maturity Date</B>&#148; has the meaning ascribed to it in Section&nbsp;3.2(a);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Subsidiary</B>&#148; means, as to any Person, a corporation, partnership, limited partnership, limited
liability company, unlimited liability company, trust or other entity of which shares of stock or
other ownership interests having ordinary voting power (other than stock or such other ownership
interests having such power only by reason of the happening of a contingency) to elect a majority
of the board of directors or other managers of such corporation, partnership, company, trust or
other entity are at the time owned, or the management of which is otherwise controlled, directly or
indirectly through one or more intermediaries, or both, by such Person. Unless otherwise qualified,
all references to a &#147;Subsidiary&#148; or to &#147;Subsidiaries&#148; in this Agreement shall refer to a Subsidiary
or Subsidiaries of the Borrower;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Successor</B>&#148; has the meaning ascribed to it in Section&nbsp;9.2(e);
</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 -->31<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Swap</B>&#148; means an agreement entered into between a Person and a counterparty on a case by case basis,
the purpose and effect of which is to mitigate or eliminate such Person&#146;s exposure to fluctuations
in exchange rates, interest rates or commodity prices, including for certainty forward rate
agreements, currency swaps, currency exchanges, interest rate swaps, interest rate options, cap
transactions, floor transactions, collar transactions and other similar transactions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Swap Demand for Repayment</B>&#148; means a demand made by a Swap Lender pursuant to an agreement
evidencing a Lender Swap demanding repayment of all indebtedness relating thereto and shall
include, without limitation, any notice under any agreement evidencing a Lender Swap which, when
delivered, would require an early termination thereof and may require a payment by any Loan Party
in settlement of obligations thereunder as a result of such early termination;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Swap Indebtedness</B>&#148; means, as at any time, the aggregate amount owing by the Loan Parties under all
Lender Swaps, and when such amount is calculated at any time on or after the Adjustment Time,
means, for each Swap Lender an amount determined by such Swap Lender by calculating for each of its
Lender Swaps, the Termination Amount, and determining the difference, if positive, of the aggregate
net amounts payable by any Loan Party to such Swap Lender;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Swap Lender</B>&#148; means a Person which, at the time that it entered into any Swap with any Loan Party,
was a Lender or an Affiliate of a Lender, and includes, where the context so requires, RBC in
relation to any of its Existing Lender Swaps;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Takeover</B>&#148; has the meaning ascribed to it in Section&nbsp;3.5;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Takeover Loan</B>&#148; has the meaning ascribed to it in Section&nbsp;3.5(c);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Target</B>&#148; has the meaning ascribed to it in Section&nbsp;3.5;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Tax</B>&#148; or &#147;<B>Taxes</B>&#148; means all present and future taxes, rates, levies, imposts, assessments, dues,
government fees, stamp taxes, deductions, charges or withholdings, and all liabilities with respect
thereto, and any interest, additions to tax and penalties imposed with respect thereto, excluding,
with respect to the Agent or any Lender, taxes (including sales, use or goods and services tax)
imposed on its income, purchases or capital and franchise taxes imposed on it by any taxation
authority;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Termination Amount</B>&#148; means, in respect of a Lender Swap on any day, the amount (whether positive or
negative) determined by the Swap Lender thereunder in accordance with its customary practices and
acting reasonably as of the close of business as though such day were an &#147;Early Termination Date&#148;
and the Swap was a &#147;Terminated Transaction&#148; in accordance with the payment measures provided for in
the ISDA Master Agreement between any Loan Party and such Swap Lender, with any such termination
amount being expressed in U.S. Dollars and all defined terms used in this definition and not
otherwise defined in this Agreement having the meaning ascribed thereto in such ISDA Master
Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Termination Event</B>&#148; means:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an automatic acceleration of the repayment of indebtedness outstanding hereunder without any
notice being required thereunder from the Agent or any Lender;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an automatic early termination of obligations relating to a Lender Swap, without any notice
being required from the Swap Lender; 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 -->32<!-- /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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an automatic acceleration of the repayment of indebtedness or other obligations outstanding
under an Operating Facility or a Cash Management Facility, without any notice being required from
the applicable Operating Facility Lender or Cash Management Facility Provider, as the case may be;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Total Commitment</B>&#148; means, at any time, the amount equal to the aggregate of the Commitments of each
Lender at such time, not to exceed U.S. $550,000,000 except in the circumstances provided for in
Section&nbsp;3.3;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Transaction</B>&#148; has the meaning ascribed thereto in the applicable ISDA Master Agreement between any
Loan Party and a Swap Lender;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Uniform Commercial Code</B>&#148; means the Uniform Commercial Code as from time to time in effect in the
State of New York or any other state of the United States relevant to the determination of the
issue in question;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>U.S. Base Rate</B>&#148; means, with respect to U.S. Base Rate Loans on any day, the highest 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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the annual rate of interest announced from time to time by the Agent as being its reference
rate then in effect for determining interest rates on U.S. Dollar denominated commercial loans made
by the Agent in Canada;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Federal Funds Rate plus 50 bps; 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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Libor for a one (1)&nbsp;month Libor Interest Period plus 75 bps;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>U.S. Base Rate Loan</B>&#148; means the advances or any portion thereof made available by the Lenders to
the Borrower pursuant to Section&nbsp;3.6, 3.10(j), 3.13 or 3.14 and outstanding from time to time,
which are denominated in U.S. Dollars and on which the Borrower has agreed to pay interest in
accordance with Section&nbsp;5.2;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>U.S. Dollars</B>&#148; and the symbol &#147;<B>U.S. $</B>&#148; each mean lawful money of the United States of America;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>U.S. Loan Parties</B>&#148; means those Loan Parties which are incorporated under or otherwise governed by
the laws of the United States or a state or territory thereof, and &#147;<B>U.S. Loan Party</B>&#148; means any of
them; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<B>Voting Shares</B>&#148; means:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>share capital of any class of any corporation or securities of any other Person which carry
voting rights to elect the board of directors or other body exercising similar functions under any
circumstances, but shares or other securities which carry the right to so vote conditionally upon
the happening of an event shall not be considered Voting Shares until the occurrence of such event;
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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an interest in a general partnership, limited partnership, trust or similar Person which
entitles the holder of such interest to receive a share of the profits, or on dissolution or
partition, of the assets, of such Person.</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">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.2 Headings and Table of Contents</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The headings, the table of contents and the Article and Section titles are inserted for
convenience of reference only and shall not affect the construction or interpretation of this
Agreement.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.3 References</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless something in the subject matter or context is inconsistent therewith, all references to
Sections, Articles and Schedules are to Sections and Articles of and Schedules to this Agreement.
The words &#147;hereto&#148;, &#147;herein&#148;, &#147;hereof&#148;, &#147;hereunder&#148; and similar expressions mean and refer to this
Agreement.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.4 Rules of Interpretation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this Agreement, unless otherwise specifically provided,</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the singular includes the plural and vice versa, &#147;month&#148; means calendar month, &#147;quarter&#148; means
calendar quarter, &#147;in writing&#148; or &#147;written&#148; includes printing, typewriting or any electronic means
of communication capable of being visibly reproduced at the point of reception, including facsimile
and &#147;include&#148;, &#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by the phrase &#147;without
limitation&#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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>references to any agreement, contract, document or other instrument means a reference to any
such agreement, contract, document or other instrument as the same has been or may be amended,
modified, supplemented or restated from time to time; provided that, if consent to any such
amendment, modification, supplement or restatement is required under any Loan Document, such
consent must have been obtained; 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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>references to any statute, act or other legislative enactment shall be to such statute, act or
other legislative enactment as amended from time to time or replaced by a statute, act or other
legislative enactment dealing with substantially the same subject matter as the statute, act or
other legislative enactment so replaced.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.5 Generally Accepted Accounting Principles</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Accounting Terms</B>: All financial statements required to be furnished by the Borrower to the
Agent hereunder shall be prepared in accordance with GAAP. Each accounting term used in this
Agreement, unless otherwise defined herein, has the meaning assigned to it under GAAP and, except
as otherwise provided herein, reference to any balance sheet item, statement of income item or
statement of cash flows item means such item as computed from the applicable financial statement
prepared in accordance with GAAP.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Change in GAAP or Accounting Policy</B>: If:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there occurs a change in GAAP, including as a result of a conversion to International
Financial Reporting Standards; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Borrower or any of the Material Subsidiaries adopts a change in an accounting
policy in order to more appropriately present events or transactions in its financial
statements;</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 -->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: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>

    <TD COLSPAN="2">and the above change would cause an amount required to be determined for the purposes of
any financial covenant or any other financial calculation or threshold (each a &#147;<B>Financial
Calculation</B>&#148;) to be different than the amount that would be determined without giving
effect to such change, the Borrower shall notify the Agent of such change (an &#147;<B>Accounting
Change</B>&#148;). Such notice (an &#147;<B>Accounting Change Notice</B>&#148;) shall describe the nature of the
Accounting Change and state whether the Borrower desires to revise the method of
calculating one or more of the Financial Calculations (including the revision of any of the
defined terms used in the determination of such Financial Calculation) in order that
amounts determined after giving effect to such Accounting Change and the revised method of
calculating such Financial Calculation will approximate the amount that would be determined
without giving effect to such Accounting Change and without giving effect to the revised
method of calculating such Financial Calculation. The Accounting Change Notice shall be
delivered to the Agent within forty-five (45)&nbsp;days after the end of the Fiscal Quarter (or,
in the case of a Fiscal Quarter ending March&nbsp;31, 2011, June&nbsp;30, 2011 or September&nbsp;30, 2011,
within sixty (60)&nbsp;days) in which the Accounting Change is implemented or, if such
Accounting Change is implemented in the fourth Fiscal Quarter or in respect of an entire
Fiscal Year, within ninety (90)&nbsp;days after the end of such period (or, in the case of the
period ending December&nbsp;31, 2011, within one hundred twenty (120)&nbsp;days), provided that, in a
situation where an Accounting Change does not have an immediate impact on the calculations
or thresholds then applicable to the Borrower, the Borrower shall be entitled to deliver an
additional Accounting Change Notice once such change does have an impact (provided that no
more than one such additional Accounting Change Notice may be delivered in any one Fiscal
Quarter), and the provisions hereof shall also apply to such additional Accounting Change
Notice.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Majority Lender Notification</B>: If, pursuant to the Accounting Change Notice, the Borrower does
not indicate that it desires to revise the method of calculating one or more of the Financial
Calculations, the Majority Lenders may within thirty (30)&nbsp;days after receipt of the Accounting
Change Notice notify the Borrower that they wish to revise the method of calculating one or more of
the Financial Calculations in the manner described above.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Revised Calculations</B>: If either the Borrower or the Majority Lenders so indicate that they wish
to revise the method of calculating one or more of the Financial Calculations, the Borrower and the
Majority Lenders shall in good faith attempt to agree on a revised method of calculating such
Financial Calculations so as to reflect equitably such Accounting Change with the desired result
that the criteria for evaluating the Borrower&#146;s financial condition shall be substantially the same
after such Accounting Change as if such Accounting Change had not been made. Until the Borrower
and the Majority Lenders have reached agreement in writing on such revised method of calculation,
all amounts to be determined hereunder shall continue to be determined without giving effect to the
Accounting Change. For greater certainty, if no notice of a desire to revise the method of
calculating the Financial Calculations in respect of an Accounting Change is given by either the
Borrower or the Majority Lenders within the applicable time period described above, then the method
of calculating the Financial Calculations shall not be revised in response to such Accounting
Change and all amounts to be determined pursuant to the Financial Calculations shall be determined
after giving effect to such Accounting Change.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Revised Compliance Certificates</B>: If a Compliance Certificate is delivered in respect of a
Fiscal Quarter or Fiscal Year in which an Accounting Change is implemented without giving effect to
any revised method of calculating any of the Financial Calculations, and subsequently, as provided
above, the method of calculating one or more of the Financial Calculations is revised in response
to such Accounting Change, or the amounts to be determined pursuant to any of the Financial
Calculations are to be determined without giving effect to such Accounting Change, the</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">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrower shall deliver a revised Compliance Certificate. Any Event of Default which arises
as a result of the Accounting Change and which is cured by this Section&nbsp;1.5 shall be deemed
to have never occurred.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.6 Time</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided herein, all references to a time in this Agreement shall mean local
time in the city of Calgary, Alberta.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.7 Payment for Value</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All payments required to be made hereunder shall be made for value on the required day in same
day immediately available funds.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1.8 Monetary References</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever an amount of money is referred to herein, such amount shall, unless otherwise
expressly stated, be in U.S. Dollars.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 2<BR>
REPRESENTATIONS AND WARRANTIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2.1 Representations and Warranties</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower represents and warrants to each of the Lenders and the Agent (all of which
representations and warranties the Borrower hereby acknowledges are being relied upon by the
Lenders and the Agent in entering into this Agreement) that:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Existence: </B>each Loan Party is a duly incorporated, amalgamated, formed or created corporation,
partnership or trust, as applicable, is validly existing under its jurisdiction of incorporation,
amalgamation, formation or creation, as applicable, and is duly registered and qualified as an
extra-provincial corporation, partnership or trust, as applicable, under the laws of each
jurisdiction in which the nature of any business transacted by it or the character of any
properties and assets owned or leased by it requires such registration and qualification, except
where the failure to be so registered or qualified would not reasonably be expected to have a
Material Adverse Effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Power: </B>each Loan Party has full corporate, partnership or trust, as applicable, capacity, power
and authority to own its properties and assets, to conduct business as now conducted and as
proposed to be conducted, to execute and deliver each Loan Document to which it is a party and to
perform its obligations 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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Authorization: </B>the execution, delivery and performance by each Loan Party of each of the Loan
Documents to which it is a party have been duly authorized by all necessary corporate, partnership,
trust or other action;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Execution: </B>each Loan Document to which any Loan Party is a party has been duly executed and
delivered by it;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Binding Obligations: </B>each Loan Document to which any Loan Party is a party is a legal, valid
and binding obligation of such Loan Party, enforceable against such Loan Party in accordance</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 -->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: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with its terms except as enforceability may be limited by general principles of equity and
by Applicable Laws regarding bankruptcy, insolvency, reorganization or similar laws
affecting creditors&#146; rights generally and by moratorium laws from time to time in effect;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No Legal Bar or Resultant Lien re: Loan Documents: </B>the execution, delivery and performance by
each Loan Party of each Loan Document to which it is a party:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>does not and will not violate its articles, by-laws, partnership agreement, trust
indenture (each as applicable) or other governing documents;</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>does not and will not result in a breach of or constitute a default or require any
consent under, or result in the creation of any Security Interest, other than a Permitted
Encumbrance, upon any of its property or assets pursuant to any material indenture or other
material agreement or material instrument to which it is a party or by which it or its
property or assets may be bound or affected;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>does not require any Governmental Action, licence, consent or approval of or notice
to or filing with any Governmental Authority other than such as are necessary with respect
to the registration and perfection of the Security and the Security Interests constituted
thereby; 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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>does not and will not contravene any presently existing provision of Applicable Law or
any Governmental Action applicable to it or any of its property and assets;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Litigation: </B>there are no actions, suits or proceedings pending or, to the best of the
knowledge, information and belief of any Loan Party, threatened against any Loan Party at law or in
equity by or before any court, tribunal, governmental department, commission, board, bureau, agent
or instrumentality, domestic or foreign, or before any arbitrator of any kind which would
reasonably be expected to have a Material Adverse Effect and no Loan Party is in default with
respect to any judgment, order, writ, injunction, decree, award, rule or regulation of any court,
tribunal, governmental department, commission, board, bureau, agency or instrumentality, domestic
or foreign or any arbitrator of any kind which, in the aggregate, would reasonably be expected to
have a Material Adverse Effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Financial Condition: </B>all financial statements of the Loan Parties provided to the Agent by or
on behalf of any Loan Party fairly reflect, as of the dates thereof, the financial condition of the
Loan Parties in all material respects and the results of their operations for the periods covered
thereby, have been prepared in accordance with GAAP (except that any unconsolidated financial
statements of any Subsidiary may be prepared without notes) and, from the date of the latest of
such financial statements submitted to the Agent and except as disclosed to the Agent in writing,
no event or circumstance has occurred which would reasonably be expected to have a Material Adverse
Effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Taxes: </B>all material income tax and other returns required to be filed have been filed by or on
behalf of each Loan Party to the relevant taxation or other authorities and no Loan Party is in
default of payment of any taxes of any material amount, except for taxes the payment of which are
being contested by it in good faith and for which provision in accordance with GAAP has been made
for adequate reserves;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Insurance: </B>each Loan Party has in full force and effect such policies of insurance in such
amounts issued by insurers of recognized standing insuring its properties, assets and undertakings</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 -->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="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and providing such coverage as would usually be maintained by Persons engaged in the same
or similar business in the localities where its properties and assets are located;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Title to Properties and Assets</B>: each Loan Party has good and marketable title to its properties
and assets except for defects in title which, in the aggregate, would not reasonably be expected to
have a Material Adverse Effect, and except for Permitted Encumbrances, the properties and assets of
each Loan Party are not subject to any Security Interests;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Compliance with Laws and Contracts</B>: each Loan Party is:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in compliance with all Applicable Laws; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not in breach or default of, nor has any event or circumstance occurred, which, but
for the passage of time or the giving of notice, or both, would constitute a breach or
default under, any contract, agreement, licence, permit, employee benefit plan or employee
pension plan to which any Loan Party is a party or by which it or any of its properties,
assets or undertakings are bound;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except for any non-compliance, breach or default, as applicable, which would not reasonably
be expected to have a Material Adverse Effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>U.S. Federal Regulations</B>: no part of the proceeds of the Loans or other extensions of credit
made to the Borrower hereunder will be used: (i)&nbsp;for &#147;buying&#148; or &#147;carrying&#148; any &#147;margin stock&#148;
within the respective meanings of each of the quoted terms under Regulation&nbsp;U for any purpose that
violates the provisions of the Regulations of the Board; or (ii)&nbsp;for any purpose that violates the
provisions of Regulations T, U or X of the Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pension and Benefit Plans</B>: all obligations of the Borrower and its Subsidiaries and their ERISA
Affiliates under each Plan and any other employee pension plan and employee benefit plan maintained
by it for the benefit of its employees have been performed in accordance with the terms thereof and
Applicable Law (including for certainty, ERISA) except where the failure to do so would not
reasonably be expected to have a Material Adverse Effect, and no such pension plan or benefit plan
has any unfunded liabilities which would reasonably be expected to have a Material Adverse Effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investment Company Act; Other Regulations</B>: no Loan Party is an &#147;investment company&#148;, or a
company &#147;controlled&#148; by an &#147;investment company&#148;, within the meaning of the Investment Company Act
of 1940 of the United States of America, as amended, and no Loan Party is subject to regulation
under any Applicable Law (other than Regulation&nbsp;X of the Board) that limits its ability to incur
Debt;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Intellectual Property</B>:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Loan Party owns, or is licensed to use, all Intellectual Property reasonably
necessary for the conduct of its business as currently conducted;</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>no claim has been asserted and is pending by any Person challenging or questioning the
use of any Intellectual Property by any Loan Party or the validity or effectiveness of any
Loan Party&#146;s rights in any Intellectual Property, nor does the Borrower know of any valid
basis for any such claim; and</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 -->38<!-- /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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the use of Intellectual Property by each Loan Party does not infringe on the rights
of any Person;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except in each case to the extent it would not reasonably be expected to have a Material
Adverse Effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Environmental Laws</B>: each Loan Party:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has obtained, made or given all Governmental Actions which are required under all
applicable Environmental Laws except to the extent that failure to obtain, make or give the
same would not reasonably be expected to have a Material Adverse Effect;</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>is in compliance with all Environmental Laws and all terms and conditions of all such
Governmental Actions, except to the extent failure to comply would not reasonably be
expected to have a Material Adverse Effect; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has not received any notice of non-compliance with any Environmental Laws from any
Governmental Authority or other Person or that any Release has occurred of, from, around,
under or in respect of any of its assets or properties which would reasonably be expected
to have a Material Adverse Effect;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Events of Default: </B>no Default or Event of Default has occurred and is continuing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Accuracy of Information: </B>all information (including financial information and projections),
materials and documents delivered by or on behalf of the Borrower or any other Loan Party to the
Agent prior to the date of this Agreement in contemplation of the transactions contemplated by this
Agreement were:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of all such information, materials and documents taken as a whole (but
excluding therefrom any projections), true, complete and accurate in all material respects
as at their respective dates; provided that with respect to any information which is
provided by a third party, such representations and warranties shall be limited to the
knowledge of the Borrower; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of any such projections, prepared in good faith based upon assumptions
believed to be reasonable at the time made;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Ranking with Other Debt: </B>all payment obligations of a Loan Party hereunder and under each of
the other Loan Documents rank at least <I>pari passu </I>in right of payment with the other most senior
indebtedness for borrowed money of such Loan Party;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Material Subsidiaries: </B>either the Borrower, one or more Material Subsidiaries or any
combination thereof is the legal and beneficial owner of 100% of the issued and outstanding shares,
income or capital interests, as applicable, in each Material Subsidiary; 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="1%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Organizational Chart</B>: as at the Effective Date, Schedule&nbsp;K sets forth an organizational chart
for the Borrower and its Subsidiaries, including the jurisdiction of incorporation of each
Subsidiary of the Borrower, which is accurate in all material respects.</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 -->39<!-- /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: 12pt"><B>2.2 Deemed Representations and Warranties</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each request by the Borrower for Accommodations on any Drawdown Date shall be deemed to be a
representation and warranty by the Borrower to the Agent and each Lender that the representations
and warranties contained in Section&nbsp;2.1 (other than those made as of a specific date) are, as of
the date of such request, and will be, as of the applicable Drawdown Date, true and correct in all
material respects and that there exists no Default or Event of Default, and each request by the
Borrower for a Conversion or Rollover shall be deemed to be a representation by the Borrower to the
Agent and each Lender that as of the date of such request and as of the applicable Conversion Date
or Rollover Date, as applicable, there exists no Default or Event of Default.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 3<BR>
THE CREDIT FACILITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.1 Obligations of Each Lender</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relying on each of the representations and warranties set out in Article&nbsp;2 and subject to the
terms and conditions of this Agreement, each Lender agrees to make Accommodations available to the
Borrower up to the amount of its Commitment commencing on the date of this Agreement and ending on
the Maturity Date of each such Lender, by way 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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Loans</B>: the advance of Prime Loans, U.S. Base Rate Loans or Libor Loans by such Lender and the
delivery of the proceeds of such advance for the account of the Borrower through the Agent at the
Agent&#146;s Account for Payments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Bankers&#146; Acceptances</B>: either</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the acceptance of Bankers&#146; Acceptances (or the making of a BA Equivalent Advance) by
such Lender and the delivery of the discounted proceeds of sale received by such Lender (or
the amount of BA Equivalent Advance) (less the applicable fees payable by the Borrower to
such Lender pursuant to Section&nbsp;5.4) in respect thereof for the account of the Borrower
through the Agent at the Agent&#146;s Account for Payments; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the purchase of Bankers&#146; Acceptances (or the making of a BA Equivalent Advance) by
such Lender and the delivery of the Discount Proceeds in respect of such Bankers&#146;
Acceptances (or BA Equivalent Advance) (less the applicable fees payable by the Borrower to
such Lender pursuant to Section&nbsp;5.4) for the account of the Borrower through the Agent at
the Agent&#146;s Account for Payments; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Letters of Credit</B>: the issuance of Letters of Credit by a Fronting Lender on behalf of the
Lenders up to the amount of its Fronted LC Commitment; provided that the Equivalent Amount in U.S.
Dollars of all Letters of Credit outstanding hereunder shall not, at the time of the issuance of
any such Letter of Credit and after giving effect to the issuance thereof, exceed U.S.
$200,000,000.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The credit facility established above (the &#147;<B>Credit Facility</B>&#148;) is a revolving credit facility
and the Borrower may increase or decrease Borrowings from each such Lender by obtaining Loans,
Bankers&#146; Acceptances and BA Equivalent Advances, as applicable, and Letters of Credit, as
applicable, and by making repayments in respect thereof.
</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Lender shall not have any obligation to make any Accommodations available at any time if,
after giving effect thereto, the Equivalent Amount in U.S. Dollars of Borrowings from such Lender
would exceed the Commitment of such Lender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Existing Letter of Credit shall, upon the Effective Date, be deemed to be outstanding
under this Agreement as a Fronted Letter of Credit issued by the applicable Fronting Lender on
behalf of the Lenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.2 Extension of Maturity Date</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Request for Extension</B>: The Borrower may, from time to time, request an extension from each
Lender (each, a &#147;<B>Requested Lender</B>&#148;) of the then current Maturity Date of each such Requested Lender
(each, a &#147;<B>Subject Maturity Date</B>&#148;) by sending to the Agent at the Agent&#146;s Branch of Account a
Request for Extension once in each Fiscal Year at any time during the six (6)&nbsp;month period after
the financial statements referred to in Section&nbsp;9.1(d) hereof have been delivered as required
herein and the Agent shall forthwith notify the Requested Lenders of such request. Any such request
must provide that the requested Maturity Date of all Requested Lenders be the same and that the
requested Maturity Date not exceed three years from the date of any such extension request. Each
Requested Lender shall advise the Agent as to whether it agrees with such request within thirty
(30)&nbsp;days of being so notified, provided that in the event such Requested Lender does not so advise
the Agent within such thirty (30)&nbsp;day period, such Requested Lender shall be deemed to have advised
the Agent that it does not agree with such request.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment or Replacement by Borrower</B>: Subject to Section&nbsp;3.2(a), if a Requested Lender does not
agree to extend the Subject Maturity Date (such Requested Lender being a &#147;<B>Non-Extending Lender</B>&#148; and
any Requested Lender agreeing to extend the Subject Maturity Date being an &#147;<B>Extending Lender</B>&#148;), the
Borrower may, provided that it treats each Non-Extending Lender rateably:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>so long as there exists no Default or Event of Default and subject to Section&nbsp;11.5,
repay all Borrowings and other amounts owing hereunder to all Non-Extending Lenders, on or
prior to the Maturity Date of such Non-Extending Lenders and upon such payment each
Non-Extending Lender shall cease to be a Lender hereunder and each such Non-Extending
Lender&#146;s Commitment shall be terminated and the Total Commitment reduced accordingly; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>arrange for a replacement lender or lenders (which may be one or more of the Lenders)
to replace all Non-Extending Lenders&#146; Borrowings and Commitments provided that any such
replacement lender or lenders (if it is not a Lender) shall have been approved by the Agent
and each Fronting Lender (each such approval not to be unreasonably withheld) and shall be
novated into the Loan Documents in the place and stead of the Non-Extending Lenders by
execution of all necessary documentation on or prior to the Maturity Date of such
Non-Extending Lenders and in respect of which the Lenders shall do all things and make all
such adjustments as are reasonably necessary to give effect to any such replacement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Non-Extension</B>: The Subject Maturity Date shall not be extended in accordance with Section
3.2(a) if Requested Lenders holding more than thirty-three and one third percent (33-1/3%) of the
aggregate of the Commitments of all Requested Lenders do not agree or are deemed not to agree to
extend the Subject Maturity Date pursuant to the Request for Extension. In any such case, the
Subject Maturity Date of each Requested Lender shall not be extended, provided,</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 -->41<!-- /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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>however, the Borrower shall be entitled to request further extensions of the Maturity Date
as provided for in Section&nbsp;3.2(a).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Extension for all Requested Lenders</B>: If all Requested Lenders agree to extend the Subject
Maturity Date pursuant to a Request for Extension, then the Subject Maturity Date of each Requested
Lender shall be extended to the date agreed by each such Requested Lender.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Partial Extension</B>: If, with respect to any Request for Extension, the provisions of Section
3.2(c) or 3.2(d) are not applicable and there are Non-Extending Lenders under Section&nbsp;3.2(b), then:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Subject Maturity Date for all Extending Lenders shall be extended to the date
agreed to by each such Requested Lender; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Subject Maturity Date for each such Non-Extending Lender shall not be extended,
provided, however, the Borrower shall be entitled to request further extensions of the
Maturity Date from such Non-Extending Lenders as provided for in Section&nbsp;3.2(a).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Independent Decision</B>: The Borrower understands that consideration of any Request for Extension
constitutes an independent credit decision which each Requested Lender retains the absolute and
unfettered discretion to make and that no commitment in this regard is hereby given by any
Requested Lender and that any extension of the Subject Maturity Date may be on such terms and
conditions in addition to those set out herein as the Lenders may stipulate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Default or Event of Default</B>: If a Default or an Event of Default exists at the time the
Borrower makes a Request for Extension or on the Subject Maturity Date, the Subject Maturity Date
of the Extending Lenders will not be extended.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.3 Increase of Total Commitment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower may at any time and from time to time add additional financial institutions
hereunder as Lenders or, with the consent of the applicable Lender, increase the Commitment of such
Lender and thereby increase the Total Commitment, provided that at the time of any such addition:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no Default or Event of Default has occurred and is continuing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Total Commitment as so increased (after taking into account any prior reductions of the
Total Commitment pursuant to Section&nbsp;3.2(b)(i) or Section&nbsp;11.7) does not exceed U.S. $650,000,000;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Agent and each Fronting Lender has consented to such financial institution becoming a
Lender, if it is not already a Lender, each such consent not to be unreasonably withheld;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>concurrently with the addition of a financial institution as an additional Lender or the
increase of a Lender&#146;s Commitment, such financial institution or Lender, as the case may be, shall
purchase from each Lender such portion of the Borrowings of each such Lender as is necessary to
ensure that all Borrowings of all Lenders and including therein such additional financial
institution, are in accordance with the Lender&#146;s Proportion of all such Lenders (including the new
financial institution) and such financial institution shall execute such documentation as is
required by the Agent, acting reasonably, to novate such financial institution as a Lender
hereunder; 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="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Borrower has provided to the Agent a certified copy of a directors&#146; resolution of the
Borrower authorizing any such increase in the Total Commitment (which may be the original
directors&#146;</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 -->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: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>resolution authorizing this Credit Facility) together with a legal opinion with respect
thereto in substantially the same form as the opinions delivered in connection with the
closing of this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.4 Purpose</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under the Credit Facility shall be used by the Borrower for general corporate
purposes of the Loan Parties.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.5 Takeover Notification</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event the Borrower wishes to utilize Accommodations to, or to provide funds to any
Subsidiary to, offer to acquire (which shall include an offer to purchase securities, solicitation
of an offer to sell securities, an acceptance of an offer to sell securities, whether or not the
offer to sell was solicited, or any combination of the foregoing) outstanding securities of any
Person (other than a private issuer as defined under the <I>Securities Act </I>(Alberta) or a corporation
whose shares are directly or indirectly held by one Person) (the &#147;<B>Target</B>&#148;) where, as of the date of
the offer to acquire, the securities that are subject to the offer to acquire, together with the
securities of such Person that are beneficially owned, or over which control or direction is
exercised, by the Borrower and its Subsidiaries and any Person acting jointly or in concert with
any thereof on the date that the offer to acquire is made, constitute in the aggregate ten percent
(10%) or more of all of the outstanding securities of that class of securities of the relevant
Person (a &#147;<B>Takeover</B>&#148;), then either:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Agreement of the Target Entity</B>: the Borrower shall provide to the Agent evidence satisfactory
to the Agent of the agreement of the board of directors or like body of the Target approving the
Takeover; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Consent from Lenders</B>: the following steps shall be followed:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at least five (5)&nbsp;Business Days prior to the delivery of any notice to the Agent
pursuant to Section&nbsp;3.6 requesting Accommodations intended to be utilized for such
Takeover, a senior officer of the Borrower shall advise the Agent who shall promptly ensure
that a Vice President of each Lender (or such other senior officer of such Lender as may be
designated by such Lender from time to time) is advised of the particulars of such Takeover
in sufficient detail to enable such Lender to determine whether it will consent to
Accommodations from such Lender being utilized by the Borrower for such Takeover (which
consent may be withheld in its sole and unfettered discretion);</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>within three (3)&nbsp;Business Days of being so advised, each Lender shall notify the Agent
as to whether it will provide its consent, provided that in the event such Lender does not
so notify the Agent within such three (3)&nbsp;Business Day period, such Lender shall be deemed
to have notified the Agent that it does not provide its consent; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Agent shall promptly notify the senior officer of the Borrower of such Lender&#146;s
decision;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and in the event that any Lender does not provide its consent or is deemed to have not
provided its consent, then upon the Agent so notifying the Borrower, such Lender shall have
no obligation to provide Accommodations for such Takeover notwithstanding any other
provision of this Agreement to the contrary; provided, however, that each other Lender, as
applicable (a &#147;<B>Consenting Lender</B>&#148;) which has provided its consent shall have an obligation,
up to the amount</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 -->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: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of its Commitment, to provide Accommodations for such Takeover, and Accommodations for such
Takeover shall be provided by each Consenting Lender in accordance with the ratio that its
Lender&#146;s Proportion bears to the aggregate of the Lender&#146;s Proportions of all the
Consenting Lenders.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Adjustment</B>: If Accommodations are utilized for the purposes of a Takeover (a &#147;<B>Takeover Loan</B>&#148;)
and there are Lenders other than Consenting Lenders (the &#147;<B>Non-Consenting Lenders</B>&#148;), the Lender&#146;s
Proportion of each Consenting Lender shall be temporarily adjusted in accordance with Section&nbsp;3.12
and subsequent Accommodations shall be funded firstly by Non-Consenting Lenders and subsequent
repayments shall be applied firstly to Consenting Lenders, in each case, until such time as the
Lender&#146;s Proportion of each Consenting Lender and Non-Consenting Lender is equal to such Lender&#146;s
Proportion in effect immediately prior to the advance of the Takeover Loan.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.6 Borrowings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of this Agreement, the Borrower may borrow, repay and reborrow by
way of Accommodations from each Lender pursuant to the Credit Facility up to the amount of such
Lender&#146;s Commitment by:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Prime Loans: </B>borrowing Prime Loans from the Lenders, in minimum aggregate amounts of Cdn.
$1,000,000 and in integral multiples of Cdn. $1,000,000 thereafter, upon at least one (1)&nbsp;Business
Day prior written notice;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>U.S. Base Rate Loans: </B>borrowing U.S. Base Rate Loans from the Lenders in minimum aggregate
amounts of U.S. $1,000,000 and in integral multiples of U.S. $1,000,000 thereafter, upon at least
one (1)&nbsp;Business Day prior written notice;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Bankers&#146; Acceptances: </B>issuing Bankers&#146; Acceptances to be accepted by the Lenders in minimum
aggregate amounts of Cdn. $1,000,000 and in integral multiples of Cdn. $1,000,000 thereafter, upon
at least two (2)&nbsp;Business Days&#146; prior written notice;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Libor Loans: </B>borrowing Libor Loans from the Lenders in minimum aggregate amounts of U.S.
$1,000,000 and in integral multiples of U.S. $1,000,000 thereafter, upon at least three (3)
Business Days&#146; prior written notice; 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="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Letters of Credit</B>: by way of the issuance by the Fronting Lender of Letters of Credit in
Canadian Dollars or U.S. Dollars upon at least three (3)&nbsp;Business Days&#146; prior written notice;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">each such notice to be given to the Agent at or prior to noon (Toronto time) on the last day on
which such notice can be given pursuant to this Section&nbsp;3.6 and to be substantially in the form of
Schedule&nbsp;B.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.7 Selection of Libor Interest Periods</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Borrower elects to borrow by way of a Libor Loan pursuant to Section&nbsp;3.6, elects to
convert a Borrowing into a Libor Loan pursuant to Section&nbsp;3.13 or elects to Rollover a Libor Loan
pursuant to Section&nbsp;3.14, the Borrower shall, prior to the beginning of the Libor Interest Period
applicable to such Libor Loan, in accordance with the same period of notice required for the
initial drawdown of a Libor Loan as set forth in Section&nbsp;3.6, select and notify the Agent by
delivery of a Borrowing Notice, Conversion Notice or Rollover Notice, as the case may be, of the
Libor Interest Period (which shall begin and end on a Business Day) applicable to such Libor Loan.
If the Borrower fails to give to the Agent a</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 -->44<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">notice as aforesaid prior to the date of maturity of a Libor Loan in accordance with the same
period of notice required for the original Borrowing, then the amount of such Libor Loan shall be
converted on its maturity to a U.S. Base Rate Loan from the Lender pursuant to Section&nbsp;3.13.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.8 Conditions Applicable to Bankers&#146; Acceptances</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Acceptance of Bankers&#146; Acceptances: </B>Subject to the terms and conditions of this Agreement, each
Lender hereby agrees to accept its Lender&#146;s Proportion of Bankers&#146; Acceptances issued by the
Borrower pursuant to Sections&nbsp;3.6, 3.13 and 3.14. Each such Lender shall purchase such Bankers&#146;
Acceptances at the applicable Discount Rate unless the Borrower elects, pursuant to Section&nbsp;3.8(i),
to market all Bankers&#146; Acceptances accepted by such Lenders on its own. Any Lender may at any time
and from time to time hold, sell, rediscount or otherwise dispose of any or all Bankers&#146;
Acceptances purchased by it.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Delivery of Notice: </B>If the Borrower has elected to market Bankers&#146; Acceptances on its own, the
Borrower shall, at or prior to 11 a.m. (Toronto time) on the Drawdown Date, Conversion Date or
Rollover Date relating to any Bankers&#146; Acceptances to be issued hereunder, deliver to the Agent at
the Agent&#146;s Branch of Account written notice with respect to such Bankers&#146; Acceptances in the form
of Schedule&nbsp;B hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment to Borrower: </B>On the Drawdown Date, Conversion Date or Rollover Date relating to any
issue of Bankers&#146; Acceptances:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on any Drawdown Date, each Lender shall:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Borrower has elected to market the Bankers&#146; Acceptances on its own
pursuant to Section&nbsp;3.8(i), deliver the discounted proceeds of the sale of such
Bankers&#146; Acceptances received by it (less any fees payable to such Lender in
respect thereof pursuant to Section&nbsp;5.4), for the account of the Borrower through
the Agent at the Agent&#146;s Account for Payments; 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 subsection (A)&nbsp;above does not apply, deliver the Discount Proceeds of
Bankers&#146; Acceptances purchased by it (less any fees payable to such Lender in
respect thereof pursuant to Section&nbsp;5.4) for the account of the Borrower through
the Agent at the Agent&#146;s Account for Payments;</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on any Rollover Date relating to any Rollover of Bankers&#146; Acceptances, the Borrower
shall be liable to each Lender for the principal amount of maturing Bankers&#146; Acceptances
accepted by such Lender; in order to satisfy the continuing liability of the Borrower to
each such Lender for the principal amount of the maturing Bankers&#146; Acceptances, each such
Lender shall receive and retain for its own account the discounted proceeds of sale of such
new Bankers&#146; Acceptances or the Discount Proceeds from the purchase by such Lender of such
Bankers&#146; Acceptances, as applicable, and the Borrower shall on the maturity date of the
maturing Bankers&#146; Acceptances pay to each such Lender, through the Agent at the Agent&#146;s
Account for Payments, an amount equal to the difference between the principal amount of the
maturing Bankers&#146; Acceptances and the discounted proceeds of sale or the Discount Proceeds,
as applicable, from the new Bankers&#146; Acceptances together with the fee to which each such
Lender is entitled pursuant to Section&nbsp;5.4; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on any Conversion Date relating to Bankers&#146; Acceptances:</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 -->45<!-- /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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a Conversion from a Loan into a Bankers&#146; Acceptance in the same
currency as the Loan, in order to satisfy the continuing liability of the Borrower
to each Lender for the amount of the converted Borrowing, each such Lender shall
receive for its own account the discounted proceeds of sale of the Bankers&#146;
Acceptances or the Discount Proceeds from the purchase by such Lender of such
Bankers&#146; Acceptances, as applicable, and the Borrower shall on the Conversion Date
pay to each such Lender, through the Agent at the Agent&#146;s Account for Payments, the
difference between the principal amount of the converted Borrowing and the
discounted proceeds of sale or the Discount Proceeds, as applicable, from such
Bankers&#146; Acceptances together with the fee to which each such Lender is entitled to
pursuant to Section&nbsp;5.4;</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 a Conversion from a Loan or Bankers&#146; Acceptance in one currency
into a Loan or Bankers&#146; Acceptance in another currency, the Borrower shall be
responsible for the payment to each Lender of the Loan or the principal amount of
the Bankers&#146; Acceptance being converted and may use the discounted proceeds of sale
of such Bankers&#146; Acceptances or the Discount Proceeds from the purchase by such
Lender for such Bankers&#146; Acceptances, as applicable, less any acceptance fees to
which such Lender is entitled, to purchase Cdn. Dollars or U.S. Dollars, as
applicable, in order to make such payment; 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">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a Conversion of Bankers&#146; Acceptances to a Loan in the same
currency, in order to satisfy the continuing liability of the Borrower to each
Lender for an amount equal to the face amount of such Bankers&#146; Acceptances, the
Agent and each such Lender shall record the obligation of the Borrower to each such
Lender as a Borrowing of the type into which the maturing Bankers&#146; Acceptance has
been converted.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Waiver of Presentment and Other Conditions: </B>The Borrower waives presentment for payment and,
except to the extent of the gross negligence or wilful misconduct of a Lender referred to in
Section&nbsp;3.8(h), any other defence to payment of any amounts due to a Lender in respect of a
Bankers&#146; Acceptance accepted and, if applicable, purchased by it pursuant to this Agreement which
might exist solely by reason of such Bankers&#146; Acceptance being held, at the maturity thereof, by
such Lender in its own right and the Borrower agrees not to claim any days of grace if such Lender
as holder sues the Borrower on the Bankers&#146; Acceptance for payment of the amount payable by the
Borrower thereunder. On the specified maturity date of a Bankers&#146; Acceptance, or such earlier date
as may be required or permitted pursuant to the provisions of this Agreement, the Borrower shall,
subject to Section&nbsp;3.8(g), pay the Agent on behalf of the Lender that has accepted such Bankers&#146;
Acceptance, the full face amount of such Bankers&#146; Acceptance either through payment to the Agent or
conversion of such Bankers&#146; Acceptance into a Prime Loan pursuant to Section&nbsp;3.13, and shall make
such additional payments, if any, as are required pursuant to Section&nbsp;3.8(c).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Terms of Each Bankers&#146; Acceptance</B>: Each Bankers&#146; Acceptance shall:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>have a maturity date which shall be on a Business Day;</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>have a Standard Term (excluding days of grace) or, subject to availability and with
the consent of each Lender, have a term which is not a Standard Term but which does not
exceed six (6)&nbsp;months (excluding days of grace);</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>be denominated in whole multiples of $100,000;</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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>have a term which does not extend beyond the Maturity Date; 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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>be in the standard form of each Lender.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is the intention of the parties that, pursuant to the <I>Depository Bills and Notes Act</I>
(&#147;<B>DBNA</B>&#148;), all Bankers&#146; Acceptances accepted by the Lenders under this Agreement shall be
issued in the form of a &#147;depository bill&#148; (as defined in the DBNA), deposited with, and
made payable to a &#147;clearing house&#148; (as defined in the DBNA) including, without limitation,
The Canadian Depository for Securities Limited or its nominee, CDS &#038; Co. (&#147;<B>CDS</B>&#148;). The Agent
and the Lenders shall, <I>inter alia</I>, effect the following and, subject to the approval of the
Borrower, establish and notify the Borrower and the Lenders of any additional procedures,
consistent with the terms of this Agreement and the requirements of the DBNA, as are
reasonably necessary to accomplish such intention including:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the instruments or drafts held by the Agent for the purposes of effecting
Bankers&#146; Acceptances will include a notation to the effect that they are issued
pursuant to the DBNA;</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 reference to authentication of the Bankers&#146; Acceptance will be removed; 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">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any reference to &#147;bearer&#148; will be removed.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Power of Attorney &#151; Bankers&#146; Acceptances: </B>As a condition precedent to each Lender&#146;s obligation
to accept and, if applicable, purchase Bankers&#146; Acceptances hereunder and, subject to the DBNA
compliance requirements set forth in Section&nbsp;3.8(e), the Borrower agrees to the Power of Attorney
Terms &#151; Bankers&#146; Acceptances set out in Schedule&nbsp;I and hereby grants to each Lender a power of
attorney on the terms set out in Schedule&nbsp;I, provided that if the Borrower revokes such power of
attorney, a Lender shall not be obliged to accept and purchase Bankers&#146; Acceptances (and a
Non-Acceptance Lender shall not be obligated to provide BA Equivalent Advances) unless the
Borrower, the Agent and all of the Lenders (other than any Non-Acceptance Lenders) have agreed on
amendments to this Agreement which the Lenders may require to again accept and, if applicable,
purchase Bankers&#146; Acceptances.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Failure to Give Notice of Repayment</B>: If the Borrower fails to give notice to the Agent of the
method of repayment of a Bankers&#146; Acceptance prior to the date of maturity of such Bankers&#146;
Acceptance in accordance with the same period of notice required for the original acceptance of
such Bankers&#146; Acceptance as set forth in Section&nbsp;3.6, the face amount of such Bankers&#146; Acceptance
shall be converted on its maturity to a Prime Loan from the Lender pursuant to Section&nbsp;3.13.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Unlawful Issue or Use: </B>The Borrower shall pay on demand to the Agent on behalf of each Lender
the face amount of any bankers&#146; acceptance form presented to such Lender for payment and paid by
such Lender that has been unlawfully issued or used or put into circulation fraudulently or without
authority, and shall indemnify such Lender against any loss, cost, damage, expense or claim
regardless of by whomsoever made that such Lender may suffer or incur by reason of any fraudulent,
unauthorized or unlawful issue or use of any such bankers&#146; acceptance form, other than as is caused
by the gross negligence or wilful act or omission of such Lender or any of its officers, employees,
agents or representatives failing to use the same standard</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 -->47<!-- /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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of care in the custody of such bankers&#146; acceptance forms as it uses in the custody of its
own property of a similar nature.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Marketing of Bankers&#146; Acceptances: </B>The Borrower shall be entitled to elect to market all
Bankers&#146; Acceptances accepted by the Lenders and forming a part of the same issue of Bankers&#146;
Acceptances on any Drawdown Date, Conversion Date or Rollover Date by advising the Lenders of such
election in any Borrowing Notice, Conversion Notice or Rollover Notice. If the Borrower fails to
advise the Lenders of any such election in any such notice, it shall be deemed to have required to
have such Lenders purchase such Bankers&#146; Acceptances.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>BA Equivalent Advances</B>: Notwithstanding Section&nbsp;3.6(c), the foregoing provisions of this
Section&nbsp;3.8, and any other provision hereof to the contrary, a Non-Acceptance Lender shall, in lieu
of accepting and, if applicable, purchasing Bankers&#146; Acceptances, make a BA Equivalent Advance. The
amount of each BA Equivalent Advance shall be equal to the Discount Proceeds which would be
realized from a hypothetical sale of those Bankers&#146; Acceptances which, but for this Section&nbsp;3.8(j),
such Lender would otherwise be required to accept as part of such a Borrowing by way of Bankers&#146;
Acceptances. To determine the amount of such Discount Proceeds, the hypothetical sale shall be
deemed to take place at the Discount Rate. Any BA Equivalent Advance shall be made on the relevant
Drawdown Date, Conversion Date or Rollover Date, as the case may be, and shall remain outstanding
for the term of the Bankers&#146; Acceptances issued concurrently therewith. Concurrently with the
making of a BA Equivalent Advance, a Non-Acceptance Lender shall be entitled to deduct therefrom an
amount equal to the BA Acceptance Fee which, but for this Section&nbsp;3.8(j), such Lender would
otherwise be entitled to receive as part of such issue of Bankers&#146; Acceptances. The BA Equivalent
Advance shall accrue interest at a rate per annum equal to the Discount Rate for such Bankers&#146;
Acceptance for the term of such BA Equivalent Advance. Upon the maturity date for such Bankers&#146;
Acceptances, the Borrower shall pay to each Non-Acceptance Lender, in satisfaction of the BA
Equivalent Advance and interest accrued thereon, an amount equal to the face amount of the Bankers&#146;
Acceptance which, but for this Section&nbsp;3.8(j), such Lender would otherwise have been required to
accept as part of such Borrowing by way of Bankers&#146; Acceptance, failing which such amount shall be
converted to a Prime Loan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All BA Equivalent Advances made by a Non-Acceptance Lender shall, if requested by such
Lender, be evidenced by promissory notes of the Borrower in form and substance satisfactory
to such Lender, acting reasonably.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All references herein to &#147;Bankers&#146; Acceptances&#148; shall, unless otherwise expressly provided
herein or unless the context otherwise requires, be deemed to include BA Equivalent
Advances made by a Non-Acceptance Lender as part of a Borrowing by way of Bankers&#146;
Acceptances.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a condition precedent to each Non-Acceptance Lender&#146;s obligation to make a BA Equivalent
Advance hereunder, the Borrower agrees to the Power of Attorney Terms &#151; BA Equivalent
Advances set out in Schedule&nbsp;J and hereby grants to each Non-Acceptance Lender a power of
attorney on the terms set out in Schedule&nbsp;J, provided that if the Borrower revokes such
power of attorney, it shall not be entitled to obtain BA Equivalent Advances (or issue
Bankers&#146; Acceptances) unless the Borrower, the Agent and all of the Non-Acceptance Lenders
have agreed on amendments to this Agreement which would again allow the Borrower to obtain
BA Equivalent Advances.</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 -->48<!-- /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: 12pt"><B>3.9 Agent&#146;s Duties Regarding Bankers&#146; Acceptances</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Advice to the Lenders</B>: The Agent, promptly following receipt of a Borrowing Notice for an
Accommodation by way of Bankers&#146; Acceptances, of a Conversion Notice for Conversion of a Borrowing
to a Bankers&#146; Acceptance or of a Rollover Notice for a Rollover of a Bankers&#146; Acceptance, shall:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>advise each Lender of the face amount of each Bankers&#146; Acceptance to be purchased by it
and the term thereof which term shall be identical for all Lenders. By no later than 10:30
a.m. (Toronto time), on each Drawdown Date, Conversion Date or Rollover Date on which the
Lenders are required to purchase Bankers&#146; Acceptances hereunder, each Reference Lender
shall notify the Agent of the applicable rate (as contemplated in the definition of
Discount Rate) to be used by the Agent in the calculation of the Discount Rate in respect
of the issuance and purchase of such Bankers&#146; Acceptances by the Lenders, as applicable; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Borrower has elected to market Bankers&#146; Acceptances on its own, advise the
Borrower of the allocation of Bankers&#146; Acceptances and, if applicable, BA Equivalent
Advances to each Lender such that the aggregate amount of Bankers&#146; Acceptances required to
be accepted or BA Equivalent Advances required to be made by such Lender hereunder is in a
whole multiple of Cdn. $100,000.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Bankers&#146; Acceptances Being Purchased: </B>If the Lenders are required to purchase Bankers&#146;
Acceptances accepted by it pursuant to Section&nbsp;3.8(a), then at or prior to 11 a.m. (Toronto time)
on the Drawdown Date, Conversion Date or Rollover Date relating to all Bankers&#146; Acceptances to be
purchased by the Lenders on such date, the Agent shall provide written advice to the Borrower and
each Lender confirming the particulars with respect to such Bankers&#146; Acceptances and related BA
Equivalent Advances.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Bankers&#146; Acceptances Not Being Purchased: </B>If the Borrower has elected to market Bankers&#146;
Acceptances on its own, the Agent, promptly following receipt of a Borrowing Notice by way of
Bankers&#146; Acceptance in the form of Schedule&nbsp;E, shall provide written advice to each applicable
Lender of the amount of each issue of Bankers&#146; Acceptances to be accepted by it or BA Equivalent
Advance to be made by it, the face amount of each Bankers&#146; Acceptance, the discounted proceeds of
sale deliverable in respect thereof or the amount of the BA Equivalent Advance, the person to whom
the Bankers&#146; Acceptances have been sold and from whom the discounted proceeds of sale in respect
thereof should be received, and the term thereof, which term shall be identical for all such
Lenders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Completion of Bankers&#146; Acceptance When Being Purchased: </B>Upon receipt of the written advice
pursuant to Section&nbsp;3.9(b), each Lender shall complete and sign Bankers&#146; Acceptances on behalf of
the Borrower in accordance with the Power of Attorney Terms and the particulars advised by the
Agent.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Completion of Bankers&#146; Acceptance When Not Being Purchased: </B>Upon receipt of the written advice
pursuant to Section&nbsp;3.9(c), each applicable Lender is thereupon authorized to complete Bankers&#146;
Acceptances on behalf of the Borrower in accordance with the Power of Attorney Terms and the
particulars advised by the Agent. Such Lenders shall then deliver such Bankers&#146; Acceptances to the
person designated to receive such Bankers&#146; Acceptances upon receipt by such Lender of the
discounted proceeds of sale payable in respect thereof, in accordance with the particulars so
advised by the Agent.</TD>
</TR>




</TABLE>
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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.10 Letters of Credit</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Aggregate Amount: </B>The aggregate face amount of Letters of Credit issued and outstanding under
the Credit Facility at any one time shall not exceed U.S. $200,000,000 or the Equivalent Amount in
Cdn. Dollars. The aggregate face amount of Fronted Letters of Credit (determined in
U.S. Dollars with the face amount of any Letter of Credit issued in Cdn. Dollars being
converted to the Equivalent Amount thereof in U.S. Dollars) issued by a Fronting Lender
shall not exceed its Fronted LC Commitment. Any Letter of Credit issued under the Credit
Facility shall be issued by a Fronting Lender (to the extent it has a Fronted LC Commitment
for the type of Letter of Credit being issued) on behalf of the Lenders, and the Borrower
shall have the right to select which Fronting Lender shall issue any particular Letter of
Credit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Term</B>: No Letter of Credit shall be issued for which any Lender has liability where the expiry
date of any such requested Letter of Credit extends past the Maturity Date of such Lender.
Except with the consent of all of the Lenders, a Letter of Credit may only be issued where
it has an expiry date of not more than one year from its date of issuance, or where it has
an expiry date of more than one year from its date of issuance but it does not have an
automatic renewal clause.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Issuance: </B>Subject to the terms and conditions hereof, each Fronting Lender, on behalf of the
Lenders and in reliance on the agreements of the Lenders set forth in Section&nbsp;3.10(d), agrees to
issue Letters of Credit for the account of the Borrower in Canadian Dollars or U.S. Dollars from
time to time on any Business Day. The Borrower and Lenders acknowledge that it may be necessary
when issuing Letters of Credit for a correspondent bank or an affiliate of a Fronting Lender to
issue such Letters of Credit and agree that, in any such circumstance, such Fronting Lender (and
not the correspondent bank or the affiliate) shall continue to be entitled to all the rights and
remedies hereunder of a Fronting Lender and continue to be liable for all obligations of a Fronting
Lender, in each case in respect of any such Letter of Credit notwithstanding it did not issue such
Letter of Credit. Letters of Credit issued by a Fronting Lender hereunder shall be in a form
satisfactory to such Fronting Lender acting reasonably and in accordance with its usual and
customary practices and shall, in all cases with respect to letters of credit, be issued subject to
Uniform Customs &#038; Practice for Documentary Credits, International Chamber of Commerce, Publication
No.&nbsp;600 or International Standby Practices (ISP98), International Chamber of Commerce, Publication
No.&nbsp;590, as applicable, and shall, in all cases with respect to letters of guarantee, be issued
subject to Uniform Customs &#038; Practice of Demand Guarantees, International Chamber of Commerce,
Publication No.&nbsp;758. A Letter of Credit shall not be issued by a Fronting
Lender if any Lender would be prohibited, if it were issuing such Letter of Credit, from
issuing such Letter of Credit by any applicable law, regulation, treaty, official directive
or regulatory requirement now or hereafter in effect (whether or not having the force of
law).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Letter of Credit Participations: </B>Each Fronting Lender irrevocably grants, and in order to
induce such Fronting Lender to issue its Letters of Credit hereunder, each Lender irrevocably
accepts and hereby purchases from such Fronting Lender on the terms and conditions hereinafter
stated, for its own account and risk, an undivided interest equal to such Lender&#146;s Proportion in
such Fronting Lender&#146;s obligations and rights under each Letter of Credit issued by it hereunder
and the amount of each draft paid by such Fronting Lender thereunder. Each Lender unconditionally
and irrevocably agrees with each Fronting Lender that, on or before the close of business of such
Fronting Lender on each day on which a draft is paid under a Letter of Credit for which such
Fronting Lender is not reimbursed in full by the Borrower in accordance with the terms of this
Agreement, including, without limitation, pursuant to Section&nbsp;3.10(j) (a &#147;<B>Participation Date</B>&#148;),
such Lender will pay to the Agent for the account of such Fronting Lender at the Agent&#146;s Branch of
Account such Lender&#146;s Proportion of any such unpaid amount.</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such Fronting Lender shall notify the Agent who shall notify each Lender of the occurrence
of a Participation Date, and the amount payable by it to the Agent based on such Lender&#146;s
Lender&#146;s Proportion. If any Lender fails to make any such payment on or prior to the first
Business Day after such Lender receives notice as provided above, then interest shall
accrue on such Lender&#146;s obligation to make such payment during the period from such
Business Day to the day such Lender makes such payment (or, if earlier, the date on which
the Borrower reimburses such Fronting Lender as required pursuant to Section&nbsp;3.10(j)), at
the rate specified in Section&nbsp;5.6.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Repayment of Lenders: </B>Upon and only upon receipt by a Fronting Lender of funds from the
Borrower in full or partial reimbursement of any draft paid under a Letter of Credit issued by such
Fronting Lender with respect to which any Lender has theretofore paid the Agent for the account of
such Fronting Lender in full for such Lender&#146;s participation pursuant to Section&nbsp;3.10(d) and in
full or partial payment of interest, commissions or fees on such draft paid under such Letter of
Credit, such Fronting Lender will pay to such Lender, in the same funds as those received by such
Fronting Lender or net against any then due obligation of such Lender under Section&nbsp;3.10(d) to make
any payment to such Fronting Lender such Lender&#146;s Proportion of such funds.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Role of each Fronting Lender: </B>Each Fronting Lender shall endeavour to ensure that any drawing
under a Letter of Credit complies with the terms of such Letter of Credit, and in doing so, and in
connection with all of its other activities regarding a Letter of Credit, will exercise and give
the same care and attention to each Letter of Credit issued by it as it gives to its other letters
of credit and similar obligations. A Fronting Lender&#146;s sole liability to each Lender shall be to
promptly return to the Agent for the account of the Lenders the Lender&#146;s Proportion of each Lender
of any payments made to such Fronting Lender by the Borrower, as applicable, pursuant to Section
3.10(d) where the Borrower has made a payment to such Fronting Lender pursuant to Section&nbsp;3.10(e).
Each Lender agrees that, in paying any drawing under a Letter of Credit issued by a Fronting
Lender, such Fronting Lender shall not have any responsibility to obtain any document (other than
as required by such Letter of Credit) or to ascertain or inquire as to the validity or accuracy of
any such document or the authority of any person delivering any such document. No Fronting Lender
nor any of its representatives, officers, employees or agents shall be liable to any Lender for:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any action taken or omitted to be taken in connection herewith at the request or with
the approval of the Majority Lenders;</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>any action taken or omitted to be taken in connection with any Letter of Credit in the
absence of gross negligence or wilful misconduct; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the execution, effectiveness, genuineness, validity, or enforceability of any Letter
of Credit, or any other document contemplated thereby.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Fronting Lender shall not incur any liability by acting in reliance upon any notice,
consent, certificate, statement or other writing (which may be a bank wire or similar
writing) believed by it to be genuine or to be signed by the proper party or parties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Lenders&#146; Obligations Absolute: </B>Each Lender acknowledges that its obligations to a Fronting
Lender under this Section&nbsp;3.10, including the obligation to purchase and fund a participation in
the obligations and rights of such Fronting Lender under each Letter of Credit issued by it and any
drafts paid by it for which it has not been fully reimbursed by the Borrower, are absolute and</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 -->51<!-- /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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unconditional and shall not be affected by any circumstance whatsoever, including, without
limitation:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the occurrence and continuance of a Default or an Event of Default;</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>any failure or inability of any other Lender to purchase or fund such a participation
hereunder; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other failure by any other Lender to fulfil its obligations hereunder.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each payment by a Lender to a Fronting Lender for its own account shall be made without any
offset, compensation, abatement, withholding or reduction whatsoever.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reinstatement and Survival: </B>Notwithstanding anything herein to the contrary, if a Fronting
Lender is required at any time whether before or after the Maturity Date to make any payment under
a Letter of Credit which was outstanding on or before the Maturity Date, each Lender shall pay over
to the Agent in accordance with the provisions of this Section&nbsp;3.10 and for the account of such
Fronting Lender the amount of such Lender&#146;s Lender&#146;s Proportion of such amount. If such Fronting
Lender is required at any time (whether before or after the Maturity Date) to return to the
Borrower or to a trustee, receiver, liquidator, custodian or other similar official any portion of
the payments made by or on behalf of the Borrower to such Fronting Lender in reimbursement of the
Borrower&#146;s obligations in respect of such Letter of Credit and interest thereon, each Lender shall,
on demand of such Fronting Lender forthwith pay over to the Agent for the account of such Fronting
Lender such Lender&#146;s Lender&#146;s Proportion of such amount, plus interest thereon from the day such
demand is made to the day such amount is returned by such Lender to such Fronting Lender at the
rate specified in Section&nbsp;5.6.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Procedure for Issuance and Renewal of Letters of Credit</B>:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower may request that a Fronting Lender issue a Letter of Credit by delivering
a notice to the Agent pursuant to Section&nbsp;3.6(e) and by delivering to such Fronting Lender
at such Fronting Lender&#146;s Branch of Account a letter of credit application on such Fronting
Lender&#146;s then customary form with appropriate changes to be consistent with the terms of
this Agreement (as such form may be modified from time to time, the &#147;<B>Letter of Credit
Application</B>&#148;), completed to the satisfaction of such Fronting Lender, acting reasonably,
together with the proposed form of such Letter of Credit (which shall comply with the
applicable requirements set forth herein) and such other certificates, documents and other
papers and information as such Fronting Lender may reasonably request; provided that in the
event of a conflict between this Agreement and the Letter of Credit Application, this
Agreement shall govern with respect to such conflict.</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>Within three (3)&nbsp;Business Days following the date on which the Agent shall have
received the notice pursuant to Section&nbsp;3.6(e) and a Fronting Lender shall have received
the Letter of Credit Application including the proposed form of the Letter of Credit and
such additional certificates, documents and other papers and information as such Fronting
Lender may have reasonably requested in satisfaction of all conditions to the issuance
thereof, such Fronting Lender shall, provided the conditions precedent in Section&nbsp;8.2 have
been complied with, issue such Letter of Credit.</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower may request the extension or renewal of a Letter of Credit issued
hereunder by giving written notice to the Agent at least two (2)&nbsp;Business Days prior to</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 -->52<!-- /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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the then current expiry date of such Letter of Credit (provided that a Fronting
Lender may accommodate notices on shorter notice in its sole discretion). If the
conditions precedent in Section&nbsp;8.2 shall have been fulfilled as required thereby,
the applicable Fronting Lender shall promptly issue such extension or renewal.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reimbursement of a Fronting Lender: </B>In the event that any drawing shall be made under any
Letter of Credit issued by a Fronting Lender:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Fronting Lender shall promptly notify the Agent who shall promptly notify the
Borrower of such payment and of the amount 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Borrower shall pay to such Fronting Lender the amount of any such drawing, failing
which:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the payment by such Fronting Lender of such drawing shall, if the Letter of
Credit was in U.S. Dollars, constitute the making of a U.S. Base Rate Loan to the
Borrower by each Lender according to its Lender&#146;s Proportion; 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>the payment by such Fronting Lender of such drawing shall, if the Letter of
Credit was in Cdn. Dollars, constitute the making of a Prime Loan to the Borrower
by each Lender according to its Lender&#146;s Proportion;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Fronting Lender shall notify the Agent who shall notify each Lender by
telecopier, by email or by telephone (confirmed by telecopier or by email) of such drawing;
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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately upon receipt of such notice, each Lender shall make its Lender&#146;s
Proportion, in U.S. Dollars or Cdn. Dollars, as applicable, available to the Agent for the
account of such Fronting Lender by wire transfer of immediately available funds to the
Agent&#146;s Account for Payments for the account of such Fronting Lender.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Designation and Termination of Fronting Lenders</B>:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided in the last sentence of this subsection, the term of the Fronted LC
Commitment of each Fronting Lender shall expire on the date falling one (1)&nbsp;year after the
Effective Date and shall be subject to extension pursuant to Section&nbsp;3.10(k)(ii). The</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrower acknowledges that The Toronto-Dominion Bank and HSBC Bank Canada have
advised that they are not willing to continue their roles as Fronting Lenders and
the Borrower agrees to use reasonable commercial efforts to negotiate with each
beneficiary under any Existing Letters of Credit issued by either of them to
replace such Existing Letters of Credit with new Fronted Letters of Credit within
three (3)&nbsp;months after the Effective Date or such later date as may be acceptable
to The Toronto-Dominion Bank or HSBC Bank Canada, 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In connection with its response to any Request for Extension or, if no such request is
made, at least thirty (30)&nbsp;days before each anniversary of the Effective Date or the most
recent date on which a Request for Extension was delivered, as applicable, a Fronting
Lender shall either:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extend its Fronted LC Commitment for a further one (1)&nbsp;year period (or such
other period as may be acceptable to such Fronting Lender in its sole discretion)</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 -->53<!-- /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>at the same amount, a lower amount or, with the consent of the Agent and the
Borrower, a higher amount; or</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">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>terminate its Fronted LC Commitment effective on the expiration of its then current
term.</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower shall be entitled from time to time to:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with the consent of the Agent, such consent not to be unreasonably withheld, designate
a Lender as a Fronting Lender by providing a written notice to the Agent designating such
Lender to be a Fronting Lender and which notice shall include the consent to such
designation of such Lender; 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>subject to Section&nbsp;3.10(k)(iv), terminate a Fronting Lender as a Fronting Lender by
providing a written notice of such termination to the Agent and such Fronting Lender;</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided that at any one time there shall be no more than four (4)&nbsp;Fronting Lenders (in
addition to The Toronto-Dominion Bank and HSBC Bank Canada in connection with the Existing
Letters of Credit issued by them).</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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that the Borrower exercises its right to terminate a Fronting Lender as a
Fronting Lender pursuant to Section&nbsp;3.10(k)(iii)(B) or a Fronting Lender elects to terminate its
Fronted LC Commitment pursuant to Section&nbsp;3.10(k)(ii)(B) and there are Letters of Credit
outstanding which were issued by such Fronting Lender, the Borrower shall use its reasonable
commercial efforts to replace all such Letters of Credit with Letters of Credit issued by another
Fronting Lender and, upon such replacement, such Fronting Lender shall cease to be a Fronting
Lender.</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>In the event that a Fronting Lender has notified the Borrower in writing that, pursuant to
Section&nbsp;11.3, it is no longer able to issue Letters of Credit on behalf of the Lenders, then such
Fronting Lender shall not be required to issue additional Letters of Credit except for any Letter
of Credit which specifically replaces (which shall for the purposes hereof include the automatic
renewal of a Letter of Credit which by its terms is automatically renewed unless the beneficiary
thereof is advised otherwise) in whole or in part a Letter of Credit which has a maturity date less
than ninety (90)&nbsp;days after any such notice is given and provided that in any such case such issue
would not contravene any applicable law, statutory regulation or treaty and if such Fronting Lender
requests in writing, the Borrower shall use its reasonable commercial efforts to replace any such
Letters of Credit issued by such Fronting Lender as soon as practicable with a Letter of Credit
issued by another Fronting Lender.</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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without limiting its obligations under Section&nbsp;3.10(k)(iv) and Section&nbsp;3.10(k)(v), the
Borrower shall be entitled to replace any Letter of Credit issued by a Fronting Lender which has
terminated its Fronted LC Commitment under Section&nbsp;3.10(k)(ii)(B) or provided a notice pursuant to
Section&nbsp;11.3, with a Letter of Credit issued by another Fronting Lender who agrees to issue such
replacement Letter of Credit and, upon the replacement of all Letters of Credit issued by such
Fronting Lender, such Fronting Lender shall cease to be a Fronting Lender.</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 -->54<!-- /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">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where, pursuant to Section&nbsp;3.10(k)(iii)(B), the Borrower terminates a Fronting Lender
as a Fronting Lender or, pursuant to Section&nbsp;3.10(k)(ii)(B), a Fronting Lender terminates
its Fronted LC Commitment, or, pursuant to Section&nbsp;11.3, a Fronting Lender provides a
notice to the Borrower that it is no longer able to issue Letters of Credit on behalf of
the Lenders, such Fronting Lender shall remain a Fronting Lender under all Letters of
Credit issued by it until all such Letters of Credit have been either replaced, expired or
been presented for payment and all payments required to be made to such Fronting Lender by
the Borrower and/or the applicable Lenders pursuant to this Section&nbsp;3.10 as a result of any
payment made under any Letter of Credit issued by such Fronting Lender have been made. Upon
the replacement, expiry, termination or presentment for payment (and all payments required
to be made to such Fronting Lender having been paid), of any outstanding Letters of Credit
issued by such Fronting Lender, such Fronting Lender&#146;s Fronted LC Commitment shall be
terminated.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cash-Collateralization of Letters of Credit</B>:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Agent delivers an Acceleration Notice or an Event of Default occurs under Section
10.1(f) or 10.1(g);</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>any Letter of Credit is the subject matter of any order, judgement, injunction or
other such determination (a &#147;<B>Judicial Order</B>&#148;) restricting payment under and in accordance
with such Letter of Credit or extending a Fronting Lender&#146;s liability beyond the expiration
date stated in such Letter of Credit; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Borrower shall repay Borrowings to a Lender pursuant to Section&nbsp;4.1 or Section
4.2;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>then the Borrower shall pay to the Agent an amount, in the currency in which the Letter of
Credit is denominated, equal to (A)&nbsp;the maximum amount available to be drawn under all
unexpired Letters of Credit in the case of paragraph (i); (B)&nbsp;the maximum amount available
to be drawn under the Letter of Credit subject to the Judicial Order in the case of
paragraph (ii); and (C)&nbsp;an amount equal to the applicable Lender&#146;s Proportion of the
maximum amount available to be drawn under any unexpired Letters of Credit in respect of
each Lender whose Borrowings are required to be repaid in the case of paragraph (iii). Any
such amounts paid by the Borrower to the Agent shall be held by the Agent in a Cash
Collateral Account as continuing collateral security for the obligations of the Borrower to
reimburse the Lenders for amounts paid by a Fronting Lender (and, if applicable, by a
Lender in respect of its obligations under Section&nbsp;3.10(d) (collectively, the &#147;<B>LC
Disbursements</B>&#148;) in respect of any such Letter of Credit. Such cash collateral shall be
applied to satisfy the obligations of the Borrower for such Letters of Credit as LC
Disbursements are made 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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless an Event of Default shall then have occurred and be continuing, the Agent shall
release to the Borrower any amount remaining in the Cash Collateral Accounts (after
applying the amounts necessary to discharge all obligations of the Borrower relating to
such Letters of Credit) on the date on which either the original Letter of Credit has been
returned for cancellation or the Letter of Credit has expired, provided in either case such
Fronting Lender is released to the reasonable satisfaction of such Fronting Lender by the
beneficiary thereof from any other obligation in respect of such Letter of Credit, or, in
the case of a Judicial Order, the date on which any final and non-appealable order,
judgement or other determination has been rendered or issued either</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>terminating such Judicial Order or permanently enjoining the applicable Fronting Lender
from paying under such Letter of Credit.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.11 Notice of Repayment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall give the Agent prior written notice substantially in the form of Schedule&nbsp;B
of each repayment of Borrowings in accordance with the same period of notice required pursuant to
Section&nbsp;3.6 for the initial drawdown of the basis of Borrowing being repaid. Notwithstanding the
foregoing, a Bankers&#146; Acceptance shall only be repaid on its maturity date and a Libor Loan may
only be repaid prior to the last day of the Libor Interest Period applicable to such Libor Loan
upon payment by the Borrower of amounts payable in respect thereof pursuant to Section&nbsp;11.5.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.12 Pro-Rata Treatment of Borrowings</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pro-Rata Borrowings: </B>Subject to Section&nbsp;3.12(c), each Borrowing and each basis of Borrowing
shall be made available by each Lender and all repayments and reductions in respect thereof shall
be made and applied in a manner so that the Borrowings and each basis of Borrowing outstanding
hereunder to each Lender will, to the extent possible, thereafter be in the same proportion as the
Lender&#146;s Proportion of such Lender. The Agent is authorized by the Borrower and each Lender to
determine, in its sole and unfettered discretion, the amount of Borrowings and each basis of
Borrowing to be made available by each Lender and the application of repayments and reductions of
Borrowings to give effect to the provisions of this Section&nbsp;3.12(a) and Section&nbsp;7.2; provided that,
subject to Section&nbsp;3.12(c), no Lender shall, as a result of any such determination, have Borrowings
outstanding in an amount which is in excess of the amount of its Commitment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Where Different Maturity Dates</B>: If, at any time there are Lenders with different Maturity
Dates, all Lenders will share in Accommodations based on their Lender&#146;s Proportion except to the
extent the particular Accommodation requested has a maturity date after the Maturity Date of a
Lender, in which case only those Lenders with a Maturity Date later than the maturity date of the
requested Accommodation will be required to participate in providing such Accommodation and the
Borrower may request a similar Accommodation, to the extent permitted hereunder, from the other
Lenders with a maturity date occurring on or before the Maturity Date of such Lenders.
Each determination by the Agent of a Lender&#146;s Lender&#146;s Proportion shall be <I>prima facie</I>
evidence 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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Agent&#146;s Discretion on Allocation: </B>If it is not practicable to allocate Bankers&#146; Acceptances to
each Lender such that the aggregate amount of Bankers&#146; Acceptances required to be purchased by such
Lender hereunder is in a whole multiple of Cdn. $100,000, the Agent is authorized by the Borrower
and each Lender to make such allocation as the Agent determines in its sole and unfettered
discretion may be equitable in the circumstances. In no event shall the outstanding
Borrowings of a Lender exceed its Lender&#146;s Proportion by more than Cdn. $100,000 as a
result of such exercise of discretion by the Agent. In the event it is not practicable to
allocate each basis of Borrowing in accordance with Section&nbsp;3.12(a) by reason of the
occurrence of circumstances described in Sections&nbsp;11.2, 11.3 or 11.4, the Agent is
authorized by the Borrower and each Lender to make such allocation as the Agent determines
in its sole and unfettered discretion may be equitable in the circumstances, but no Lender
shall, as a result of any such allocation, have any Borrowings outstanding in an amount
which is in excess of the amount of its Commitment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Further Assurances by Borrower: </B>To the extent reasonably possible, the Borrower and each Lender
agrees to be bound by and to do all things necessary or appropriate to give effect to the
provisions of this Section&nbsp;3.12.</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 -->56<!-- /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: 12pt"><B>3.13 Conversion Option</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower may, during the term of this Agreement, convert any basis of Borrowing (other
than a Letter of Credit) to another basis of Borrowing (other than a Letter of Credit) upon giving
the Agent a Conversion Notice in accordance with the period of notice and other requirements set
out in Section&nbsp;3.6 applicable to the basis of Borrowing to which any Borrowing is being converted
(other than delivery of a Borrowing Notice), provided that:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Bankers&#146; Acceptances: </B>a Bankers&#146; Acceptance may only be converted on its maturity date; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Libor Loans: </B>a Libor Loan may be converted on the last day of the Libor Interest Period
applicable to such Libor Loan or on any other day if the Borrower pays all amounts payable in
respect thereof pursuant to Section&nbsp;11.5.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On each Conversion Date, the Borrower shall be required to repay to the Agent for the account
of the Lenders the basis of Borrowing which is being converted and, subject to the provisions of
this Agreement, the Lenders shall be required to make available to the Borrower the Borrowings into
which such basis of Borrowing is being converted; provided that the Borrower shall be entitled to
direct the Agent to use the proceeds of all or any part of a new Borrowing to repay the Borrowing
being converted.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.14 Rollovers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower may effect a Rollover of all or, subject to the minimum aggregate amount
specified in Section&nbsp;3.6, a part of a Borrowing outstanding by way of a Libor Loan or Bankers&#146;
Acceptance upon giving the Agent a Rollover Notice in accordance with the period of notice and
other requirements set out in Section&nbsp;3.6 applicable to a Borrowing of the same type unless
immediately prior to the commencement of any subsequent Libor Interest Period or the term of any
subsequent Bankers&#146; Acceptance, a Default (in respect of which the Agent has advised the Borrower
that no Rollovers will be permitted) or Event of Default shall have occurred and be continuing, in
which event the Borrower shall be deemed to have converted, in the case of a Libor Loan, to a U.S.
Base Rate Loan pursuant to Section&nbsp;3.13 or, in the case of a Bankers&#146; Acceptance, to a Prime Loan
pursuant to Section&nbsp;3.13 and the Borrower shall not be entitled to continue such Libor Loan
subsequent to the existing Libor Interest Period or, in the case of a Bankers&#146; Acceptance,
subsequent to its maturity date. In the event notice of a Rollover of an existing Libor Loan is not
given pursuant to this Section&nbsp;3.14 or notice of a conversion of such existing Libor Loan is not
given pursuant to Section&nbsp;3.13, such Libor Loan shall be converted to a U.S. Base Rate Loan on the
last day of the Libor Interest Period applicable to such existing Libor Loan.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.15 Notices Irrevocable</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices delivered or deemed to be delivered by the Borrower pursuant to this Article&nbsp;3
shall be irrevocable and shall oblige the Borrower to take the action contemplated on the date
specified therein.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.16 Lender Swaps</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Lenders (or an Affiliate of such Lender) may from time to time enter into Swaps
with any Loan Party during the term of this Agreement. The parties agree that all Swap
Indebtedness shall be guaranteed under the Loan Party Guarantee and secured by the Security and
shall, as to the Security, rank <I>pari passu </I>with the Obligations, the Cash Management Facility
Indebtedness and the Operating Facility Indebtedness.</DIV>




</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.17 Cash Management Facilities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties acknowledge that all Cash Management Facility Indebtedness under all Cash
Management Facilities shall be guaranteed under the Loan Party Guarantee and secured by the
Security and shall, as to the Security, rank <I>pari passu </I>with the Obligations, the Swap Indebtedness
and the Operating Facility Indebtedness.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3.18 Operating Facilities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties agree that all Operating Facility Indebtedness under all Operating Facilities
shall be guaranteed under the Loan Party Guarantee and secured by the Security and shall, as to the
Security, rank <I>pari passu </I>with the Obligations, the Swap Indebtedness and the Cash Management
Facility Indebtedness.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 4<BR>
REPAYMENT AND PREPAYMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.1 Repayment of Borrowings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the Maturity Date of each Lender, the Borrower shall repay all Borrowings and other
Obligations then outstanding to such Lender, and such Lender&#146;s Commitment shall be reduced to zero
and the Total Commitment shall be reduced by a corresponding amount. The Borrower shall ensure
that Libor Loans, Bankers&#146; Acceptances and Letters of Credit made by or accepted by each Lender
either mature or expire on or before the Maturity Date of such Lender.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.2 Repayment of Borrowings In Excess of Commitments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, due to exchange rate fluctuations, Borrowings (determined in U.S. Dollars with all
Borrowings denominated in Cdn. Dollars being converted to the Equivalent Amount of U.S. Dollars) to
any Lender are:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in excess of its Commitment by any amount on a Drawdown Date, Conversion Date or Rollover Date,
the Borrower shall, as part of such Drawdown, Conversion or Rollover reduce or eliminate such
excess on such date; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in a situation where subsection (a)&nbsp;above does not apply, in excess of its Commitment by more
than five percent (5%) for more than two (2)&nbsp;consecutive Business Days, the Borrower shall within
five (5)&nbsp;Business Days thereafter (if such excess is still continuing) repay, provide cash cover to
be held by the Agent on behalf of the applicable Lenders in the same manner provided for in Section
10.4 or otherwise reduce a portion of such Borrowings to the extent of the amount of any excess so
remaining.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.3 Breakage Costs</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, on any day on which payments or prepayments are required to be made under Section&nbsp;4.1 or
Section&nbsp;4.2, the Borrowings then outstanding include Libor Loans, Bankers&#146; Acceptances or Letters
of Credit in an amount such that the prepayment would require the Borrower to be liable under the
funding indemnity contained in Section&nbsp;11.5 or to pay a Bankers&#146; Acceptance prior to its maturity
date, or to pay a Letter of Credit prior to its expiry date, that portion of the prepayment which
would otherwise be applied against any such Libor Loan, Bankers&#146; Acceptance or Letter of Credit
may, at the option of the Borrower, be paid to the Agent for deposit into a Cash Collateral Account
in accordance</DIV>




</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with Section&nbsp;10.4 and be applied against such Libor Loan on the expiration of the Libor Interest
Period applicable thereto, to such Bankers&#146; Acceptance on its maturity date or to such Letter of
Credit on its expiry date or the date of drawing thereunder. Interest earned on such amounts while
on deposit in a Cash Collateral Account shall be paid to the Borrower if no Default or Event of
Default has occurred and is continuing after the payment of any other amounts then due and owing by
the Borrower hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.4 Cancellation of Total Commitment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower may, without penalty or premium, at any time during the term of this Agreement,
upon at least three (3)&nbsp;Business Days&#146; prior written notice to the Agent, cancel all of the Total
Commitment or any portion thereof in minimum amounts of U.S. $5,000,000 and whole multiples of U.S.
$1,000,000 thereafter by cancelling the Commitment of each Lender in an amount equal to such
Lender&#146;s Lender&#146;s Proportion of the amount of the Total Commitment being so cancelled; provided
that on or prior to the last day of such notice period the Borrower has:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Prepaid Borrowings: </B>prepaid or otherwise reduced Borrowings outstanding to each Lender in an
amount equal to the amount by which Borrowings outstanding to such Lender would otherwise be in
excess of its Lender&#146;s Proportion immediately after the reduction of the Commitments provided for
in such notice; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Paid Interest: </B>paid all accrued interest and other charges and fees in respect of the
Borrowings being repaid or reduced as aforesaid.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such notice of cancellation is irrevocable and the amount of the Commitment of each Lender
so cancelled and reduced may not be reinstated hereunder.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.5 Early Repayment of Libor Loans, Letters of Credit and Bankers&#146; Acceptances</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not cancel all or any portion of the Commitment of any Lender pursuant to
Section&nbsp;4.4 if the Borrowings required to be repaid to such Lender as a result thereof include
Letters of Credit with an expiry date falling subsequent to the date of such cancellation, Libor
Loans with a Libor Interest Period falling subsequent to the date of such cancellation or Bankers&#146;
Acceptances accepted by such Lender with a maturity date falling subsequent to the date of such
cancellation unless, on the date of such cancellation, the Borrower has paid to the Agent at the
Agent&#146;s Account for Payments, for the account of such Lender: (i)&nbsp;in respect of Libor Loans, the
amount required to be paid pursuant to Section&nbsp;11.5, (ii)&nbsp;in respect of Letters of Credit, the
undrawn amount thereof, and (iii)&nbsp;in respect of Bankers&#146; Acceptances, the face amount thereof, in
each case to be held in a Cash Collateral Account.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4.6 Evidence of Indebtedness</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agent shall open and maintain accounts and records on its books at the Agent&#146;s Branch of
Account evidencing the Borrowings and other amounts owing by the Borrower to the Lenders under this
Agreement. The Agent shall debit therefrom the amount of such Borrowings and shall enter therein
each payment of principal of and interest on the Borrowings and fees and other amounts payable
pursuant to this Agreement and shall record the Bankers&#146; Acceptances accepted, and if applicable,
purchased by the Lenders and the Letters of Credit issued by the Fronting Lender and all other
amounts becoming due to the Agent and each Lender under this Agreement. The accounts and records
of the Agent so kept shall constitute, in the absence of manifest error, <I>prima facie </I>evidence of
the indebtedness of the Borrower to the Agent and each Lender pursuant to this Agreement, the date
each such Lender made each Borrowing available to the Borrower and the amounts the Borrower has
paid from time to time</DIV>



</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">on account of the principal and interest on the Borrowings, fees payable pursuant to this Agreement
and other amounts owing hereunder.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 5<BR>
PAYMENT OF INTEREST AND FEES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.1 Interest on Prime Loans</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall pay interest in Canadian Dollars on each Prime Loan made by each Lender at
the Agent&#146;s Account for Payments at a rate per three hundred and sixty-five (365)&nbsp;days equal to the
Prime Rate plus the Applicable Margin applicable to such Prime Loan. A change in the Prime Rate or
the Applicable Margin will simultaneously cause a corresponding change in the interest payable on
each Prime Loan. Such interest shall accrue daily based on the Prime Rate and Applicable Margin in
effect on each day and is payable quarterly in arrears on each Interest Date for the period
commencing on and including the immediately prior Interest Date up to but not including the
Interest Date on which such interest is to be paid and shall be calculated on a daily basis and on
the basis of the actual number of days elapsed in a year of three hundred sixty-five (365)&nbsp;days.
The annual rates of interest to which the rates determined in accordance with the foregoing
provisions of this Section&nbsp;5.1 are equivalent are the rates so determined multiplied by the actual
number of days in the relevant calendar year and divided by three hundred sixty-five (365).</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.2 Interest on U.S. Base Rate Loans</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall pay interest in U.S. Dollars on each U.S. Base Rate Loan made by each
Lender at the Agent&#146;s Account for Payments at a rate per three hundred sixty-five (365)&nbsp;day period
equal to the U.S. Base Rate plus the Applicable Margin applicable to such U.S. Base Rate Loan. A
change in the U.S. Base Rate or the Applicable Margin will simultaneously cause a corresponding
change in the interest payable on each U.S. Base Rate Loan. Such interest shall accrue daily based
on the U.S. Base Rate and Applicable Margin in effect on each day and is payable quarterly in
arrears on each Interest Date for the period commencing on and including the immediately prior
Interest Date up to but not including the Interest Date on which such interest is to be paid and
shall be calculated on a daily basis and on the basis of the actual number of days elapsed in a
year of three hundred sixty-five (365)&nbsp;days. The annual rates of interest to which the rates
determined in accordance with the foregoing provisions of this Section&nbsp;5.2 are equivalent are the
rates so determined multiplied by the actual number of days in the relevant calendar year and
divided by three hundred sixty-five (365).</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.3 Interest on Libor Loans</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall pay interest in U.S. Dollars on each Libor Loan made by each Lender at the
Agent&#146;s Account for Payments for the period commencing on and including the first day of the Libor
Interest Period applicable to such Libor Loan up to but not including the last day of such Libor
Interest Period at a rate equal to the sum of Libor plus the Applicable Margin applicable to such
Libor Loan and which is in effect on the first day of the Libor Interest Period applicable to such
Libor Loan. A change in the Applicable Margin will simultaneously cause a corresponding change in
the interest payable on each Libor Loan. Such interest shall accrue daily based on Libor and the
Applicable Margin in effect on each day and is payable on each Libor Interest Date applicable to
such Libor Interest Period and shall be calculated on a daily basis and on the basis of the actual
number of days elapsed in the period for which such interest is payable (including the first day of
such period but excluding the date on which such interest is payable) divided by three hundred
sixty (360). The annual rates of interest to which the rates determined in accordance with the
foregoing provisions of this Section&nbsp;5.3 are equivalent are the rates so</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 -->60<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">determined multiplied by the actual number of days in the relevant calendar year and divided by
three hundred sixty (360).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.4 Bankers&#146; Acceptance Fees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall pay acceptance fees in Canadian Dollars at the Agent&#146;s Account for Payments
forthwith upon the acceptance by each Lender of each Bankers&#146; Acceptance issued by the Borrower at
a rate per three hundred sixty-five (365)&nbsp;day period equal to the BA Acceptance Fee applicable to
and in effect on the date of acceptance of such Bankers&#146; Acceptance calculated on the face amount
of such Bankers&#146; Acceptance and on the basis of the number of days in the term of such Bankers&#146;
Acceptance divided by three hundred sixty-five (365). Acceptance fees payable to the Agent pursuant
to this Section&nbsp;5.4 shall be paid in the manner specified in Section&nbsp;3.8. All fees payable pursuant
to this Section&nbsp;5.4 on any date in respect of any issuance of Bankers&#146; Acceptances shall be
calculated by the Agent and payable by the Borrower based on the BA Acceptance Fee in effect on
such date, provided that if during the term of any such Bankers&#146; Acceptance a change in the BA
Acceptance Fee occurs, the fees paid by the Borrower in respect of such Bankers&#146; Acceptance shall
be adjusted, effective upon the change in the BA Acceptance Fee occurring, to reflect the BA
Acceptance Fee for the remaining term (if any) of the Bankers&#146; Acceptance, and the Borrower, in the
case of an increase in the BA Acceptance Fee, shall no later than three (3)&nbsp;Business Days after
receipt of a notice from the Agent make such payments to the Agent at the Agent&#146;s Account for
Payments for the account of each Lender as are necessary to reflect such change, and each Lender,
in the case of a decrease in the BA Acceptance Fee, shall credit any amount which would otherwise
be refundable to the Borrower against amounts in respect of interest or fees accruing hereunder in
relation to the Borrower. The annual rates of fees to which the rates determined in accordance with
the foregoing provisions of this Section&nbsp;5.4 are equivalent, are the rates so determined multiplied
by the actual number of days in a period of one year commencing on the first day of the period for
which such interest is payable and divided by three hundred and sixty-five (365).</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.5 Letter of Credit Fees</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Issue Fee</B>: The Borrower shall pay to the Agent for the benefit of each Lender an issue fee in
the same currency as the Letter of Credit is denominated, such fee to be equal to the Letter of
Credit Fee. Such issue fee shall be payable by the Borrower quarterly in arrears on the first
Business
Day of each calendar quarter for the immediately preceding calendar quarter, and shall, for
each Lender, be calculated daily based on the Letter of Credit Fee in effect, the face
amount of such Letter of Credit and a year of three hundred sixty-five (365)&nbsp;days. A change
in the Applicable Margin will simultaneously cause a corresponding change in the Letter of
Credit Fee payable under any outstanding Letter of Credit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Fronting Fee</B>: The Borrower shall pay to the Agent (solely for the account of any Fronting
Lender):</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a fronting fee as agreed to in writing by the Borrower and such Fronting Lender at or
prior to issuing any Letter of Credit, such fee to be paid in the same currency as the
issue fee for such Letter of Credit; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such costs and expenses as are charged by such Fronting Lender and agreed to by the
Borrower at or prior to the time of issuing any Letter of Credit.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other Costs</B>: The Borrower shall pay to the Agent, each Fronting Lender and each Lender its:</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 -->61<!-- /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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>set-up fees, cable charges and other customary miscellaneous charges in respect of the
issue of Letters of Credit and upon the amendment or transfer of each Letter of Credit and
each drawing made thereunder; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>customary documentary and administrative charges for amending, transferring or drawing
under, as the case may be, Letters of Credit of a similar amount, term and risks.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.6 Interest on Overdue Amounts</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision hereof, in the event that any amount due hereunder
(including, without limitation, any interest payment) is not paid when due (whether by acceleration
or otherwise), the Borrower shall and hereby agrees to pay to the Agent on behalf of each Lender
interest on such unpaid amount (including, without limitation, interest on interest), if and to the
fullest extent permitted by Applicable Law, from the date that such amount is due until the date
that such amount is paid in full (but excluding the date of such payment if the payment is made
before noon (Toronto time), and such interest shall accrue daily, be calculated and compounded on
the last Business Day of each calendar month and be payable in the currency of the relevant
Borrowing on demand, as well after as before maturity, default and judgment, at a rate per annum
that is equal 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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if such amount is payable in Canadian Dollars, the interest rate applicable to Prime Loans
outstanding from time to time hereunder whether or not any Prime Loans are then outstanding plus
the Applicable Margin plus two percent (2%) per annum; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if such amount is payable in U.S. Dollars, the interest applicable to U.S. Base Rate Loans
outstanding from time to time hereunder whether or not any U.S. Base Rate Loans are then
outstanding plus the Applicable Margin plus two percent (2%) per annum.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby waives, to the fullest extent it may do so under Applicable Law, any
provisions of Applicable Law, including specifically the <I>Interest Act </I>(Canada) and the <I>Judgment
Interest Act </I>(Alberta), which may be inconsistent with this Agreement.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.7 Agent&#146;s Fees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall pay an agency fee to the Agent (for the Agent&#146;s sole account) at the
Agent&#146;s Account for Payments, in an amount as agreed from time to time between the Agent and the
Borrower, payable on the Effective Date and on each annual anniversary of the Effective Date and
such fees shall, for purposes of this Agreement, be deemed to be an amount payable pursuant to this
Agreement.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.8 Maximum Rate Permitted by Law</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No interest or fee to be paid hereunder shall be paid at a rate exceeding the maximum rate
permitted by Applicable Law. In the event any such interest or fee exceeds such maximum rate, such
interest or fee shall be reduced or refunded, as the case may be, so as to be payable at the
highest rate recoverable under Applicable Law.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.9 Interest Generally</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The theory of deemed reinvestment shall not apply to the calculation of interest or payment of
fees or other amounts hereunder, notwithstanding anything contained in this Agreement or in any
other Loan Document now or hereafter granted to or taken by the Agent or any Lender and all
interest</DIV>




</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->62<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and fees payable by the Borrower to a Lender shall accrue from day to day and be computed as
described herein in accordance with the &#147;nominal rate&#148; method of interest calculation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.10 Standby Fees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Maturity Date of each Lender, the Borrower shall pay to the Agent on behalf of
such Lender standby fees in U.S. Dollars payable quarterly in arrears on the first Business Day of
each calendar quarter and on the applicable Maturity Date. Each payment of standby fees shall be
calculated for the period commencing on and including the first day of the immediately prior
calendar quarter (or the date of this Agreement, as the case may be), up to and including the last
day of such immediately prior calendar quarter or such Maturity Date, as applicable, and shall be
in an amount equal to the Standby Fee Rate from time to time in effect during such calendar quarter
or other period and shall be calculated on the amount, if any, of the difference obtained by
subtracting the Borrowings outstanding from each Lender during such period from the amount of such
Lender&#146;s Commitment during such period. Such standby fees shall be calculated on a daily basis and
on the basis of the actual number of days elapsed in a year of three hundred sixty-five (365)&nbsp;days.
For purposes of calculating standby fees payable pursuant to this Section&nbsp;5.10, the amount of the
Borrowings outstanding from time to time in Cdn. Dollars on each day during the period for which
such standby fees are payable shall be notionally converted to the Equivalent Amount in U.S.
Dollars at the rate of exchange in effect for purposes of determining an Equivalent Amount on such
day.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.11 Interest and Fee Adjustment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a change in the Applicable Margin and Standby Fee Rate as a result of a change
in the Consolidated Total Debt to EBITDA Ratio, such change shall become effective on the day
falling three (3)&nbsp;Business Days after the day on which the Borrower delivers a Compliance
Certificate in accordance with the requirements hereof evidencing such change in the Consolidated
Total Debt to EBITDA Ratio, or, if the Borrower has not delivered a Compliance Certificate as
required by the terms hereof within the time permitted by Section&nbsp;9.1(f), then such change in the
Applicable Margin and Standby Fee Rate shall become effective on the day falling three (3)&nbsp;Business
Days after the latest date permitted hereunder for delivery of such Compliance Certificate and the
Applicable Margin and Standby Fee Rate shall be based on the highest rate in the tables in the
definitions of Applicable Margin and Standby Fee Rate for the period from such day until the date
of delivery thereof.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 6<BR>
LOAN PARTY GUARANTEE AND SECURITY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.1 Loan Party Guarantee and Security</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To secure the payment and performance of all Obligations, Swap Indebtedness, Operating
Facility Indebtedness and Cash Management Facility Indebtedness (collectively, the &#147;<B>Secured
Obligations</B>&#148;) the Borrower shall execute and deliver or cause to be executed and delivered to the
Agent the Loan Party Guarantee from each Loan Party, together with the following documents
(collectively, all such documents and security provided from time to time being referred to as the
&#147;<B>Security</B>&#148;) from each Loan Party:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a general security agreement governed by the laws of the Province of Alberta granting a first
priority security interest over all present and after-acquired personal property and a first
floating charge over all other present and after-acquired property including real property;</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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a security agreement governed by the laws of New York granting a first priority security
interest over all present and after-acquired personal property; 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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any additional security then required by Section&nbsp;9.1(u) hereof;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in each case subject to such exclusions as may be specified in the agreement providing such
Security, with the Security to be registered in all jurisdictions (except as agreed to by the
Agent) where such registration is necessary or desirable to perfect or otherwise protect the
Security Interest granted thereunder, provided that, except to the extent contemplated by
subsection (r)&nbsp;of the definition of Permitted Encumbrances and by Section&nbsp;9.1(u)(ii), no serial
number registrations shall be required for service rigs or other motor vehicles and no deliveries
of certificates of title shall be required for Certificated Service Rigs or other motor vehicles
prior to the occurrence of a Default or Event of Default hereunder. Notwithstanding the foregoing,
the Borrower shall not be required to cause a Material Subsidiary to deliver any such Security to
the extent that the cost of providing such Security is excessive in relation to the benefit to be
afforded to the Lenders thereby, as determined by the Agent, acting reasonably.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.2 Form of Loan Party Guarantee and Security</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the foregoing, the Loan Party Guarantee and the Security will be in such form
or forms as will be required by the Agent, acting reasonably. Should the Agent determine at any
time and from time to time that the form and nature of the then existing Loan Party Guarantee or
Security is deficient in any way or does not fully provide the Secured Lenders with the guarantees
and Security Interests and priority to which each is entitled hereunder, the Borrower will
forthwith execute and deliver or cause to be executed and delivered to the Agent, at the Borrower&#146;s
expense, such amendments to the Loan Party Guarantee or Security or provide such new guarantees or
security as the Agent may reasonably request, in a form satisfactory to the Agent, acting
reasonably.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.3 Registrations and Renewals</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall and shall cause each other Loan Party to, at the Borrower&#146;s sole cost and
expense, do all such commercially reasonable acts, execute all such instruments and provide such
further assurances as the Agent may reasonably request to ensure that the priority of the Security
Interests created by all of the Security executed and delivered to the Agent as contemplated hereby
is duly protected and perfected by registration, delivery, filing or recordation of such Security
or a caution, caveat, security notice or other appropriate instrument at all offices where
necessary to the protection or perfection thereof and to cooperate with the Agent and the Agent&#146;s
counsel in renewing or refiling any registration, filing or recordation required hereby in order to
preserve, protect and maintain the priority of such Security Interests, from time to time.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.4 Security Effective Notwithstanding Date of Advance</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Security Interests constituted by any of the Security or required to be created hereby or
thereby shall be effective, and the undertakings as to Security Interests herein or in any Security
shall be continuing, whether the monies hereby or thereby secured or any part thereof shall be
advanced before or after or at the same time as the creation of any such Security Interest or
before or after or upon the date of execution of this Agreement, and shall not be affected by any
fluctuation in the amount of Secured Obligations from time to time or the accounts established by
any Secured Lender ceasing to be in debit balance.</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 -->64<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>6.5 Extensions, Etc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Secured Lender may directly, or through the Agent or other duly authorized
representatives, grant extensions, take and give up securities, accept compositions, grant releases
and discharges and otherwise deal with any Loan Party or any other Persons, sureties or securities
as such Secured Lender, in its sole discretion, may see fit, all without prejudice to the liability
of any Loan Party under the Secured Documents or the rights of any Secured Lender under the Secured
Documents.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.6 No Merger</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The taking of the Loan Party Guarantee or any Security as provided under this Agreement or any
Secured Document shall not operate by way of merger of any of the obligations of any Loan Party or
any successor of any Loan Party under any Secured Document, or of any Security Interest, guarantee,
contract, promissory note, bill of exchange or security in any other form, whether or not similar
to the foregoing, and no judgment recovered by the Agent on behalf of the Secured Lenders shall
operate by way of merger or in any way affect the obligations and security provided for in this
Agreement, which shall be in addition to and not in substitution for any other security now or
hereafter held by the Agent or any other Secured Lender whether for indebtedness hereunder or under
any Security. For greater certainty, no judgment recovered by the Agent or any other Secured Lender
shall operate by way of merger or in any way affect the obligation of the Borrower to pay interest
at the rates, times and manner as provided in this Agreement or any other Secured Document.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.7 Material Subsidiary Designation</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower shall cause each of the following wholly-owned (directly or indirectly)
Subsidiaries of the Borrower to be a Material Subsidiary:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if it is governed by the laws of Canada or the United States (or any province,
territory or state thereof) and owns assets having a value of U.S. $10,000,000 or more (or
the Equivalent Amount in any other currency);</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>if it has a direct ownership interest in a Material Subsidiary; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if its designation as a Material Subsidiary is required in order to ensure the
Borrower&#146;s compliance with the provisions hereof, including without limitation, Section
9.1(s) and Section&nbsp;9.1(t).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower may from time to time by notice in writing to the Agent be entitled to designate a
wholly-owned Subsidiary of the Borrower (whether direct or indirect) to be a Material Subsidiary;
provided that the Borrower shall not be entitled to make any such designation if immediately after
giving effect to any such designation a Default or Event of Default would occur or be continuing.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Person which is required to be, or which the Borrower designates to be, a Material
Subsidiary shall promptly, and in any event within 30&nbsp;days or such longer period as may be agreed
to by the Agent acting reasonably, provide the Loan Party Guarantee and Security required to be
provided pursuant to Section&nbsp;6.1, together with such supporting resolutions, corporate certificates
and legal opinions as the Agent may reasonably request, all in form and substance satisfactory to
the Agent, acting reasonably.</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 -->65<!-- /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="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower may from time to time by notice in writing to the Agent be entitled to designate
that a Material Subsidiary will no longer be a Material Subsidiary; provided that the Borrower
shall not be entitled to make any such designation if immediately after giving effect to any such
designation a Default or Event of Default would occur or be continuing.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Borrower requests that a Material Subsidiary no longer be designated as a Material
Subsidiary and the conditions in Sections&nbsp;6.7(d) have been or will be satisfied, the Agent shall
confirm in writing the redesignation of such Material Subsidiary as a Subsidiary and shall release
such Subsidiary from the Loan Party Guarantee and cancel and release the Security of such
Subsidiary.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.8 Release of Loan Party Guarantee or Security</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agent is instructed by the Lenders to release a Material Subsidiary from the Loan Party
Guarantee and release and discharge the Security provided by it if required under Section&nbsp;6.7(e),
and to release and discharge Security if required pursuant to Section&nbsp;6.9. The Agent is authorized
by the Lenders to provide postponements of the Security at the reasonable discretion of the Agent
with respect to Permitted Encumbrances. In the event of a Permitted Disposition (if the Disposition
is to a Person other than a Loan Party), the Agent is instructed by the Lenders (i)&nbsp;to release and
discharge the Security with respect to the Collateral included in the Permitted Disposition and
(ii)&nbsp;if all the capital stock of a Material Subsidiary is included in such Permitted Disposition,
to release and discharge such Material Subsidiary from its obligations under the Loan Party
Guarantee and the Security.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Lenders hereby authorize the Agent, and the Agent hereby agrees, to release the Loan Party
Guarantee and the Security and discharge the Security Interests constituted by the Security at the
Borrower&#146;s sole cost and expense forthwith after all of the Secured Obligations have been
unconditionally and irrevocably paid or performed in full and the Credit Facility, all Lender
Swaps, all Operating Facilities and all Cash Management Facilities have been terminated.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.9 Fall-away of Security</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Collateral shall be released from the Security Interests created by the Security and the
Security shall be discharged at the Borrower&#146;s request if the Borrower shall have received and at
that time shall maintain corporate family ratings of at least BBB- from S&#038;P and at least Baa3 from
Moody&#146;s (the date of such release, the &#147;<B>Release Date</B>&#148;). If, following the Release Date, the
Borrower&#146;s corporate family ratings shall cease to be at least BBB- by S&#038;P and at least Baa3 by
Moody&#146;s, the Loan Parties shall promptly, and in any event within 60&nbsp;days, enter into documentation
reasonably requested by the Agent so as to cause the Secured Obligations to be secured on the same
basis as the Security Obligations were secured prior to the Release Date.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6.10 Permitted Encumbrances and Permitted Indebtedness</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None 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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fact that any Person is permitted to create or suffer to exist any Permitted Encumbrance or
Permitted Indebtedness;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fact that any representation, warranty or covenant herein may make an exception for the
existence of Permitted Encumbrances or Permitted Indebtedness; or</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 -->66<!-- /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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the fact that the Security Interests created pursuant to the Loan Documents are stated to be
subject to, or are not required to rank in priority to, Permitted Encumbrances;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall in any manner, nor in any cause or proceeding, directly or indirectly, be taken to constitute
a subordination of any Security Interest created pursuant to the Loan Documents to any Permitted
Encumbrance or to any other Security Interest or other obligation whatsoever, or that the Secured
Obligations are in any way subordinate or junior in right of payment to any Permitted Indebtedness,
it being the intention of the parties that all Security Interests created pursuant to the Loan
Documents shall at all times, to the maximum extent permitted by Applicable Law, rank as first
priority Security Interests in priority to Permitted Encumbrances (except in relation to those
Permitted Encumbrances listed in subsections (j), (k)&nbsp;and (p)&nbsp;of the definition of Permitted
Encumbrances) and all other Security Interests or other obligations whatsoever and that the Secured
Obligations will rank in right of payment at all times at least equally with such Permitted
Indebtedness.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 7<BR>
PAYMENT AND TAXES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.1 Time, Place and Currency of Payment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of principal, interest, fees and all other amounts payable by the Borrower pursuant
to this Agreement shall be paid in the currency in which it is due for value at or before noon
(Toronto time) on the day such payment is due. If any such day is not a Business Day, such amount
shall be deemed for all purposes of this Agreement to be due on the Business Day next following
such day and any such extension of time shall be included in the computation of the payment of any
interest or fees payable under this Agreement. All payments shall be made at the Agent&#146;s Account
for Payments.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.2 Application of Payments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise agreed to by all of the Lenders in their sole discretion, all payments
made by or on behalf of the Borrower pursuant to this Agreement, so long as no Default or Event of
Default has occurred and is continuing, shall be applied by the Agent rateably among the Lenders
and the Agent in accordance with amounts owed to the Lenders and the Agent in respect of each
category of amounts set forth below, each such application to be made in the following order with
the balance remaining after application in respect of each category to be applied to the next
succeeding category:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Agents Fees: </B>firstly, in payment of any amounts due and payable as Agent&#146;s fees referred to in
Section&nbsp;5.7;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Expenses: </B>secondly, in payment of any amounts due and payable as and by way of recoverable
expenses hereunder or under any Loan Document if the Borrower has failed to pay such expenses when
required hereunder or 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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Standby Fees: </B>thirdly, in payment of any amounts due and payable as and by way of the standby
fees referred to in Section&nbsp;5.10;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Interest and Fees: </B>fourthly, in payment of any amounts due and payable as and by way of
interest pursuant to Sections&nbsp;5.1, 5.2 and 5.3, fees pursuant to Sections&nbsp;5.4 and 5.5, and interest
on overdue amounts pursuant to Section&nbsp;5.6; 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 -->67<!-- /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="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other Amounts (other than Borrowings): </B>fifthly, in payment of any amounts (other than
Borrowings) then due and payable by the Borrower hereunder other than amounts hereinbefore referred
to in this Section&nbsp;7.2;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with the balance to be applied to repay or otherwise reduce Borrowings then due and payable so that
the Borrowings outstanding hereunder to each Lender will to the extent possible, be in the same
proportion as its Lender&#146;s Proportion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.3 Taxes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall make all payments to the Agent on behalf of the Lenders without set-off or
counterclaim, free and clear of, and without deduction for or on account of, any Tax. If any Tax is
deducted or withheld from any payments, the Borrower shall promptly remit to the Agent on behalf of
the Lenders the equivalent of the amounts so deducted or withheld together with the relevant
official receipts or other evidence satisfactory to the Agent evidencing payment to the appropriate
taxing authority of each such Tax by the Borrower on behalf of the Lenders.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7.4 Account Debit Authorization</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower authorizes and directs the Agent, in its discretion, to automatically debit, by
mechanical, electronic or manual means, the bank accounts of the Borrower maintained with the Agent
for all amounts payable under the Loan Documents including, without limitation, in respect of
principal, interest and fees payable under this Agreement and recoverable expenses due and payable
hereunder or under any Loan Document.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 8<BR>
CONDITIONS PRECEDENT TO DISBURSEMENT OF THE BORROWINGS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8.1 Effectiveness and Conditions Precedent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall become effective at such time as the following conditions precedent have
been satisfied:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No Event of Default: </B>as of such time, there exists no Default or Event of Default, and the
Agent has received a certificate from the Borrower certifying the same;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Representations and Warranties True: </B>the representations and warranties contained in Article&nbsp;2
are true and correct as of such time, and the Agent has received a certificate from the Borrower
certifying the same;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Receipt of Documentation: </B>the Agent has received, in form and substance satisfactory to the
Lenders, the following:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a duly executed original 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>duly executed originals of the Loan Party Guarantee and the Security from each of the
following Loan Parties in existence on the Effective Date:</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 -->68<!-- /Folio -->

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Governing</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Jurisdiction</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Diversified Oilfield Services Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Limited Partnership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Canada Limited Partnership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grey Wolf International Drilling Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Oilfield Personnel Services Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alberta</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DI Energy, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grey Wolf International, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Holdings Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Louisiana</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Company LP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Murco Drilling Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DI/Perfensa Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grey Wolf Supply Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Drilling Oilfield Services Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Precision Completion &#038; Production Services Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a certificate of status or similar document (to the extent available under local law) in
respect of the Borrower and each Material Subsidiary issued under the laws of its governing
jurisdiction and of any other jurisdiction where it carries on material business or owns material
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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an officer&#146;s certificate of the Borrower and each Material Subsidiary attaching thereto its
constating documents and bylaws and other governing documents, any authorizing resolutions and an
incumbency certificate;</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>a three-year financial plan for the Borrower, including for the four Fiscal Quarters of 2011,
in form and substance satisfactory to the Lenders, acting reasonably;</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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a certificate of the Borrower:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certifying that all conditions precedent to the closing and funding of the 2010 Notes
as provided for in the 2010 Note Indenture and the purchase agreement dated November&nbsp;10,
2010 between the Borrower and Credit Suisse Securities (USA)&nbsp;LLC and RBC Capital Markets,
LLC, as purchasers, have been satisfied;</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>attaching a true and complete copy of the 2010 Note Indenture; 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">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>attaching a true and complete copy of all Operating Facility Agreements, Cash
Management Facility Agreements and Lender Swaps in effect on the Effective Date;</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">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evidence of the registration of the Security as required hereunder in the Provinces of
Alberta, British Columbia, Saskatchewan and Manitoba, and with respect to each U.S. Loan Party in
its governing jurisdiction, and with respect to any Loan Party, in such other jurisdictions as may
be necessary to establish perfection of the Security to the extent required hereunder;</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">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an opinion of Bennett Jones LLP, Canadian counsel to the Borrower and its Subsidiaries,
addressed to the Agent and each Lender and Lenders&#146; counsel;</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 -->69<!-- /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">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an opinion of Fulbright &#038; Jaworsky L.L.P., United States counsel to the Borrower and
its Subsidiaries addressed to the Agent and each Lender;</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>the legal opinion of local counsel to the Borrower and its Subsidiaries in each of
Nevada and Louisiana addressed to the Agent and each Lender;</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">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an opinion of Burnet, Duckworth &#038; Palmer LLP, counsel to the Lenders, addressed to the
Agent and each Lender, in form and substance satisfactory to the Agent;</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">(xii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an opinion of local counsel to the Agent, addressed to the Agent and each Lender, in
each of British Columbia, Saskatchewan and Manitoba, each in form and substance
satisfactory to the Agent;</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">(xiii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any applicable &#147;know your client&#148; or anti-money laundering information which a
Lender may require; 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">(xiv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such other documents and documentation which the Agent may reasonably request;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payout and Termination of Existing Credit Agreement: </B>the Agent is satisfied that no amounts
will be outstanding under the Existing Credit Agreement after giving effect to the use of the
initial Borrowings hereunder and the sale of the 2010 Notes, and the Agent has received a copy of a
notice from the Borrower terminating the Existing Credit Agreement (which notice may be conditional
on this Agreement becoming effective), as well as a release of all Security Interests granted in
connection therewith (which release may be conditional upon the payout of all amounts owing under
the Existing Credit 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="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>2010 Note Indenture</B>: the Lenders are satisfied, acting reasonably, with the provisions of the
2010 Note Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>2010 Note Proceeds</B>: concurrent closing of the 2010 Notes raising gross proceeds to the
Borrower of not less than U.S. $450,000,000;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No Material Adverse Effect</B>: nothing shall have occurred (nor shall the Lenders have become
aware of any facts not previously known) since the date of the last audited financial statements
delivered to the Agent, which the Lenders shall determine is reasonably likely to have a Material
Adverse Effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Required Approvals</B>: any required approvals or confirmations under the AIMCO Notes have been
obtained; 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="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Fees: </B>the Borrower has paid all fees and expenses then due to the co-lead arrangers, the Agent
and the Lenders in respect of this Agreement and the Credit Facility.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each Lender hereby authorizes the Agent to confirm to the Borrower that the conditions precedent
set forth in this Section&nbsp;8.1 have been satisfied provided such Lender has not advised the Agent
prior to this Agreement becoming effective pursuant to this Section&nbsp;8.1 that such Lender is not
satisfied that the Borrower has complied with such conditions precedent.
</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 -->70<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8.2 Conditions Precedent to each Utilization</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligation of the Lenders to provide any Accommodation to the Borrower, or to allow any
Conversion or Rollover, is subject to and conditional upon satisfaction of the following conditions
precedent, as applicable:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on each Drawdown Date, Conversion Date or Rollover Date, as applicable, there exists no Default
or Event of Default; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on each Drawdown Date, the representations and warranties referred to in Section&nbsp;2.1, other
than those stated to be made as at a specific date, are true and correct in all material respects
with the same effect as if made as of such date.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8.3 Waiver of a Condition Precedent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms and conditions of Sections&nbsp;8.1 and 8.2 are inserted for the sole benefit of the
Agent and the Lenders and may be waived by the Majority Lenders in whole or in part with or without
terms or conditions, in respect of all or any portion of a Borrowing, without affecting the right
of the Agent or the Lenders to assert such terms and conditions in whole or in part in respect of
any other Borrowing.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 9<BR>
COVENANTS OF THE BORROWER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.1 Positive Covenants of the Borrower</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower covenants and agrees with each of the Lenders and the Agent that:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment and Performance: </B>the Borrower shall and shall cause each other Loan Party to duly and
punctually pay all indebtedness and liabilities as and when due by it hereunder and perform all
other obligations on its part to be performed under the terms of the Loan Documents at the times
and places and in the manner provided for 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Maintain Corporate or Other Existence and Status: </B>the Borrower shall and shall cause each other
Loan Party to maintain its corporate, partnership or trust existence, as applicable, and duly
register and qualify and remain duly registered and qualified to do business or own or lease
property or assets in each jurisdiction in which the nature of any business transacted by it, or
the character of any properties or assets owned or leased by it, requires such registration or
qualification, except to the extent such failure to be so registered or qualified would not
reasonably be expected to have a Material Adverse Effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Maintenance of Books and Records and Access to Assets: </B>the Borrower shall and shall cause each
other Loan Party to keep proper and adequate records and books of account in which true and
complete entries will be made in a manner sufficient to enable the preparation of financial
statements in accordance with GAAP, and upon reasonable notice and during normal business hours,
shall (i)&nbsp;permit representatives of the Agent to visit and inspect any of its properties to the
extent it is within such Person&#146;s control to permit such inspection (and shall use commercially
reasonable efforts to cause such inspection to be permitted to the extent it is not within such
Person&#146;s control to permit such inspection) (provided that such visit shall be limited to no more
than two (2)&nbsp;visits per calendar year in the aggregate, except during the continuance of an Event
of Default), (ii)&nbsp;permit representatives of the Agent to discuss the business, operations,
properties</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 -->71<!-- /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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and financial and other conditions of the Borrower and its Subsidiaries with the Borrower&#146;s
independent certified public accountants (provided that such discussions shall be limited
to no more than two (2)&nbsp;discussions per calendar year in the aggregate, except during the
continuance of an Event of Default) and (iii)&nbsp;permit representatives of the Agent or any
Lender to discuss the business, operations, properties and financial and other condition of
the Borrower and its Subsidiaries with officers and employees of the Borrower and its
Subsidiaries (provided that such discussions shall be coordinated by the Agent and shall be
limited to no more than two (2)&nbsp;discussions per calendar year in the aggregate, in each
case except during the continuance of an Event of Default);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Annual Financial Statements: </B>the Borrower shall furnish to the Agent as soon as available and
in any event within ninety (90)&nbsp;days after the end of each Fiscal Year (or, in the case of the
Fiscal Year ending December&nbsp;31, 2011, within one hundred twenty (120)&nbsp;days) a consolidated balance
sheet as at the close of such Fiscal Year and statements of income and changes in financial
position for such Fiscal Year, setting forth in comparative form the corresponding figures of the
preceding Fiscal Year together with an auditor&#146;s report prepared by a national firm of accountants
confirming that its examinations of such financial statements were made in accordance with
generally accepted auditing standards and, accordingly, included such tests and other procedures as
it considered necessary in the circumstances and that such financial statements present fairly in
all material respects the financial position of the Borrower on a consolidated basis, as of the
close of such Fiscal Year and the results of its operations and the changes in its financial
position for the Fiscal Year then ended, in accordance with GAAP;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Quarterly Financial Statements: </B>the Borrower shall furnish to the Agent as soon as available
and in any event within forty-five (45)&nbsp;days after the end of each of the first three (3)&nbsp;Fiscal
Quarters of the Borrower (or, in the case of the Fiscal Quarters ending March&nbsp;31, 2011, June&nbsp;30,
2011 and September&nbsp;30, 2011, within sixty (60)&nbsp;days) an unaudited consolidated balance sheet of the
Borrower as at the end of such Fiscal Quarter and unaudited consolidated statements of income and
changes in financial position of the Borrower prepared in accordance with GAAP consistently
applied;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Compliance Certificate: </B>the Borrower shall furnish to the Agent, concurrently with the
provision of the financial statements pursuant to Section&nbsp;9.1(d) and 9.1(e), and effective as of
the last day of the Fiscal Year or Fiscal Quarter, as applicable, a duly executed and completed
Compliance Certificate for such Fiscal Year or Fiscal Quarter;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Annual Budget: </B>the Borrower shall furnish to the Agent as soon as available and in any event no
later than forty-five (45)&nbsp;days after the commencement of each Fiscal Year a budget for such Fiscal
Year with a projected balance sheet and statement of projected cash flows and projected income for
the Borrower on a consolidated basis;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Provision of Information</B>: the Borrower shall provide to the Agent copies of all such
information relating to the business, affairs, operations and financial condition of any Loan Party
as the Agent may reasonably request;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Taxes: </B>the Borrower shall and shall cause each other Loan Party to file all income tax returns
which are required to be filed, pay or make provision for payment (in accordance with GAAP) of all
Taxes which are due and payable, and provide adequate reserves (in accordance with GAAP) for the
payment of any Tax the payment of which is being contested, all except to the extent failure to do
so would not reasonably be expected to have a Material Adverse Effect;</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="1%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Insurance: </B>the Borrower shall and shall cause each other Loan Party to maintain in full force
and effect such policies of insurance issued by insurers of recognized standing insuring such
properties and operations and providing such coverages as would usually be maintained by Persons
engaged in the same or similar business in the localities where such properties and operations are
located, and shall, if requested, furnish the Agent with certificates or other evidence
satisfactory to the Agent in compliance with the foregoing provisions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Compliance With Laws and Regulations; Maintenance of Permits: </B>the Borrower shall and shall
cause each other Loan Party to:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>comply with all Applicable Laws, including ERISA and any Canadian federal or provincial
pension benefits standards legislation;</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>manage and operate the applicable Loan Party&#146;s properties and assets in compliance
with all Applicable Laws, including Environmental 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>observe and conform to all valid requirements, including Governmental Actions, of any
Governmental Authority relative to any applicable Loan Party&#146;s properties or 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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>keep and maintain in effect and comply with all permits, approvals, licences and
authorizations required in connection with the applicable Loan Party&#146;s business or
operations; 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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>store, treat, transport or otherwise handle and dispose of all hazardous materials and
waste owned, managed or controlled by the applicable Loan Party in compliance with all
Environmental Laws;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except to the extent failure to comply with the foregoing would not reasonably be expected
to have a Material Adverse Effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Compliance with Plans</B>: the Borrower shall and shall cause each other Loan Party, each
Subsidiary and each ERISA Affiliate to comply with all of its obligations under any Plan and any
other employee pension plan and employee benefit plan maintained by it for the benefit of its
employees, except to the extent failure to do so would not reasonably be expected to have a
Material Adverse Effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notice of Certain Events: </B>the Borrower shall provide the Agent with prompt written notice of:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the occurrence of any Default or Event of Default;</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>any claims, actions, suits, litigation or other proceedings which are made or
commenced against or adversely affect any Loan Party or any Loan Party&#146;s assets or
properties, where (A)&nbsp;the amount involved is U.S. $25,000,000 or more and not covered by
insurance or (B)&nbsp;such claim, action, suit, litigation or other proceeding, if adversely
determined, would reasonably be expected to have a Material Adverse Effect;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the occurrence or discovery of any circumstance, condition or event which would
reasonably be expected to result in any Environmental Liability to any Loan Party which
would reasonably be expected to have a Material Adverse Effect; and</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 -->73<!-- /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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other matter, circumstance or event that has had or would reasonably be expected
to have a Material Adverse Effect;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notices Affecting Security</B>: the Borrower shall provide the Agent with prompt written notice,
and in any event not less than ten (10)&nbsp;Business Days prior to any such change, of any proposal to
change the name of any Loan Party, the location of the chief executive office or sole place of
business of any Canadian Loan Party, the jurisdiction under whose laws a Loan Party is organized,
the organizational form of a Loan Party, or the organizational identification number of a U.S. Loan
Party or to make any other change which would require additional steps to be taken to perfect the
Security to the extent required hereunder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notices regarding Certain Assets</B>: the Borrower shall provide the Agent with prompt written
notice if:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate fair market value of all owned real property of the Loan Parties located
in the United States has reached U.S. $50,000,000;</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>the aggregate fair market value of all Certificated Service Rigs has reached U.S.
$75,000,000; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate value of all commercial tort claims (as defined under the Uniform
Commercial Code) of the Loan Parties arising in the United States equals or exceeds U.S.
$50,000,000;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Operational Covenants: </B>the Borrower shall and shall cause each other Loan Party to carry on and
conduct its business and keep, maintain and operate its assets and properties in accordance with
good industry and business practice;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Ratings</B>: the Borrower shall use its commercially reasonable efforts to cause it to be
continuously rated by S&#038;P and Moody&#146;s (but no particular rating shall be required);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(r)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Senior Ranking</B>: the Borrower shall ensure that its obligations under the Credit Facility, and
each Material Subsidiary&#146;s obligations under the Loan Documents to which it is a party, rank, in
each case, at least <I>pari passu </I>in right of payment with its other most senior indebtedness for
borrowed money;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(s)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>North American and Secured Foreign Assets: </B>the Borrower shall ensure that the North American
and Secured Foreign Assets (determined on an unconsolidated basis) directly account for at least
85% of Consolidated EBITDA;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(t)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>North American and Acceptable Secured Foreign Assets</B>: the Borrower shall ensure that the North
American and Acceptable Secured Foreign Assets (determined on an unconsolidated basis) directly
account for at least 80% of Consolidated EBITDA and, for greater certainty, that those assets of
the Borrower and its Subsidiaries (determined on an unconsolidated basis) which are not North
American and Acceptable Secured Foreign Assets do not directly account for more than 20% of
Consolidated EBITDA; 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="1%" nowrap align="left">(u)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Additional Collateral</B>: on request of the Agent, the Borrower shall and shall cause each other
Loan Party to:</TD>
</TR>




</TABLE>
</DIV></DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->74<!-- /Folio -->

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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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide first priority mortgage security (subject to Permitted Encumbrances) over the
owned real property of the Loan Parties in the United States to the extent necessary to
ensure that the aggregate fair market value of the owned real property of the Loan Parties
in the United States over which the Lenders do not have a perfected first priority mortgage
(subject to Permitted Encumbrances) does not exceed U.S. $50,000,000;</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>where the aggregate value of all Certificated Service Rigs of the Loan Parties is in
excess of U.S. $75,000,000 or the Equivalent Amount thereof in any other currency, provide
first priority Security Interests, as determined by the Agent, acting reasonably
(including, where required by the applicable certificate of title statue, by the delivery
to the Agent of the certificate of title thereto and a notation on the certificate of title
of the Security Interests of the Security), over any such service rigs as may be specified
by the Agent in its discretion; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where the aggregate value of all commercial tort claims (as defined under the Uniform
Commercial Code) of the Loan Parties arising in the United States equals or exceeds U.S.
$50,000,000, amend the Security to provide a sufficient description of any commercial tort
claims to ensure that the Security extends to any such commercial tort claims as may be
specified by the Agent in its discretion.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.2 Negative Covenants of the Borrower</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the term of this Agreement, the Borrower covenants and agrees with each of the Lenders
and the Agent that it shall not, and shall ensure that each other Loan Party shall not, without the
prior written consent of the Agent on behalf of the Majority Lenders:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Change of Primary Business: </B>change its primary business from the oil and gas energy services
business (including any business currently carried on by the Borrower or any of its Subsidiaries)
and other businesses that are reasonably related thereto or reasonable extensions thereof (other
than, in each case, material oil and gas exploration or production businesses);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Debt: </B>issue, create, incur, assume, permit or suffer to exist or directly or indirectly be or
become in any way liable for or in respect of any Debt or provide any form of Financial Assistance
to any Person, other than Permitted Indebtedness;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Dispose of Assets: </B>Dispose of any of its assets or properties, other than Permitted
Dispositions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Negative Pledge: </B>create, incur, assume, permit or suffer to exist any Security Interest upon or
with respect to any of its assets or properties, except for Permitted Encumbrances;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Corporate Reorganizations</B>: enter into any transaction (other than a transaction involving only
Loan Parties where there is then no Default or Event of Default and none would result therefrom)
whereby all or substantially all of its undertaking, property and assets would become the property
of any other person (herein called a &#147;<B>Successor</B>&#148;) whether by way of reorganization, amalgamation,
merger, plan of arrangement, wind up, liquidation, transfer, sale or otherwise (each a
&#147;<B>Reorganization Transaction</B>&#148;) unless:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>S&#038;P and Moody&#146;s have each confirmed that the rating applicable to the Successor would
not be less than that applicable to the Borrower immediately prior to such Reorganization
Transaction (and a change in outlook shall not be considered to be a change in rating);</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 -->75<!-- /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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prior to or contemporaneously with the consummation of such Reorganization
Transaction:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Successor is or will be (by operation of law or otherwise) bound by or have
assumed all the covenants and obligations of the Borrower or such Loan Party under
the Loan Documents and other Secured Documents to which it is a party; 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>the Loan Documents and the other Secured Documents to which it is a party will
be valid and binding obligations of the Successor, enforceable against the
Successor and entitling the Agent and the Secured Lenders, as against the
Successor, to exercise all their rights under the Loan Documents and other Secured
Documents to which it is a party;</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and provided that the Successor shall also execute and/or deliver to the Agent such
documents (including assumption agreements relating to any continuing obligations
and legal opinions of counsel to the Successor), if any, as may, in the reasonable
opinion of the Agent, be necessary to effect or establish (A)&nbsp;and (B)&nbsp;above;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of the Borrower, the Successor is a corporation governed by or created
under the federal laws of Canada or the laws in force in a province of Canada;</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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Transaction shall be on such terms and shall be carried out in such manner as to
preserve and not to impair in any material respect any of the rights and powers of the
Agent and the Secured Lenders hereunder and under any other Loan Documents; 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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no Event of Default or Default shall have occurred and be continuing immediately prior
to such Reorganization Transaction or will occur as a result of such Reorganization
Transaction;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and provided further that, in the case of a transaction involving only Loan Parties that
would otherwise constitute a Reorganization Transaction, the Borrower shall not and shall
not permit any other Loan Party to enter into such a transaction unless the conditions
specified in subsections (ii), (iii)&nbsp;and (v)&nbsp;above are satisfied;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Distributions</B>: make, give effect to or implement any steps or procedures to make any
Distribution by the Borrower if such Distribution, when combined with all other Distributions made
by the Borrower during the applicable Fiscal Year, would exceed Distributable Cash Flow for such
Fiscal Year; and shall not make, give effect to or implement any steps or procedures to make any
Distribution by the Borrower (other than a dividend or distribution payable to the shareholders of
the Borrower within 45&nbsp;days after the date of declaration thereof, where at the date of
declaration, no Default or Event of Default was in existence and such payment would not have caused
a Default or Event of Default) if a Default or Event of Default has occurred and is continuing or
would result therefrom;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Swaps: </B>enter into any Swap outside the ordinary course of its business or for speculative
purposes (determined, where relevant, by reference to GAAP); 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="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Affiliate Transactions: </B>engage in transactions with Affiliates (other than a Loan Party) on
terms materially less favourable than would be obtainable with non-Affiliates.</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 align="left" style="font-size: 10pt; margin-top: 12pt"><B>9.3 Financial Covenants</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower covenants and agrees with each of the Lenders and the Agent that:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Consolidated Senior Debt to EBITDA Ratio</B>: the Borrower shall maintain a Consolidated Senior
Debt to EBITDA Ratio of not more than 2.5 to 1.0 as of the last day of any period of four (4)
consecutive Fiscal Quarters.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Consolidated Total Debt to EBITDA Ratio</B>: the Borrower shall maintain a Consolidated Total Debt
to EBITDA Ratio of not more than 3.5 to 1.0 as of the last day of any period of four (4)
consecutive Fiscal Quarters.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Consolidated Interest Coverage Ratio</B>: the Borrower shall maintain a Consolidated Interest
Coverage Ratio of at least 2.75 to 1.0 as of the last day of any period of four (4)&nbsp;consecutive
Fiscal Quarters.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 10<BR>
EVENTS OF DEFAULT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.1 Events of Default</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The occurrence of any one or more of the following events or circumstances constitutes an
Event of Default under this Agreement:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Failure to Pay Principal: </B>the failure of the Borrower to make any payment of any Borrowings
when due hereunder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Failure to Pay Interest or Fees: </B>the failure of the Borrower to make any payment of any
interest or fees or any portion thereof when due hereunder and such default shall remain unremedied
for a period of five (5)&nbsp;days after such amount is overdue;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Covenants: </B>if there is a breach or failure of due performance or observance by any Loan Party
of any covenant or provision of this Agreement or any of the Loan Documents (other than those
otherwise dealt with in this Section&nbsp;10.1), unless such breach or failure is cured to the
satisfaction of the Majority Lenders, acting reasonably, within thirty (30)&nbsp;days after written
notice thereof by the Agent to the Borrower (or, in the case of Section&nbsp;6.7(c), within thirty (30)
days after such initial period shall have expired);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Misrepresentations: </B>if any representation or warranty made or deemed to be made by the
Borrower or any other Loan Party in any Loan Document shall prove to have been incorrect in any
material respect when made or deemed to be made or repeated hereunder or thereunder; provided that
if the matter, defect or deficiency which is the subject matter of the misrepresentation is capable
of correction or remedy (and not merely by changing the representation made), then if it is not
corrected or remedied to the satisfaction of the Majority Lenders, acting reasonably, within thirty
(30)&nbsp;days after written notice thereof by the Agent to the Borrower;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cease to Carry on Business: </B>if, subject to Section&nbsp;9.2(e), the Borrower ceases to carry on
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="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Voluntary Insolvency: </B>if any Loan Party shall:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>apply for or consent to the appointment of a receiver, trustee or liquidator of itself
or of all or a substantial portion of its assets or undertaking;</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>make or threaten to make a general assignment for the benefit of creditors, or be
unable, or admit in writing its inability or failure, to pay its debts generally as they
become due;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>commence any case, proceeding or other action under any existing or future Applicable
Law relating to bankruptcy, insolvency, reorganization of its debts, winding-up or relief
of debtors seeking to have an order for relief entered with respect to it, or seeking to
adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement or adjustment
of its debts, winding-up, liquidation, dissolution, composition or other relief with
respect to it or its debts or an arrangement with creditors or taking advantage of any
insolvency law or proceeding for the relief of debtors, or file an answer admitting the
material allegations of a petition filed against it in any bankruptcy, creditor arrangement
or insolvency proceeding;</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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>take corporate or partnership action for the purpose of effecting any of the
foregoing; 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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>commit or threaten to commit an act which, if committed by a corporation, would
constitute bankruptcy under the <I>Bankruptcy and Insolvency Act </I>(Canada) or Title 11 of the
United States Code entitled Bankruptcy, as applicable, or in each case, any statute passed
in substitution therefor, and each as amended from time to time;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Involuntary Insolvency: </B>if any case, proceeding or other action shall be instituted in any
court of competent jurisdiction against any Loan Party seeking in respect of it an adjudication in
bankruptcy, reorganization, dissolution, winding-up, liquidation, a composition or arrangement with
creditors, a readjustment of debts, the appointment of a trustee, receiver, liquidator or the like
of such Loan Party or of all or a substantial portion of its assets or undertaking, or any other
like relief in respect of such Loan Party under any bankruptcy, creditor arrangement or insolvency
law and, if such case, proceeding or other action is being contested by the Borrower in good faith,
the same shall continue undismissed or unstayed and in effect for any period of thirty (30)
consecutive days; provided that if an order, decree or judgment is granted (whether or not entered
or subject to appeal) against a Loan Party thereunder or a trustee, receiver or liquidator is
appointed in the interim and such order, decree, judgment or appointment is not stayed or
discharged within five (5)&nbsp;days of it being granted, such grace period shall cease to apply
(provided that a default under this subsection (g)&nbsp;shall be deemed not to have occurred where the
default relates only to one or more Material Subsidiaries and the assets of all Material
Subsidiaries subject to such case, proceeding or other action at the same time or already subject
thereto shall have a fair market value of less than U.S. $20,000,000 or the Equivalent Amount in
any other currency);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Judgments: </B>if a final judgment or judgments for the payment of money shall be rendered against
any Loan Party in an aggregate amount (for all such judgments) in excess of U.S. $50,000,000 or the
Equivalent Amount in any other currency and the same shall remain undischarged for a period of
thirty (30)&nbsp;days during which such judgment or judgments shall not be on appeal or execution
thereof shall not be effectively stayed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Writs: </B>if writs, executions, attachments or similar processes are issued or levied against any
of the property of any Loan Party having an aggregate value in excess of U.S. $50,000,000 or the
Equivalent Amount in any other currency and such writ, execution, attachment or similar process
remains undischarged, unstayed or unreleased for a period of thirty (30)&nbsp;days;</TD>
</TR>

</TABLE>
</DIV></DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->78<!-- /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="1%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Encumbrancers: </B>if encumbrancers or lienors lawfully take possession of any property of any Loan
Party having an aggregate value in excess of U.S. $50,000,000 or the Equivalent Amount in any other
currency and such possession continues undischarged or unstayed for a period of thirty (30)&nbsp;days;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Invalid Loan Documents: </B>if any material provision of any Loan Document continues to be invalid
or unenforceable in whole or in a material part, or any of the Security Interests constituted by
the Security fails to attach to any material assets intended to be subject thereto or to have the
priority intended thereby, and, in either case, the same is not cured to the satisfaction of the
Majority Lenders, acting reasonably, within thirty (30)&nbsp;days after written notice thereof by the
Agent to the Borrower;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Change of Control</B>: if at any time a Change of Control occurs and such Change of Control has not
been approved by the Majority Lenders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Operating Facility Indebtedness or Cash Management Facility Indebtedness: </B>if an Operating
Lender or Cash Management Provider has demanded repayment of the Operating Facility Indebtedness or
Cash Management Facility Indebtedness, as applicable, due to it and such indebtedness has not been
paid by the expiry of the notice period specified by such Operating Lender or Cash Management
Provider, 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="1%" nowrap align="left">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Lender Swaps</B>: if a Termination Event shall occur under a Lender Swap, or if any Loan Party
shall fail to pay when due any amounts owing under a Lender Swap after the expiry of any notice or
cure period provided by the applicable Swap Lender;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(o)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cross Default: </B>if any Loan Party is in default under any term or provision of any agreement
evidencing or securing Debt or under any Swap (other than under this Agreement, a Lender Swap, an
Operating Facility Agreement or a Cash Management Facility Agreement), and:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such default is caused by a failure to pay any principal, interest or other amount, and
the effect of such default is to cause or to permit the holder of such Debt or the
counterparty under such Swap to cause (with the lapse of time or the giving of notice or
otherwise) such Debt or Swap obligation to become due prior to its stated maturity (or in
the case of Debt payable on demand, to become payable); 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such default is caused by the failure to perform or comply with any term or provision
of any such agreement (other than a payment default) and as a consequence of such default
such Debt or Swap has become, or has been declared, due and payable before its stated
maturity or before its regularly scheduled date of payment;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and the aggregate amount of Debt or Swap obligations outstanding under all agreements to
which such defaults relate is in the aggregate in excess of U.S. $50,000,000 or the
Equivalent Amount in any other currency;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(p)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Breach of Financial Covenants: </B>if there is a breach in the performance or observance of any of
the covenants or agreements in Section&nbsp;9.3; 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="1%" nowrap align="left">(q)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Breach of Distribution Provisions</B>: if there is a breach in the performance or observance of any
of the covenants or agreements in Section&nbsp;9.2(f).</TD>
</TR>




</TABLE>
</DIV></DIV>
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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.2 Acceleration</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of any Event of Default which has not been remedied or waived, the Agent,
on behalf of the Lenders and with the approval of the Majority Lenders, shall be entitled to,
without limiting or restricting other remedies or rights under contract, at law or in equity:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Terminate Commitment: </B>cease to make or continue any Borrowings hereunder, notwithstanding any
prior receipt by the Agent of a Borrowing Notice, Conversion Notice or Rollover Notice or any other
event and the Agent may, by written notice to the Borrower, declare the Total Commitment and the
right of the Borrower to apply for further Accommodations to be terminated; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Acceleration Notice: </B>by written notice to the Borrower (an &#147;<B>Acceleration Notice</B>&#148;), declare all
Borrowings (including the face amount of all Bankers&#146; Acceptances and the undrawn amount of all
outstanding Letters of Credit) and other liabilities and indebtedness (whether matured or
unmatured) of the Borrower to the Agent and the Lenders hereunder and under the other Loan
Documents to be immediately due and payable (or to be due and payable at such later time as may be
stated in such notice) without further demand, presentation, protest or other notice of any kind,
all of which are expressly waived by the Borrower;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided that upon the occurrence of an Event of Default specified in Section&nbsp;10.1(f) or 10.1(g)
the Total Commitment shall automatically terminate and all Borrowings (including the face amount of
all Bankers&#146; Acceptances and the undrawn amount of all outstanding Letters of Credit) and other
indebtedness and liabilities hereunder and under the other Loan Documents shall automatically
become due and payable, in each case without any requirement that notice be given to the Borrower.
Immediately upon the occurrence of an Event of Default specified in Section&nbsp;10.1(f) or 10.1(g) or
at the time stated in an Acceleration Notice, the Borrower shall pay to the Agent on behalf of the
Lenders all amounts owing or payable in respect of all Borrowings (including the face amount of all
Bankers&#146; Acceptances and the undrawn amount of all outstanding Letters of Credit) and other
indebtedness and liabilities hereunder and under the other Loan Documents, failing which all rights
and remedies of the Agent and the Lenders under the Loan Documents shall thereupon become
enforceable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.3 Demands for Repayment of other Secured Obligations</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Ability to Deliver Other Secured Lender Demands: </B>If the Agent, on behalf of the Majority
Lenders, delivers an Acceleration Notice:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Swap Lender may, within three (3)&nbsp;Business Days, deliver (to the extent applicable
to it) a Swap Demand for Repayment;</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>each Operating Facility Lender may, within three (3)&nbsp;Business Days, deliver (to the
extent applicable to it) an Operating Facility Demand for Repayment; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Cash Management Facility Provider may within three (3)&nbsp;Business Days, deliver
(to the extent applicable to it) a Cash Management Facility Demand for Repayment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Termination Event: </B>If a Termination Event has occurred and all Secured Obligations are not
thereafter due and payable, each Secured Lender shall, within three (3)&nbsp;Business Days, deliver such
Demands for Repayment as may be necessary to ensure that all Secured Obligations are thereafter due
and payable under all Secured Documents.</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 -->80<!-- /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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notification by other Secured Lenders: </B>If any Secured Lender (other than the Agent and the
Lenders) proposes to deliver a Demand for Repayment, such Secured Lender shall notify the Agent of
its determination (who shall thereupon promptly notify each Lender), and the Agent, within a
further five (5)&nbsp;Business Days after receipt of the aforesaid notice, shall notify all such Secured
Lenders whether the Agent, on behalf of the Majority Lenders, proposes to deliver an Acceleration
Notice hereunder. If the Agent does not so advise such Secured Lenders within such five (5)
Business Day period it shall be deemed to have advised that the Majority Lenders do not propose to
deliver an Acceleration Notice. If the Agent does notify such Secured Lenders that the Majority
Lenders propose to deliver an Acceleration Notice, all Demands for Repayment shall be delivered
concurrently by the Agent and the other Secured Lenders. If the Agent does notify such
Secured Lenders that the Majority Lenders do not propose, or the Agent is deemed to have
advised that the Majority Lenders do not propose, to deliver an Acceleration Notice, the
Secured Lender which delivered the notice to the Agent may at any time within thirty (30)
days thereafter deliver the Demand for Repayment under its Secured Document. If the
Secured Lender delivering any such Demand for Repayment does not receive the amount so
demanded on or prior to the time stated in such Demand for Repayment, such Secured Lender
shall so notify the Agent and the Agent and each other Secured Lender shall forthwith
concurrently deliver such Demands for Repayment as may be necessary to ensure that all
Secured Obligations are thereafter due and payable under all Secured Documents.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No Sharing: </B>Any amounts which are lawfully received by any Secured Lender under its Secured
Document prior to the earlier of the delivery by the Agent of an Acceleration Notice or the
occurrence of a Termination Event hereunder are not required to be shared pursuant to the
provisions of Section&nbsp;10.7.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Lender Affiliates: </B>If a Secured Document is entered into with an Affiliate of a Lender, that
Lender shall cause such Affiliate to be bound by this Agreement, including for certainty, any
requirements to deliver a Demand for Repayment as required by this Section&nbsp;10.3 and such
obligations shall survive such Lender ceasing to be a Lender hereunder.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.4 Cash Collateral Accounts</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence 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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Termination Event or delivery of an Acceleration Notice; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an event under Section&nbsp;4.1 or Section&nbsp;4.2 where the Borrower makes payment to a Cash Collateral
Account of the required amount;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Borrower shall forthwith pay to the Agent, for deposit into a Cash Collateral Account, an
amount equal to the Lender&#146;s maximum potential liability under then outstanding Bankers&#146;
Acceptances, and (unless the Borrower makes payment of the amount required pursuant to Section
11.5) Libor Loans (collectively, the &#147;<B>Escrow Funds</B>&#148;). The Escrow Funds shall be held by the Agent
for set-off against future indebtedness owing by the Borrower to the Lenders in respect of such
Bankers&#146; Acceptances, and (unless the Borrower makes payment of the amount required pursuant to
Section&nbsp;11.5) Libor Loans, or, in the case of (b)&nbsp;above, be applied as required by Section&nbsp;4.3.
</DIV>

</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->81<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.5 Remedies on Default</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After an Event of Default:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Majority Lenders Instructions: </B>if the Majority Lenders provide directions or instructions to
the Agent, the Agent on behalf of all Secured Lenders shall take such actions and commence such
proceedings as the Majority Lenders in their sole discretion may determine and may enforce or
otherwise realize upon any Security, all without any obligation to marshal any Security Interests
and without additional notice, presentation, demand or protest, all of which the Borrower hereby
expressly waives (to the extent such rights may be waived under Applicable Law). If, from time to
time, there are no Secured Lenders other than Swap Lenders, Operating Facility Lenders or Cash
Management Facility Providers, the Majority Lenders for the purposes of this Agreement shall be
calculated by revising paragraph (b)&nbsp;of the definition of Majority Lenders to read: &#147;during the
continuance of a Default or Event of Default when there are any Secured Obligations outstanding,
those Secured Lenders to whom there is owing 50.1% or more of the aggregate Secured Obligations
under all Secured Documents;&#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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General Remedies: </B>the rights and remedies of the Agent and each Secured Lender under the Loan
Documents are cumulative and are in addition to and not in substitution for any rights or remedies
provided by law. The Agent may, on behalf of all Secured Lenders, and shall, if so required by the
Majority Lenders, to the extent permitted by Applicable Law, bring suit at law, in equity or
otherwise for any available relief or purpose including but not limited to:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Specific Performance: </B>the specific performance of any covenant or agreement contained
in the Loan Documents;</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><B>Injunction: </B>enjoining a violation of any of the terms of the Loan Documents;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Assistance: </B>aiding in the exercise of any power granted by the Loan Documents or by
law; 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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Judgment: </B>obtaining and recovering judgment for any and all amounts due in respect of
the Borrowings or amounts otherwise due hereunder or under the Loan Documents.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.6 Right of Set-Off</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence and during the continuance of any Event of Default, and in addition to any
rights now or hereafter granted under Applicable Law and not by way of limitation of any such
rights, the Agent and each Secured Lender is authorized at any time and from time to time
thereafter, without notice to the Borrower or to any other Person (any such notice being expressly
waived by the Borrower), to combine, consolidate or merge all or any of the Borrower&#146;s accounts
with and liabilities to it and to set-off and to appropriate and to apply any and all deposits
(general or special, time or demand, provisional or final) and any other indebtedness at any time
held by or owing by it to or for the credit of or the account of the Borrower against and on
account of any Secured Obligations (including the face amount of all Bankers&#146; Acceptances and the
undrawn amount of all Letters of Credit) and other liabilities and indebtedness of the Borrower to
the Agent or such Secured Lender under this Agreement and the other Secured Documents, including,
without limitation, all claims of the Agent or any Secured Lender of any nature or description
arising out of or connected with this Agreement and the other Secured Documents, irrespective of
whether or not the Agent or any Secured Lender has made any demand under this Agreement or any of
the other Secured Documents and although such obligations, liabilities or claims of the Borrower or
any of them are contingent or unmatured.</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 -->82<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.7 Application and Sharing of Payments Following Acceleration</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise agreed to by all the Secured Lenders in their sole discretion, all monies
and property received by the Secured Lenders for application in respect of the Secured Obligations
subsequent to the delivery of an Acceleration Notice or the occurrence of an Event of Default
specified in Sections&nbsp;10.1(f) or 10.1(g) and all monies received as a result of a realization upon
the Loan Party Guarantee and the Security shall be applied and distributed to the Secured Lenders
in the manner set forth below, each such application to be made in the following order with any
balance remaining after application in respect of each category to be applied to the next
succeeding category:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>firstly, in or towards payment of any fees or expenses then due and payable to the Agent
hereunder or under any other Loan Document;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>secondly, <I>pro rata </I>among the Secured Lenders in respect of amounts due and payable to such
Secured Lenders as and by way of recoverable expenses under its Secured Documents or under any of
the Security;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>thirdly, <I>pro rata </I>among the Secured Lenders (other than the Swap Lenders) in respect of amounts
due and payable to such Secured Lenders by way of interest, acceptance fees, letter of credit fees,
interest on overdue amounts and standby fees; 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="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fourthly, <I>pro rata </I>among the Secured Lenders in or towards repayment of the Secured
Obligations.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that a Secured Document is entered into by an Affiliate of a Lender, that Lender
shall cause such Affiliate to comply with the provisions of this Section&nbsp;10.7 and such obligation
shall survive such Lender ceasing to be a Lender hereunder.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.8 Adjustments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Contingent Liabilities: </B>at the Adjustment Time, a portion of the Secured Obligations are
outstanding as letters of credit or letters of guarantee and it is subsequently determined that the
applicable Secured Lenders are not required to make payment under any one or more such instruments;
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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notice Periods: </B>any of the Secured Lenders are required by Applicable Law to continue to make
advances or other amounts available to the Borrower subsequent to the Adjustment Time by reason of
a requirement in Applicable Law to give the Borrower a reasonable period of notice prior to
terminating such Lender&#146;s obligation to make such advances or other amounts available;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then, whenever and so often as that occurs, Secured Obligations shall be redetermined by excluding
from the determination of the amount of Secured Obligations any payments not required to be made as
a result of the occurrence of an event described in Section&nbsp;10.8(a) and by including in the
determination of Secured Obligations any amount required to be made available pursuant to Section
10.8(b), and the Secured Lenders shall thereupon make all such payments and adjustments as may be
necessary to ensure amounts outstanding to the Secured Lenders are thereafter outstanding in
accordance with the provisions of Section&nbsp;12.11.
</DIV>




</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->83<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.9 Swap Indebtedness Calculations as at the Adjustment Time</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this Agreement, if:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Swap Demand: </B>a Swap Demand for Repayment has been delivered; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Termination Event: </B>a Termination Event has occurred under any Secured Document evidencing a
Swap;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then, for the purposes of calculations to be made at the Adjustment Time, any Termination Amount
which is payable by any Loan Party under such Swap in settlement of obligations arising thereunder
as a result of the early termination of the Swap shall be deemed to have become payable at the time
of delivery of such Swap Demand for Repayment or the time of occurrence of such Termination Event
as the case may be, notwithstanding that the amount payable by any Loan Party is to be subsequently
calculated and notice thereof given to such Loan Party in accordance with such Swap. For the
purposes of the foregoing, the Agent shall make all determinations of the applicable Termination
Amounts in accordance with its usual practices, acting reasonably, and for such purposes each
Lender shall provide details to the Agent of its own calculations of the applicable Termination
Amounts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.10 Lender May Perform Covenants</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Loan Party shall fail to perform any of its obligations under any covenant contained in
any of the Loan Documents or any other Secured Document within the time permitted for the
performance of any such covenant or for the cure of any default thereof, the Agent may, on behalf
of the Secured Lenders and with the approval of the Majority Lenders and with prior notification to
the Borrower, perform any such covenant capable of being performed by it and, if any such covenant
requires the payment or expenditure of money, it may make such payment or expenditure with its own
funds on behalf of the Secured Lenders. If the Agent elects to effect such observance or
performance, neither the Agent nor any Secured Lender shall be liable for any failure or deficiency
in effecting such observance or performance, nor for the payment of any bills, invoices or accounts
incurred or rendered in connection therewith, except to the extent the Agent or such Secured Lender
is grossly negligent or acts with wilful misconduct. All amounts so paid by the Agent hereunder
shall be repaid by the Borrower on demand therefor, and shall bear interest at the rate set forth
in Section&nbsp;5.6 from and including the date paid by the Agent hereunder to but excluding the date
such amounts are repaid in full by the Borrower and shall be guaranteed by the Loan Party Guarantee
and secured by the Security.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10.11 Waiver of Default</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any single or partial exercise by any Secured Lender, the Agent or by the Agent on behalf of
any Secured Lender of any right or remedy for a default or breach of any term, covenant, condition
or agreement contained in the Loan Documents or any other Secured Document shall not be deemed to
be a waiver of or to alter, affect or prejudice any other right or remedy to which the Agent or
such Secured Lender may be lawfully entitled for the same default or breach, and any waiver by any
Secured Lender, the Agent or by the Agent on behalf of any Lender or Swap Lender of the strict
observance, performance or compliance with any term, covenant, condition or agreement contained in
the Loan Documents or any other Secured Document, and any indulgence granted thereby, shall be
deemed not to be a waiver of any subsequent default. To the extent permitted by Applicable Law, the
Borrower hereby waives any rights now or hereafter conferred by statute or otherwise which are
inconsistent with the Agent&#146;s or a Secured Lender&#146;s rights or remedies under the Loan Documents and
any other Secured Document.</DIV>




</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->84<!-- /Folio -->



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 11<BR>
EXPENSES AND INDEMNITIES, MARKET DISRUPTION, REPLACEMENT<BR>
LENDERS AND DEFAULTING LENDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11.1 Reimbursement of Expenses</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All statements, reports, certificates, opinions and other documents or information required to
be furnished to the Agent or the Lenders by any Loan Party under this Agreement shall be supplied
by the Borrower without cost to the Agent or any Lender. The Borrower agrees:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to pay or reimburse the Agent for all its reasonable out-of-pocket costs and expenses incurred
in connection with the development, preparation and execution of, and any amendment, supplement or
modification to, this Agreement and the other Loan Documents and any other documents prepared in
connection herewith or therewith, and the consummation and administration of the transactions
contemplated hereby and thereby, including the reasonable fees and disbursements of one Canadian
counsel, one U.S. counsel and one local counsel in each relevant jurisdiction and filing and
recording fees and expenses, with statements with respect to the foregoing to be submitted to the
Borrower prior to the Effective Date (in the case of amounts to be paid on the Effective Date) and
from time to time thereafter on a periodic basis as the Agent shall deem appropriate;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to pay or reimburse each Lender and the Agent for all its out-of-pocket costs and expenses
incurred in connection with the enforcement, preservation of any rights under, or the restructuring
or workout of, this Agreement, the other Loan Documents and any such other documents, including the
fees and disbursements of its counsel; 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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to pay, indemnify, and hold each Lender and the Agent harmless from, any and all recording and
filing fees and any and all liabilities with respect to, or resulting from any delay in paying,
stamp, excise and other taxes, if any, that may be payable or determined to be payable in
connection with the execution and delivery of, or consummation or administration of any of the
transactions contemplated by, or any amendment, supplement or modification of, or any waiver or
consent under or in respect of, this Agreement, the other Loan Documents and any such other
documents.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All amounts due under this Section&nbsp;11.1 shall be payable not later than 10&nbsp;days after written
demand therefor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11.2 Increased Cost</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, after the date hereof, the introduction of, any change in, or the implementation of, any
Applicable Law (including any capital adequacy requirement) (other than any taxes on the overall
net income of a Lender or upon the overall capital of a Lender), regulation, treaty or official
directive now or hereafter in effect (whether or not having the force of law) or any change in the
interpretation or application thereof by any court or by any judicial or Governmental Authority
charged with the interpretation or administration thereof, or if compliance by any Lender with any
request from any central bank or other fiscal, monetary or other authority (whether or not having
the force of law) (individually, a &#147;<B>Circumstance</B>&#148;):</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subjects a Lender to any Tax, changes the basis of taxation of payments due to a Lender or
increases any existing Tax, on payments of principal, interest or other amounts payable by the
Borrower to a Lender under this Agreement;</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 -->85<!-- /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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>imposes, modifies or deems applicable any reserve, special deposit, capital adequacy,
regulatory or similar requirement against assets or liabilities held by a Lender, or deposits of or
for the account of a Lender, or loans by a Lender, or any other acquisition of funds for loans by a
Lender or commitments by a Lender to fund loans or obligations of a Lender in respect of bankers&#146;
acceptances accepted by such Lender or letters of credit or letters of guarantee issued by such
Lender; 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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>imposes on a Lender any other condition with respect to this Agreement;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and the result of (a), (b)&nbsp;or (c)&nbsp;is, in the sole determination of such Lender acting reasonably
and in good faith, to increase the cost to such Lender or to reduce the income receivable by such
Lender in respect of a Borrowing, such Lender shall promptly notify the Agent. The Agent shall
promptly notify the Borrower and the Borrower shall pay to the Agent for the benefit of such Lender
from time to time that amount which compensates such Lender for such additional cost or reduction
in income from time to time
(&#147;<B>Additional Compensation</B>&#148;) on the next Libor Interest Date in the case of a Libor Loan, on the
next date of issuance of any Bankers&#146; Acceptances or Letters of Credit or on the next Interest Date
in any other case (and each successive Libor Interest Date, date of issuance or Interest Date, if
applicable). The Borrower shall not be obligated to pay any portion of such Additional
Compensation accruing under this Section&nbsp;11.2 for any period prior to the date which is six (6)
months prior to the date on which the Agent, on behalf of such Lender, gives notice to the Borrower
that such Additional Compensation is so accruing, provided that, if the circumstances giving rise
to such claim have a retroactive effect, then such six (6)&nbsp;month period shall be extended to
involve the period of such retroactive effect. A photocopy of the relevant law, regulation,
treaty, official directive or regulatory requirement (or, if it is impracticable to provide a
photocopy, a written summary of the same) and a certificate by a duly authorized officer of such
Lender (prepared in good faith) setting forth the amount of the Additional Compensation and the
basis for it must be submitted by the Agent to the Borrower and is <I>prima facie </I>evidence of the
amount of the Additional Compensation. If the Agent notifies the Borrower that Additional
Compensation is owed, the Borrower shall pay such Additional Compensation to the Agent for the
account of such Lender and the Borrower shall have the right, upon written irrevocable prior notice
of at least three (3)&nbsp;Business Days to the Agent to make payment in full to the Agent for the
account of such Lender in respect of the applicable Borrowing on the date specified in such notice
together with accrued but unpaid interest and fees in respect of such Borrowing or to convert such
Borrowing into another basis of Borrowing available under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11.3 Illegality</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the introduction of or any change in applicable law, regulation, treaty, official directive
or regulatory requirement now or hereafter in effect (whether or not having the force of law) or
any change in the interpretation or application thereof by any court or by any judicial or
governmental authority charged with the interpretation or administration thereof, makes it unlawful
or prohibited for a Lender (in its sole opinion acting reasonably and in good faith) to make, fund
or maintain the Borrowings or a portion of the Borrowings or to perform its obligations under this
Agreement, such Lender may by written notice to the Borrower through the Agent terminate its
obligations under this Agreement to make such Borrowings or perform such obligations and the
Borrower shall either (i)&nbsp;prepay such Borrowings within fifteen (15)&nbsp;Business Days together with
all accrued but unpaid interest and fees as may be applicable to the date of payment, or (ii)
convert by notice to the Agent such Borrowings forthwith into another basis of Borrowing available
under this Agreement.</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 -->86<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11.4 Market Disruption</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Libor Loans</B>: Notwithstanding anything to the contrary herein contained, if at any time
subsequent to the Borrower giving a Borrowing Notice, a Conversion Notice or a Rollover Notice to
the Agent with regard to any requested Libor Loan:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Agent, acting reasonably, determines that by reason of circumstances affecting the
London Interbank Eurodollar Market, adequate and fair means do not exist for ascertaining
the rate of interest with respect to, or deposits are not available in sufficient amounts
in the ordinary course of business at the rate determined hereunder to fund, a requested
Libor Loan during the ensuing Libor Interest Period selected;</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>the Agent, acting reasonably, determines that the making or continuing of the
requested Libor Loan by the Lenders has been made impracticable by the occurrence of an
event which materially adversely affects the London Interbank Eurodollar Market generally;
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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Agent is advised by Lenders, acting reasonably, holding at least 35% of the Total
Commitment and being not less than 35% in number of Lenders by written notice (each, a
&#147;<B>Lender Libor Suspension Notice</B>&#148;), such notice to be received by the Agent no later than 2
p.m. (Toronto time) on the third Business Day prior to the date of the requested Drawdown,
Rollover or Conversion, as applicable, that such Lenders have determined, acting
reasonably, that Libor will not or does not represent the effective cost to such Lenders of
U.S. Dollar deposits in the London Interbank Eurodollar Market for the relevant Libor
Interest Period,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>then the Agent shall give notice thereof to the Lenders and the Borrower as soon as
possible after such determination or receipt of such Lender Libor Suspension Notice, as
applicable, and the Borrower shall, within one (1)&nbsp;Business Day after receipt of such
notice and in replacement of the Borrowing Notice, Conversion Notice or Rollover Notice
previously given by the Borrower, give the Agent a Borrowing Notice or a Conversion Notice,
as applicable, which specifies the Drawdown of any other Accommodation or the Conversion of
the relevant Libor Loan on the last day of the applicable Libor Interest Period into any
other Accommodation which would not be affected by the notice from the Agent pursuant to
this Section&nbsp;11.4.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event the Borrower fails to give, if applicable, a valid replacement Conversion
Notice with respect to the maturing Libor Loans which were the subject of a Conversion
Notice or Rollover Notice, such maturing Libor Loans shall be converted on the last day of
the applicable Libor Interest Period into U.S. Base Rate Loans from the Lender as if a
valid replacement Conversion Notice had been given by the Borrower pursuant to the
provisions hereof. In the event the Borrower fails to give, if applicable, a valid
replacement Borrowing Notice with respect to a Drawdown originally requested by way of a
Libor Loan, then the Borrower shall be deemed to have requested a Drawdown by way of a U.S.
Base Rate Loan in the amount specified in the original Borrowing Notice and, on the
originally requested Drawdown Date, the Lenders (subject to the other provisions hereof)
shall make available the requested amount by way of a U.S. Base Rate Loan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Bankers&#146; Acceptances</B>: If:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Agent, acting reasonably, makes a determination, which determination shall be
conclusive and binding upon the Borrower, and notifies the Borrower, that there no longer
exists an active market for bankers&#146; acceptances accepted by the Lenders; or</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 -->87<!-- /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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Agent is advised by Lenders holding at least 35% of the Total Commitment and being
not less than 35% in number of Lenders by written notice (each, a &#147;<B>Lender BA Suspension
Notice</B>&#148;) that such Lenders have determined, acting reasonably, that the Discount Rate will
not or does not accurately reflect the cost of funds of such Lenders or the discount rate
which would be applicable to a sale of Bankers&#146; Acceptances accepted by such Lenders in the
market;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>then:</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the right of the Borrower to request Bankers&#146; Acceptances or BA Equivalent Advances
from any Lender shall be suspended until the Agent determines, acting reasonably, that the
circumstances causing such suspension no longer exist, and the Agent so notifies the
Borrower and the Lenders;</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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any outstanding Borrowing Notice requesting an Accommodation by way of Bankers&#146;
Acceptances shall be deemed to be a Borrowing Notice requesting a Prime Loan in the amount
specified in the original Borrowing Notice;</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>any outstanding Conversion Notice requesting a Conversion of a U.S. Base Rate Loan or
Libor Loan into a Bankers&#146; Acceptance shall be deemed to be a Conversion Notice requesting
a Conversion of such Loan into a Prime Loan; 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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any outstanding Rollover Notice requesting a Rollover of a Bankers&#146; Acceptance shall
be deemed to be a Conversion Notice requesting a Conversion of such Bankers&#146; Acceptances
into a Prime Loan.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Agent shall promptly notify the Borrower and the Lenders of any suspension of the
Borrower&#146;s right to request Bankers&#146; Acceptances and of any termination of any such
suspension. A Lender BA Suspension Notice shall be effective upon receipt of the same by
the Agent if received prior to 2 p.m. (Toronto time) on a Business Day and if not, then on
the next following Business Day, except in connection with a Borrowing Notice, Conversion
Notice or Rollover Notice previously received by the Agent, in which case the applicable
Lender BA Suspension Notice shall only be effective with respect to such previously
received Borrowing Notice, Conversion Notice or Rollover Notice if received by the Agent
prior to 2 p.m. (Toronto time) two (2)&nbsp;Business Days prior to the proposed Drawdown Date,
Conversion Date or Rollover Date (as applicable) applicable to such previously received
Borrowing Notice, Conversion Notice or Rollover Notice, as applicable.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11.5 Funding Indemnity</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, for any reason whatsoever and whether or not required or permitted pursuant to the
provisions of this Agreement, the Borrower repays, prepays, converts or cancels a Libor Loan other
than on the last day of a Libor Interest Period applicable to such Libor Loan, or fails for any
reason to borrow, convert, rollover or otherwise act in accordance with a notice given hereunder
pursuant to Schedule&nbsp;B, Schedule&nbsp;C, Schedule&nbsp;D or Schedule&nbsp;E, the Borrower shall indemnify each
Lender for any loss or expense incurred by such Lender as a direct result thereof including,
without limitation, any loss of profit or expenses such Lender incurs by reason of the liquidation
or reemployment of deposits or other funds acquired by such Lender to maintain the Libor Loan or
other Borrowing or any increased interest or other charges payable to lenders of funds borrowed in
order to maintain such Libor Loan or other Borrowing together with any other out-of-pocket charges,
costs or expenses incurred by such Lender relative thereto. If, for any reason whatsoever and
whether or not required or permitted pursuant to the provisions of this</DIV>




</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->88<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Agreement, the Agent or any Lender provides the Borrower with the anticipated discounted proceeds
of sale of a Bankers&#146; Acceptance (less any fees payable to such Lender in respect thereof) on any
day prior to the receipt by the Agent or such Lender of such proceeds and the Agent or such Lender
does not receive such proceeds from the Person designated to purchase such Bankers&#146; Acceptance on
the date such proceeds are payable hereunder, the Borrower shall indemnify the Agent and each
applicable Lender for any resulting loss, cost or expense incurred by the Agent or such Lender by
reason of or arising as a result of the non-receipt or delayed receipt by the Agent or such Lender
of such proceeds, including without limitation, any losses which the Agent or such Lender may incur
if it arranges for any further sale of such Bankers&#146; Acceptance in replacement thereof and any
costs which the Agent or such Lender may incur in connection with any action against the Person
designated to purchase such Bankers&#146; Acceptance, together with any other out-of-pocket charges,
costs or expenses incurred by the Agent or such Lender relative thereto. In each case, a
certificate of such Lender (acting reasonably and prepared in good faith) submitted by such Lender
setting out the basis for the determination of the amount necessary to indemnify such Lender shall
be <I>prima facie </I>evidence thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11.6 General and Environmental Indemnity</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby agrees to pay, indemnify, and hold each Lender and the Agent and their
respective officers, directors, employees, affiliates, agents, advisors and controlling persons
(each, an &#147;<B>Indemnitee</B>&#148;) harmless from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever, including the reasonable fees and expenses of legal counsel, with respect to the
execution, delivery, enforcement, performance and administration of this Agreement, the other Loan
Documents and any other documents prepared in connection herewith or therewith, including any of
the foregoing relating to, arising out of, or in connection with:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the use of proceeds of the Credit Facility;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any actual, alleged or threatened Release in respect of any assets or properties of the
Borrower or any of its Subsidiaries, whether now owned or hereafter acquired;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any remedial action required to be taken under any Environmental Laws by an Indemnitee in
respect of any Release or in respect of the environmental condition of any assets or properties of
the Borrower or any of 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="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any non-compliance by the Borrower or any of its Subsidiaries or any predecessor in title under
any Environmental Laws, in respect of actions of any Governmental Authority under any Environmental
Laws or in respect of the environmental condition of any assets or properties of the Borrower 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="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Environmental Liability arising directly or indirectly from the provision by any Lender of
credit to the Borrower or any of its Subsidiaries or the provision or granting of any Security
Interest to the Agent or any Lender or any realization of, against or upon any of the assets or
properties of the Borrower or any of its Subsidiaries;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(all the foregoing in this Section&nbsp;11.6, collectively, the &#147;<B>Indemnified Liabilities</B>&#148;), provided
that the Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified
Liabilities to the extent such Indemnified Liabilities are found by a final and nonappealable
decision of a court of competent jurisdiction to have resulted from the gross negligence or wilful
misconduct of such Indemnitee or from a Release at, on, under or from assets or properties of the
Borrower or any of its Subsidiaries that occurs entirely following an Indemnitee&#146;s taking
possession of such assets or property by
</DIV>




</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->89<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">foreclosure, power of sale or similar transfer and that did not exist on or at such asset or
property prior to such Indemnitee&#146;s possession thereof. Notwithstanding any other provision of
this Agreement or any other Loan Document, no Indemnitee shall be liable for any special, indirect,
consequential or punitive damages in connection with its activities related to this Agreement or
any other Loan Document or any of the transactions in connection herewith or therewith. Without
limiting the foregoing, and to the extent permitted by Applicable Law, the Borrower agrees not to
assert and to cause its Subsidiaries not to assert, and hereby waives and agrees to cause its
Subsidiaries to waive, all rights for contribution or any other rights of recovery with respect to
all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of
whatever kind or nature, under or related to Environmental Laws, that any of them might have by
statute or otherwise against any Indemnitee except in the case of gross negligence or wilful
misconduct of such Indemnitees. The agreements in this Section&nbsp;11.6 shall survive repayment of the
Credit Facility and all other amounts payable hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11.7 Replacement Lender</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Lender exercises its rights under Section&nbsp;11.2, Section&nbsp;11.3 or Section&nbsp;11.4;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Borrower is required under Section&nbsp;7.3 to deduct any withholding Taxes in respect of
amounts owing to any Lender;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Lender withholds its consent to any amendment, consent or determination requested by the
Borrower which requires the approval of the Lenders and as a consequence thereof such amendment,
consent or determination cannot be 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="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Fronting Lender has terminated its Fronted LC Commitment pursuant to Section&nbsp;3.10(k)(ii)(B);
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="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Lender becomes a Defaulting Lender;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Borrower may, treating each affected Lender rateably and in the same manner as other Lenders
subject to similar circumstances (all such Lenders being the &#147;<B>Affected Lenders</B>&#148;):
</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>replace all Affected Lenders by reaching satisfactory arrangements with one or more
existing Lenders or new Lenders that are acceptable to the Agent and each Fronting Lender,
each acting reasonably, for the purchase of all of such Affected Lenders&#146; Commitments as
long as:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such purchasing Lender(s) unconditionally offers in writing (with copy to the
Agent) to purchase all of the rights and obligations of the Affected Lender(s)
including all outstanding Borrowings owed to such Affected Lender(s) for a purchase
price equal to the aggregate Borrowings owed to the Affected Lender(s) (payable in
immediately available funds);</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 obligations of the Borrower owing pursuant to Section&nbsp;7.3 and Section&nbsp;11.1
to the Affected Lender(s) are paid in full to the Affected Lender(s) concurrently
with such replacement; 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">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all requirements set forth in Section&nbsp;13.1 with respect to such assignment are
complied with, including entering into of a Lender Transfer Agreement and 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 -->90<!-- /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>payment by the purchasing Lender to the Agent (for the Agent&#146;s own
account) of the assignment fee contemplated in Section&nbsp;13.1, unless waived
by the Agent; or</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>so long as no Default or Event of Default has occurred and is continuing and without
regard to Section&nbsp;4.4, irrevocably cancel all but not part of the Affected Lenders&#146;
Commitments if the Borrower has prepaid or otherwise reduced (or will concurrently prepay
or otherwise reduce) all Borrowings outstanding to such Affected Lenders, and paid all
accrued interest and other charges and fees in respect of such Borrowings.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11.8 Defaulting Lenders</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a
Defaulting Lender, then the following provisions shall apply for so long as such Lender is a
Defaulting Lender:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the standby fees payable pursuant to Section&nbsp;5.10 shall cease to accrue on the unused
portion of the Commitment of such Defaulting Lender;</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>a Defaulting Lender shall not be included in determining whether, and the Commitment
and the Lender&#146;s Proportion of the Obligations or Borrowings of such Defaulting Lender
shall not be included in determining whether, all Lenders or the Majority Lenders have
taken or may take any action hereunder (including any consent to any amendment or waiver
pursuant to Section&nbsp;12.12), provided that any waiver, amendment or modification requiring
the consent of all Lenders or each affected Lender that (A)&nbsp;materially and adversely
affects such Defaulting Lender differently than other affected Lenders, (B)&nbsp;increases the
Commitment or extends the Maturity Date of such Defaulting Lender, or (C)&nbsp;relates to the
matters set forth in Sections&nbsp;12.12(a)(i), (v)&nbsp;and (vii), shall require the consent of such
Defaulting Lender; 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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for the avoidance of doubt, the Borrower shall retain and reserve its other rights
and remedies respecting each Defaulting Lender.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Agent has actual knowledge that a Lender is a Defaulting Lender at the time that the
Agent receives (i)&nbsp;a Borrowing Notice or (ii)&nbsp;a Conversion Notice that will result in a currency
conversion, then each other Lender shall fund its Lender&#146;s Proportion of such affected
Accommodation (and, in calculating such Lender&#146;s Proportion, the Agent shall ignore the Commitments
of each such Defaulting Lender); provided that, for certainty, no Lender shall be obligated by this
Section&nbsp;11.8(b) to make or provide Accommodations in excess of its Commitment. If the Agent
acquires actual knowledge that a Lender is a Defaulting Lender at any time after the Agent receives
(i)&nbsp;a Borrowing Notice or (ii)&nbsp;a Conversion Notice that will result in a currency conversion, then
the Agent shall promptly notify the Borrower that such Lender is a Defaulting Lender (and such
Lender shall be deemed to have consented to such disclosure). Each
Defaulting Lender agrees to indemnify each other Lender for any amounts paid by such Lender
under this Section&nbsp;11.8(b) and which would otherwise have been paid by the Defaulting
Lender if its Commitment had been included in determining the Lender&#146;s Proportion of such
affected Accommodations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Fronting Lender may require a Defaulting Lender to pay to the Agent for deposit into an
escrow account maintained by and in the name of the Agent an amount equal to such Defaulting
Lenders&#146; maximum contingent obligations hereunder to such Fronting Lender.</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 -->91<!-- /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="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any Letters of Credit are outstanding (with the Equivalent Amount in U.S. Dollars of the
undrawn amount of such Letters of Credit being referred to as the &#147;<B>Defaulting Lender Exposure</B>&#148;) at
the time a Lender becomes a Defaulting Lender, then:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent the Defaulting Lender has not provided cash collateral for its Defaulting
Lender Exposure pursuant to Section&nbsp;11.8(c) above, such Defaulting Lender Exposure shall be
reallocated among the non-Defaulting Lenders for the purposes of Section&nbsp;3.10(d) in
accordance with their respective Lender&#146;s Proportions (disregarding any Defaulting Lender&#146;s
Commitment) but only to the extent that the sum of (A)&nbsp;the aggregate Equivalent Amount in
U.S. Dollars of the Borrowings made by any non-Defaulting Lender and outstanding at such
time, plus (B)&nbsp;such non-Defaulting Lender&#146;s rateable share (after giving effect to the
reallocation contemplated herein) of the Defaulting Lender Exposure, does not exceed such
non-Defaulting Lender&#146;s Commitment; 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the reallocation described in Section&nbsp;11.8(d)(i) above cannot, or can only
partially, be effected, the Borrower shall within one Business Day following notice by any
Fronting Lender provide cash collateral in accordance with Section&nbsp;3.10(l) for any portion
for which the reallocation could not be effected, and the provisions of such Section shall
apply thereto as if a demand has been made pursuant thereto by each Fronting Lender in
respect of each outstanding Letter of Credit.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>So long as any Lender is a Defaulting Lender, a Fronting Lender shall not be required to issue
any Letters of Credit unless it is satisfied that the related exposure will be 100% covered by the
Commitment of non-Defaulting Lenders in accordance with Section&nbsp;11.8(d) and participating interests
in any such newly issued Letter of Credit shall be allocated among non-Defaulting Lenders in a
manner consistent with Section&nbsp;11.8(d)(i).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any Lender shall cease to be a Defaulting Lender, then, upon becoming aware of the same, the
Agent shall notify the other Lenders and (in accordance with the written direction of the Agent)
such Lender (which has ceased to be a Defaulting Lender) shall purchase, and the other Lenders
shall on a rateable basis sell and assign to such Lender, portions of such Obligations equal in
total to such Lender&#146;s Lender&#146;s Proportion thereof without regard to Section&nbsp;11.8(b).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 12<BR>
THE AGENT AND THE LENDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.1 Authorization of Agent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Secured Lender irrevocably appoints and authorizes the Agent to exercise such powers,
perform such duties, take such actions, make such decisions and determinations and give such
consents under the Loan Documents as are required to be exercised, performed, taken, made, given or
otherwise carried out by the Agent hereunder or under any other agreement between the Lenders
(including, if applicable, other Secured Lenders), together with all powers reasonably incidental
thereto. As to any matters not expressly required by this Agreement, the other Loan Documents or by
any other agreement between the Lenders (including, if applicable, other Secured Lenders) to be
carried out by the Agent, the Agent is not required to exercise any discretion or take or to
refrain from taking any action except upon the written instructions of the Majority Lenders.
Notwithstanding anything to the contrary in this Agreement, the Agent shall not be required to
exercise any discretion or to take or to refrain from taking any action in any manner which is
contrary to the Loan Documents, to any other agreement between the Lenders (including, if
applicable, other Secured Lenders) or to Applicable Law.</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 -->92<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.2 Responsibility of Agent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agent makes no representation or warranty and accepts no responsibility with respect to
the due execution, legality, validity, sufficiency, enforceability or priority of any of the Loan
Documents or any other Secured Document nor with respect to the due execution, legality, validity,
sufficiency, enforceability, accuracy or authenticity of any documents, papers, materials or other
information furnished by the Borrower (or any other Person, including the Agent or any Loan Party)
in connection with the Loan Documents or any other Secured Document, whether provided before or
after the date of this Agreement. The Agent shall incur no liability to the Secured Lenders under
or in respect of the Loan Documents or any other Secured Document with respect to anything which it
may do or refrain from doing in the reasonable exercise of its judgment or which may seem to it to
be necessary or desirable in the circumstances, except for its gross negligence or wilful
misconduct. The Agent assumes no responsibility for the payment of any of the Obligations or other
Secured Obligations by any Loan Party.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.3 Acknowledgment of Secured Lenders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Secured Lender acknowledges to the Agent that it has been, and will continue to be,
solely responsible for making its own independent appraisal of and investigation into the financial
condition, creditworthiness, environmental soundness, affairs, status and nature of the Loan
Parties and accordingly each Secured Lender confirms to the Agent that it has not relied, and will
not hereafter rely on the Agent:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Information: </B>to check or inquire on its behalf into the adequacy, accuracy or completeness of
any information provided by any Loan Party or provided in connection with the Loan Documents or any
other Secured Document (whether or not such information has been or is hereafter circulated to such
Secured Lender by the Agent);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Performance: </B>to inquire as to the performance by any Loan Party of its obligations under the
Loan Documents or any other Secured Document; 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="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Credit Review: </B>to assess or keep under review on its behalf the financial condition,
creditworthiness, environmental soundness, affairs, status or nature of any Loan Party.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.4 Rights and Obligations of Each Secured Lender</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights and obligations of each Secured Lender under this Agreement are several and no
Lender shall be obligated to make Borrowings available to the Borrower in excess of the amount of
such Lender&#146;s Commitment. The failure of a Secured Lender to perform its obligations under this
Agreement shall neither:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No Liability to Other Secured Lenders: </B>result in any other Secured Lender incurring any
liability whatsoever, provided however that a Lender shall remain liable at all times for the
performance of the obligations hereunder of its Affiliate that is a Secured Lender; nor</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No Relief from Obligations: </B>relieve any Loan Party or any other Secured Lender from its
respective obligations under any Loan Document or other Secured Document.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing contained herein or in any other Loan Document or Secured Document nor any action
taken pursuant hereto or thereto shall be deemed to constitute the Secured Lenders a partnership,
joint venture or any other similar entity.</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 -->93<!-- /Folio -->


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Secured Lenders hereby acknowledge that, to the extent permitted by Applicable
Law, the remedies provided hereunder to the Secured Lenders are for their benefit collectively and
acting together and not severally, and further acknowledge that its rights hereunder are to be
exercised not severally but collectively by the Agent upon the decision of the Majority Lenders
regardless of whether an Acceleration Notice has been delivered or an Event of Default under
Sections&nbsp;10.1(f) or 10.1(g) has occurred. Notwithstanding any of the provisions contained herein
each of the Secured Lenders hereby covenants and agrees that it shall not be entitled to
individually take any action with respect to the Loan Documents including, without limitation,
taking (including in respect of its Commitment or any indebtedness or liability owed to it) any
action contemplated in Sections&nbsp;10.2 and 10.5, but that any such action shall be taken only by the
Agent with the prior written agreement or instructions of the Majority Lenders; provided that
notwithstanding the foregoing, if the Agent, having been adequately indemnified against costs and
expenses of doing so by the Lenders, shall fail to carry out any such instructions of the Majority
Lenders, any Secured Lender may do so on behalf of all Secured Lenders and shall, in so doing, be
entitled to the benefit of all protection give the Agent hereunder or elsewhere. If it becomes
illegal for any Lender to hold or benefit from the Security over the assets or shares of the
Borrower or a Material Subsidiary pursuant to any law of the United States of America, such Lender
shall notify the Agent and disclaim any benefit of such Security over the assets or shares of such
Borrower or Material Subsidiary to the extent of such illegality, but such illegality shall not
invalidate or render unenforceable such Security or the Security Interest granted thereunder for
the benefit of each of the other Lenders.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.5 Notice to Secured Lenders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specifically dealt with in this Agreement, in the event the Agent delivers a
written notice to a Secured Lender requesting advice from such Secured Lender as to whether it
consents or objects to any matter in connection with the Loan Documents, then, except as otherwise
expressly provided herein, if such Secured Lender does not deliver to the Agent its written consent
or objection to such matter:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where a time period is specified hereunder for the Agent or the Majority Lenders to provide any
response, notice or other communication prior to the end of such period; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where no such time period is specified hereunder, then within fifteen (15)&nbsp;Business Days of the
delivery of such written notice by the Agent to such Secured Lender;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such Secured Lender shall be deemed not to have consented thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.6 Notices between the Secured Lenders, the Agent and the Borrower</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices by the Secured Lenders to the Agent shall be through the Agent&#146;s Branch of Account
and all notices by the Agent to a Secured Lender shall be through such Secured Lender&#146;s Branch of
Account. All notices or communications between the Borrower and the Secured Lenders which are
required or contemplated pursuant to the Loan Documents shall be given or made through the Agent at
the Agent&#146;s Branch of Account.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.7 Agent&#146;s Duty to Deliver Documents Obtained from the Borrower</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agent shall promptly, and in any event within five (5)&nbsp;Business Days, deliver to each
Lender, at its Branch of Account in hard copy or electronic form, such documents, papers, materials
and other information as are furnished by the Borrower to the Agent on behalf of such Lender
pursuant to this</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 -->94<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Agreement, and the Borrower shall provide the Agent with sufficient copies of all such information
for such purpose.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.8 Arrangements for Borrowings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agent shall promptly give written notice to each Lender at its Branch of Account upon
receipt by the Agent of any notice given pursuant to Article&nbsp;3 or Section&nbsp;4.3. The Agent shall
advise each Lender of the amount, date and details of each Borrowing and of such Lender&#146;s share in
each Borrowing. At or before 1 p.m. (Toronto time) on each Drawdown Date, Conversion Date or
Rollover Date:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Loans: </B>each Lender will make available to the Borrower its share of Borrowings by way of Loans
by forwarding to the Agent at the Agent&#146;s Account for Payments the amount of Loans required to be
made available by such Lender; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Bankers&#146; Acceptances: </B>each Lender will make available to the Borrower its share of Borrowings
by way of Bankers&#146; Acceptances by forwarding to the Agent at the Agent&#146;s Account for Payments:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if such Lender is to purchase its Bankers&#146; Acceptances, the amount of the Discount
Proceeds in respect of such Bankers&#146; Acceptances (less the amount of applicable fees
payable by the Borrower to such Lender pursuant to Section&nbsp;5.4); 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if such Lender is not to purchase its Bankers&#146; Acceptances, the discounted proceeds of
sale of such Bankers&#146; Acceptances received by such Lender (less the amount of applicable
fees payable by the Borrower to such Lender pursuant to Section&nbsp;5.4).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.9 Arrangements for Repayment of Borrowings</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Prior to Demand or Acceleration: </B>Prior to the delivery of an Acceleration Notice or the
occurrence of an Event of Default specified in Section&nbsp;10.1(f) or 10.1(g), upon receipt by the
Agent of payments from the Borrower on account of principal, interest, fees or any other payment
made to the Agent on behalf of the Lenders hereunder, the Agent shall pay over to each Lender at
its Branch of Account the amount to which it is entitled under this Agreement and shall use its
best efforts to make such payment to such Lender on the same Business Day on which such payment is
received by the Agent. If the Agent does not remit any such payment to a Lender on the same
Business Day as such payment is received by the Agent, the Agent shall pay interest thereon to such
Lender until the date of payment at a rate determined by the Agent (such rate to be conclusive and
binding on such Lender) in accordance with the Agent&#146;s usual banking practice in respect of
deposits of amounts comparable to the amount of such payment which are received by the Agent at a
time similar to the time at which such payment is received by the Agent.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Subsequent to Acceleration: </B>Following delivery of an Acceleration Notice or the occurrence of
an Event of Default specified in Section&nbsp;10.1(f) or 10.1(g), the Secured Lenders shall share any
payments subsequently received in accordance with Section&nbsp;10.7.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.10 Repayment by Lenders to Agent</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Where the Borrower Fails to Pay: </B>Unless the Agent has been notified in writing by the Borrower
at least one (1)&nbsp;Business Day prior to the date on which any payment to be made by such Borrower
hereunder is due that such Borrower does not intend to remit such payment, the</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 -->95<!-- /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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Agent may (but shall not be obligated to), in its discretion, assume that the Borrower has
remitted such payment when so due and the Agent may, in its discretion and in reliance upon
such assumption, make available to each Lender on such payment date an amount equal to the
amount of such payment which is due to such Lender pursuant to this Agreement. If the
Borrower does not in fact remit such payment to the Agent, the Agent shall promptly notify
each Lender and each such Lender shall forthwith on demand repay to the Agent the amount of
such assumed payment made available to such Lender, together with interest thereon until
the date of repayment thereof at a rate determined by the Agent (such rate to be conclusive
and binding on such Lender) in accordance with the Agent&#146;s usual banking practice for
similar advances to financial institutions of like standing to such Lender.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Where a Lender Fails to Pay: </B>Unless the Agent has been notified in writing by a Lender at least
one (1)&nbsp;Business Day prior to a Drawdown Date, Conversion Date or Rollover Date that such Lender
does not intend to make available the amount required to be made available by such Lender pursuant
to this Agreement on such Drawdown Date, Conversion Date or Rollover Date, the Agent may, in its
discretion, assume that such Lender has remitted funds to the Agent in an amount equal to the
amount required to be made available by such Lender pursuant to this Agreement and the Agent may,
in its discretion and in reliance upon such assumption, make available to the Borrower on such
Drawdown Date, Conversion Date or Rollover Date an amount equal to the amount required to be made
available by such Lender pursuant to this Agreement. If a Lender does not in fact remit such funds
to the Agent and, if the Agent has provided funds to the Borrower on behalf of such Lender, the
Agent shall promptly notify such Lender and such Lender shall forthwith remit such funds to the
Agent, failing which the Borrower shall within two (2)&nbsp;Business Days repay to the Agent (without
prejudice to the Borrower&#146; rights against such Lender) the amount made available by the Agent on
behalf of such Lender, in each case together with interest thereon until the date of repayment
thereof at a rate determined by the Agent (such rate to be conclusive and binding on such Lender or
the Borrower, as the case may be) in accordance with the Agent&#146;s usual banking practice for similar
advances to financial institutions of like standing to such Lender.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.11 Adjustments Among Lenders</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Adjustments to Outstanding Borrowings: </B>Each Lender agrees that, on and after the Adjustment
Time, it will at any time and from time to time upon the request of the Agent as required by any
other Lender purchase portions of the Borrowings and make any other adjustments which may be
necessary or appropriate, in order that amounts which remain outstanding under this Agreement to
each Lender are thereafter outstanding, as adjusted pursuant to this Section&nbsp;12.11, in the same
proportion as the Lender&#146;s Proportion of the Total Commitment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Application of Payments: </B>The Secured Lenders agree that, on and after the Adjustment Time, the
amount of any repayment made by the Borrower under, and the amount of any proceeds from the
exercise of any rights or remedies of the Agent and the Secured Lenders under the Loan Documents or
any other Secured Document will, subject to Section&nbsp;10.7, be applied in a manner so that to the
extent possible the amount of Secured Obligations of each Secured Lender which remain outstanding
after giving effect to such application will be in the same proportion as its Lender&#146;s Proportion
of the aggregate Secured Obligations of all Secured Lenders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Receipt of Payments other than Secured Obligations: </B>Notwithstanding anything contained in this
Section&nbsp;12.11, there shall not be taken into account for the purposes of computing any amount
payable to a Secured Lender pursuant to this Section&nbsp;12.11, any amount which such Secured Lender
receives as a result of any payment (whether voluntary, involuntary, through the</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 -->96<!-- /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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise of any right of set-off, or otherwise) on account of any monies owing by a Loan
Party to such Secured Lender other than on account of Secured Obligations; provided that,
if at any time a Secured Lender receives any payment (whether voluntary, involuntary,
through the exercise of any right of set-off, or otherwise) on account of monies owing or
payable to it by a Loan Party on account of Secured Obligations, such payments will be
applied in accordance with Section&nbsp;10.7; and provided further that the provisions of this
Section&nbsp;12.11(c) shall not apply to a Swap Lender which sets off amounts owing by a Loan
Party to such Swap Lender under a Lender Swap against amounts owing by such Swap Lender
(including, for clarity, its Affiliates) to a Loan Party under any Lender Swap entered into
between such parties.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the extent that a Secured Document is entered into by an Affiliate of a Lender, that
Lender shall cause such Affiliate to comply with the provisions of this Section&nbsp;12.11, and
such obligation shall survive such Lender ceasing to be a Lender hereunder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Further Assurances: </B>The Borrower agrees to be bound by and, at the request of the Agent, to do
all things necessary or appropriate to give effect to any and all purchases and other adjustments
made by and between the Secured Lenders pursuant to this Section&nbsp;12.11 but shall incur no increased
indebtedness, in aggregate, by reason thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>12.12 Lenders&#146; Consents to Waivers, Amendments, etc.</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Unanimous Consent of Lenders: </B>Any waiver of or any amendment to a provision of the Loan
Documents which relates to:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a change in the types of Borrowings or interest periods relating thereto, a decrease in
the Applicable Margin or the Standby Fee Rate, a change in pro rata Lender provisions
relating to advances or repayments of Borrowings, or a change in notice periods or the
amount of any payments payable by the Borrower to any Lender under this Agreement including
any waiver of the time of payment 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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an increase or decrease in the Commitment of any Lender other than as provided for
herein;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a change in the definition of &#147;Majority Lenders&#148; or &#147;Maturity Date&#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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any matter which, pursuant to the Loan Documents, specifically requires the consent or
agreement of all of the Lenders, rather than the consent or agreement of &#147;the Lenders&#148; or
the &#147;Majority Lenders&#148; or the &#147;Agent&#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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the provisions of this Section&nbsp;12.12;</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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Event of Default under Section&nbsp;10.1(a); 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">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any release or material modification of the Loan Party Guarantee or the Security,
except as provided by Section&nbsp;6.8, Section&nbsp;6.9 or the applicable provisions of the Loan
Party Guarantee or the Security;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shall bind the Secured Lenders if such waiver or amendment is agreed to in writing by all
of the Lenders.</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 -->97<!-- /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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Majority Consent: </B>Subject to Section&nbsp;12.12(a), Section&nbsp;12.12(c) and Section&nbsp;12.12(d) and
except as otherwise provided in the Loan Documents, any waiver, consent to or amendment to any
provision of the Loan Documents and any action, consent or other determination in connection with
the Loan Documents shall bind all of the Secured Lenders if such waiver, amendment, action, consent
or other determination is agreed to in writing by the Majority Lenders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Agent&#146;s Consent: </B>Any waiver, consent to or amendment to any provision of the Loan Documents
which relates to the rights or obligations of the Agent shall require the agreement of the Agent
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="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Fronting Lender&#146;s Consent: </B>Any waiver, consent to or amendment to any provision of the Loan
Documents which relates to the rights or obligations of a Fronting Lender shall require the
agreement of such Fronting Lender thereto.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.13 Reimbursement of Agent&#146;s Expenses or Lender&#146;s Costs</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Secured Lender agrees that it will indemnify the Agent for its Lender&#146;s Proportion of any
and all costs, expenses and disbursements (including, without limitation, those costs and expenses
referred to in Section&nbsp;11.1) which may be incurred or made by the Agent in good faith in connection
with the Loan Documents, and agrees that it will, on written demand detailing such costs, expenses
and disbursements, reimburse the Agent for any such costs, expenses or disbursements for which the
Agent is not promptly reimbursed at any time by the Borrower. The Agent may refrain from exercising
any right, power or discretion or taking any action to protect or enforce the rights of any Secured
Lender under the Loan Documents or any other Secured Document until it has been so reimbursed.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>12.14 Reliance by Agent on Notices, etc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agent shall be entitled:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reliance on Written Documents: </B>to rely upon any writing, letter, written notice, certificate,
telex, facsimile copy, cable, statement, order or other document believed by the Agent to be
genuine and correct and to have been signed, sent or made by the proper Person or Persons; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reliance on Legal Advice: </B>with respect to legal matters, to act upon advice of legal advisors
selected by the Agent concerning all matters pertaining to the Loan Documents and any other Secured
Document and the Agent&#146;s duties thereunder;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and the Agent shall assume no responsibility and shall incur no liability to the Borrower or any
Secured Lender by reason of relying on any such document or acting on any such advice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.15 Relations with Borrower</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except for the transactions provided for in this Agreement, each Secured Lender may deal with
the Borrower and any other Loan Party in all transactions and generally do any banking business
with or provide any financial services to the Borrower and any other Loan Party without having any
liability to account to the other Secured Lenders therefor. Where any Secured Lender is the Agent,
with respect to its Commitment and Lender&#146;s Proportion, such Lender shall have the same rights and
powers under this Agreement as any other Lender and may exercise the same as though it were not the
Agent.</DIV>


</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->98<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.16 Successor Agent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agent shall resign if at any time it is no longer a Lender hereunder by reason of an
assignment of its rights and obligations under this Agreement and the Loan Documents pursuant to
Section&nbsp;13.1 and, in such event, it shall provide thirty (30)&nbsp;days prior written notice of any such
intended assignment to each of the Lenders and the Borrower. The Agent may resign at any time by
giving thirty (30)&nbsp;days prior written notice thereof to each of the Lenders and the Borrower. Upon
any such resignation, the remaining Lenders, or other Secured Lenders if there are then no Lenders
(the &#147;<B>Remaining Lenders</B>&#148;), shall have the right to appoint a successor agent, subject to the
approval of the Borrower, such approval not to be unreasonably withheld. Any successor agent
appointed under this Section&nbsp;12.16 shall be a Lender which has offices in Calgary, Alberta or
Toronto, Ontario. If no successor agent shall have been appointed by the Remaining Lenders and
shall have accepted such appointment within thirty (30)&nbsp;days after the retiring agent&#146;s giving of
notice of resignation, then the retiring agent may, on behalf of the Lenders, or other Secured
Lenders if there are then no Lenders, appoint a successor agent, subject to the approval of the
Borrower, such approval not to be unreasonably withheld. Upon the acceptance of any appointment as
Agent by a successor agent, such successor agent shall thereupon succeed to and become vested with
all the rights, powers, privileges and duties of the retiring agent as Agent, and the retiring
agent shall be discharged from its duties and obligations under this Agreement as Agent. After any
retiring agent&#146;s resignation or removal hereunder as the Agent, the provisions of this Agreement
shall continue in effect for its benefit and for the benefit of the Lenders, or other Secured
Lenders if there are then no Lenders, in respect of any actions taken or omitted to be taken by the
retiring agent while it was acting as the Agent.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.17 Indemnity of Agent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Secured Lender hereby agrees to indemnify the Agent (to the extent not reimbursed by the
Borrower) as to its Lender&#146;s Proportion from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, costs, expenses or disbursements of any kind or
nature whatsoever which may be imposed on, incurred by, or asserted against the Agent in any way
relating to or arising out of the Loan Documents or the other Secured Documents or any action taken
or omitted by the Agent under or in respect thereof; provided that the Secured Lenders shall not be
liable for any portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements resulting from the Agent&#146;s gross negligence or
wilful misconduct. Without limiting the generality of the foregoing, each Secured Lender agrees to
reimburse the Agent promptly upon demand for its Lender&#146;s Proportion of any out-of-pocket expenses
(including counsel fees) incurred by the Agent in connection with the preservation of any rights of
the Agent or the Secured Lenders under, or the enforcement of, or legal advice in respect of rights
or responsibilities under, the Loan Documents and other Secured Documents, but only to the extent
that the Agent is not reimbursed for such expenses by the Borrower.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.18 Sharing of Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower authorizes the Agent and each other Secured Lender to share among each other and
with any successor, assignee, or any potential assignee, any information possessed by it regarding
a Loan Party or the Loan Documents or the other Secured Documents.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.19 Amendment to this Article&nbsp;12</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Save and except for the provisions of Sections&nbsp;12.16 and 12.17, the provisions of this Article
12 may be amended or added to, from time to time, without the agreement of the Borrower provided
such amendment or addition does not adversely affect the rights of the Borrower hereunder or</DIV>




</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->99<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">increase, in the aggregate, the liabilities of the Borrower hereunder. A copy of the instrument
evidencing such amendment or addition shall be forwarded by the Agent to the Borrower as soon as
practicable following the execution thereof; provided that after an Event of Default a failure to
do so by the Agent shall not render it liable in damages to the Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12.20 The Agent and Defaulting Lenders</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Defaulting Lender shall be required to provide to the Agent cash in an amount, as shall be
determined from time to time by the Agent in its discretion, equal to all obligations of such
Defaulting Lender to the Agent that are owing or may become owing pursuant to this Agreement,
including such Defaulting Lender&#146;s obligation to pay its Lender&#146;s Proportion of any
indemnification, reimbursement or expense reimbursement amounts not paid by the Borrower. Such cash
shall be held by the Agent in one or more cash collateral accounts, which accounts shall be in the
name of the Agent and shall not be required to be interest bearing. The Agent shall be entitled to
apply the foregoing cash in accordance with Section&nbsp;12.17, in the case of amounts owing to the
Agent.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition to the indemnity and reimbursement obligations noted in Section&nbsp;12.17, the Lenders
agree to indemnify the Agent (to the extent not reimbursed by the Borrower and without limiting the
obligations of the Borrower hereunder) rateably according to their respective Lender&#146;s Proportion
(and in calculating the Lender&#146;s Proportion of a Lender, ignoring the Commitments of Defaulting
Lenders) any amount that a Defaulting Lender fails to pay the Agent and which is due and owing to
the Agent pursuant to Section&nbsp;12.17. Each Defaulting Lender agrees to indemnify each other Lender
for any amounts paid by such Lender and which would otherwise be payable by the Defaulting Lender.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Agent shall be entitled to set off any Defaulting Lender&#146;s Proportion of all payments
received from the Borrower against such Defaulting Lender&#146;s obligations to make payments and fund
Accommodations required to be made by it and to purchase participations required to be purchased by
it in each case under this Agreement and the other Loan Documents. To the extent permitted by law,
the Agent shall be entitled to withhold and deposit in one or more non-interest bearing cash
collateral accounts in the name of the Agent all amounts (whether principal, interest, fees or
otherwise) received by the Agent and due to a Defaulting Lender pursuant to this Agreement, for so
long as such Lender is a Defaulting Lender, which amounts shall be used by the Agent:</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>first, to reimburse the Agent for any amounts owing to it, in its capacity as Agent, by
such Defaulting Lender pursuant to any Loan Document;</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>second, to repay on a <I>pro rata </I>basis the incremental portion of any Accommodations
made by a Lender pursuant to Section&nbsp;11.8 in order to fund a shortfall created by a
Defaulting Lender and, upon receipt of such repayment, each such Lender shall be deemed to
have assigned to the Defaulting Lender such incremental portion of such Accommodations;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>third, to cash collateralize all other obligations of such Defaulting Lender to the
Agent owing pursuant to this Agreement in such amount as shall be determined from time to
time by the Agent in its discretion, including such Defaulting Lender&#146;s obligation to pay
its Lender&#146;s Proportion of any indemnification, reimbursement or expense reimbursement
amounts not paid by the Borrower; 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 -->100<!-- /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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fourth, to fund from time to time the Defaulting Lender&#146;s Proportion of Secured
Obligations.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For greater certainty and in addition to the foregoing, neither the Agent nor any of its
Affiliates nor any of their respective shareholders, officers, directors, employees, agents or
representatives shall be liable to any Secured Lender (including a Defaulting Lender) for any
action taken or omitted to be taken by it in connection with amounts payable by the Borrower to a
Defaulting Lender and received and deposited by the Agent in a cash collateral account and applied
in accordance with the provisions of this Agreement, save and except for the gross negligence or
wilful misconduct of the Agent as determined by a final non-appealable judgment of a court of
competent jurisdiction.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 13<BR>
SUCCESSORS AND ASSIGNS, JUDGMENT CURRENCY AND CONFIDENTIAL<BR>
INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.1 Successors and Assigns</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Assignments: </B>The Borrower may not assign its rights or obligations hereunder without the prior
written consent of all of the Lenders. If an Event of Default has occurred and is continuing, a
Lender may, at the Borrower&#146;s cost and expense, with the prior consent of the Agent and
each Fronting Lender (such consents not to be unreasonably withheld) and upon payment to
the Agent by the assigning Lender of U.S. $3,500 but without the Borrower&#146;s consent, assign
in whole or in part their rights and obligations under this Agreement and the other Loan
Documents to any assignee. If no Event of Default has occurred, a Lender may, at its sole
cost and expense, with the prior consent of the Agent, the Borrower and each Fronting
Lender (such consents not to be unreasonably withheld) and upon payment to the Agent by the
assigning Lender of U.S. $3,500, assign in whole or in part their rights and obligations
under this Agreement and the other Loan Documents to a lending institution provided any
increased cost arising solely as a result of the residency of such lending institution will
be an obligation of such Lender. Assignments must be in a minimum amount of U.S. $5,000,000
and in increments of U.S. $1,000,000 thereafter except in the case of an assignment of a
Lender&#146;s entire Commitment and, if an assignment is not of a Lender&#146;s entire Commitment,
such Lender must thereafter retain for its own account a minimum Commitment of U.S.
$5,000,000. Notwithstanding the foregoing and without the consent of the Borrower or the
Agent or the payment of the aforementioned U.S. $3,500, a Lender may, at any time, assign
all or any part of its Commitment to an affiliate of the Lender or to an Approved Fund
provided that any increased cost arising solely as a result of the residency of such
affiliate or Approved Fund will be an obligation of such Lender and provided that, in the
case of an assignment to an Approved Fund, the Lender remains responsible for, and is not
released from, any and all funding obligations hereunder of such Lender. Upon any
assignment by a Lender to an assignee permitted by this Section&nbsp;13.1(a) (a &#147;<B>Permitted
Assignee</B>&#148;) in accordance with the provisions of this Section&nbsp;13.1(a), such Lender shall
cause such Permitted Assignee to be substituted for such Lender in respect of the whole or
any part of its rights and obligations under the Loan Documents which are so assigned by
the execution of a Lender Transfer Agreement and such Lender shall, as of the effective
date thereof but subject to the provisions of the immediately prior sentence with respect
to an assignment to an Approved Fund, be released from their obligations to the Borrower
hereunder arising subsequent to such date to the extent thereof. Any such assignment prior
to the occurrence of an Event of Default which is continuing shall not increase, in
aggregate, the liabilities of the Borrower hereunder including without limitation under
Section&nbsp;7.3.</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 -->101<!-- /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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Participations: </B>The Borrower agrees that a Lender may, with the prior consent of the Agent and
the Borrower (such consents not to be unreasonably withheld), sell or agree to sell a participation
(a &#147;<B>Participation</B>&#148;) to a third party (a &#147;<B>Participant</B>&#148;) in all or any part of any Borrowings made or
Accommodations to be made by it; provided that upon the sale of any such Participation, the
Participant purchasing such Participation shall not have any rights under any of the Loan Documents
and the Borrower shall not have any obligations to such Participant, and all amounts payable by the
Borrower under this Agreement shall be determined pursuant to this Agreement solely as between such
Lender and the Borrower as if such Lender had not sold or agreed to sell such Participation and the
assigning Lender and such Participant shall be solely responsible for any increased cost arising as
a result of the residency of such Participant. Notwithstanding the foregoing and without the
consent of the Borrower or the Agent, a Lender may, at any time, sell a participation in all or any
part of any Borrowings made or Accommodations to be made by it to an affiliate of the Lender;
provided any increased cost arising solely as a result of the residency of such affiliate will be
an obligation of such Lender.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Rights and Obligations of a Lender on a Participation: </B>Notwithstanding anything herein to the
contrary, the sale by a Lender of a Participation to a Participant shall not affect the Lender&#146;s
Proportion of such Lender nor otherwise alter the obligations of such Lender to the Borrower
pursuant to this Agreement and such Lender shall continue to perform fully all of their obligations
to the Borrower under this Agreement pursuant to the terms hereof, regardless of any failure to
perform by any Participant or any other term, condition or event relating to any Participation.
Any Participant&#146;s rights against such Lender and obligations in favour of such
Lender in respect of such Participation shall be those set forth in any agreement executed
by such Lender in favour of any such Participant relating thereto.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.2 Judgment Currency</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If for the purposes of obtaining judgment in any court in any jurisdiction with respect to
this Agreement it becomes necessary to convert into the currency of such jurisdiction (herein
called the &#147;<B>Judgment Currency</B>&#148;) any amount due hereunder in any currency other than the Judgment
Currency, then such conversion shall be made at the rate of exchange prevailing on the Business Day
before the day on which judgment is given. For such purpose, &#147;rate of exchange&#148; means the spot
rate at which the Agent, on the relevant date at or about noon (Toronto time), would be prepared to
sell a similar amount of such currency in Toronto, Ontario against the Judgment Currency. In the
event that there is a change in the rate of exchange prevailing between the Business Day before the
day on which the judgment is given and the date of payment of the amount due, the Borrower shall,
on the date of payment, pay such additional amounts (if any) as may be necessary to ensure that the
amount paid on such date is the amount in the Judgment Currency which when converted at the rate of
exchange prevailing on the date of payment is the amount then due under this Agreement in such
other currency. Any additional amount due from the Borrower under this Section&nbsp;13.2 shall be due as
a separate debt and shall not be affected by judgment being obtained for any other sums due under
or in respect of this Agreement.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.3 Secured Lenders</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Secured Lender (or its Affiliate, if such Secured Lender is not a Lender) for any
reason ceases to be a Lender, such Secured Lender shall continue to be bound by and entitled to the
benefit of the terms and conditions hereof in such capacity and entitled to the benefit of the Loan
Party Guarantee and the Security until such time as it receives payment of all Secured Obligations
owing to it by any Loan Party at the time it (or such Affiliate, if applicable) ceased to be a
Lender, with the exception of any indemnities of, or in favour of, such Secured Lender hereunder
existing at that time and which shall survive such termination, provided that for greater
certainty, it shall not be entitled to the benefit of</DIV>




</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 10pt"><!-- Folio -->102<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">this Agreement, the Loan Party Guarantee or the Security in respect of any amounts advanced by it
or transactions entered into after it ceased to be a Lender.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13.4 Exchange and Confidentiality of Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Secured Lenders and the Agent acknowledge the confidential nature of the
financial, operational and other information, reports and data provided and to be provided to them
by the Loan Parties pursuant to this Agreement and the other Loan Documents (the &#147;<B>Information</B>&#148;) and
agrees to hold the Information in confidence and shall not discuss or disclose or allow access to,
or transfer or transmit the Information to any Person, provided however that:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Secured Lenders and the Agent may disclose all or any part of the Information if,
in its reasonable opinion, such disclosure is required by any Applicable Law, to the extent of such
requirement, or is required in connection with any actual or threatened judicial, administrative or
governmental proceeding, including, without limitation, proceedings initiated under or in respect
of this Agreement, provided that in any such circumstance the Secured Lenders and Agent, as soon as
reasonably practicable and unless prohibited by Applicable Law, shall advise the Borrower of their
obligation to disclose such Information in order to enable the Borrower, if it so chooses, to
attempt to ensure that any such disclosure is made on a confidential basis;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Secured Lenders and the Agent may disclose all or any part of the Information to
any regulatory body to which it is subject, to the extent such disclosure is, in the reasonable
opinion of such Lender or Agent, required including without limitation to the Office of the
Superintendent of Financial Institutions or similar body;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Secured Lenders and the Agent may disclose Information to each other and to any
Permitted Assignees or participants or any actual or prospective counterparty to any
securitization, swap or derivative transaction relating to the Loan Parties and the Borrowings and,
in each case, to their respective counsel, agents, employees and advisors; provided that in the
case of a participant or any counterparty, the participant or counterparty, as applicable, has
provided the Agent or the applicable Lender, in the case of a participant, or the Borrower and the
Agent, in the case of a counterparty, with the written agreement referred to in Section&nbsp;13.4(d)
and, in the case of any such counsel, agents, employees and advisors, the Agent or the applicable
Lender shall advise such Person of the confidential nature of the 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="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Lenders and the Agent may disclose and discuss the Information with credit officers
of any potential Permitted Assignees for the purposes of assignment pursuant to Section&nbsp;13.1 or any
participant for the purposes of a participation or any actual or prospective counterparty for the
purposes of any securitization, swap or derivative transaction as described in (c)&nbsp;above; provided
that such potential Permitted Assignee or participant or counterparty shall have, for the benefit
of the Borrower, previously provided to the Agent or such Lender, in the case of a participant, or
the Borrower and the Agent, in the case of a counterparty, as the case may be, its written
agreement to hold the Information under the same obligations of confidentiality as set forth in
this Section&nbsp;13.4 at all times prior to and, if applicable, after becoming a Permitted Assignee or
participant or counterparty;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Secured Lenders and the Agent may disclose all or any part of the Information so as
to enable such Lender or the Agent to initiate any lawsuit against any Loan Party or to defend any
lawsuit commenced by any Loan Party with respect to or arising from the Loan Documents or the other
Secured Documents, the issues of which are directly or indirectly related to the Information,</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 -->103<!-- /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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>but only to the extent such disclosure is necessary or desirable to the initiation or
defense of such lawsuit; 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="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Secured Lenders and the Agent may disclose Information to any Person with the prior
written consent of the Borrower.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, &#147;Information&#148; shall not include any such
information:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which is or becomes readily available to the public (other than by a breach hereof or by a
breach of an obligation of confidentiality imposed on a Permitted Assignee or participant or other
Person referred to in this Section&nbsp;13.4) or which has been made readily available to the public by
a Loan Party;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which the Agent or any Secured Lender can show was, prior to receipt thereof from a Loan Party,
lawfully in the Agent&#146;s or such Lender&#146;s possession and not then subject to any obligation on its
part to or for the benefit of a Loan Party to maintain confidentiality; 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="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which the Agent or any Secured Lender received from a third party, prior to receipt thereof
from a Loan Party, which was not, to the knowledge of the Agent or such Lender after due enquiry,
subject to a duty of confidentiality to or for the benefit of a Loan Party at the time the
Information was so received.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 14<BR>
MISCELLANEOUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.1 Severability</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any provision of this Agreement which is or becomes prohibited or unenforceable in any
jurisdiction does not invalidate, affect or impair the remaining provisions hereof in such
jurisdiction and any such prohibition or unenforceability in any jurisdiction does not invalidate
or render unenforceable such provision in any other jurisdiction.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.2 Failure to Act</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No failure, omission or delay on the part of the Agent or any Secured Lender in exercising any
right, power or privilege hereunder shall impair such right, power or privilege or operate as a
waiver thereof nor shall any single or partial exercise of any right, power or privilege preclude
any further exercise thereof or the exercise of any other right, power or privilege.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.3 Waivers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No breach of any of the provisions of any of the Loan Documents may be waived or discharged
verbally; any such waiver or discharge may only be made by way of an instrument in writing signed
by the Agent (on behalf of the Lenders or the Majority Lenders, as applicable), and, if required by
the Agent, the Loan Parties, and such waiver or discharge will then be effective only in the
specific instance, for the specific purpose and for the specific length of time for which it is
given. Any such waiver or discharge which affects the rights of the Agent may only be made by way
of an instrument in writing signed by the Agent.</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 -->104<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.4 Amendments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision of the Loan Documents may be amended verbally and any such amendment may only be
made by way of an instrument in writing signed (subject to Section&nbsp;12.19) by the Borrower, the
Agent and the Lenders required by Section&nbsp;12.12. Any amendment agreed to by a Lender shall bind
such Lender (and its Affiliate) in its capacity as a Lender and a Secured Lender.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.5 Notice</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided herein, all notices, advices, requests and demands
hereunder shall be in writing (including facsimile transmissions) and shall be given to or made
upon the respective parties hereto at the address set forth opposite their names on the signature
pages hereto or on Schedule&nbsp;A hereto, as applicable, or at such other address as any party shall
designate for itself. All notices shall be effective upon actual receipt. All notices to the Agent
shall be given to the Agent at the Agent&#146;s Branch of Account.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices and other communications to the Secured Lenders hereunder may be delivered or
furnished by electronic communication (including email and Internet or intranet websites) pursuant
to procedures approved by the Agent, provided that the foregoing shall not apply to notices to any
Secured Lender if such Lender has notified the Agent that it is incapable of receiving notices by
electronic communication. The Agent or the Borrower may, in its discretion, agree to accept
notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may be limited to particular
notices or communications.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the Agent otherwise prescribes:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>notices and other communications sent to an email address shall be deemed received upon the
sender&#146;s receipt of an acknowledgement from the intended recipient (such as by the &#147;return receipt
requested&#148; function, as available, return email or other written acknowledgement), provided that if
such notice or other communication is not sent during the normal business hours of the recipient,
such notice or communication shall be deemed to have been sent at the opening of business on the
next Business Day for the recipient; 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>notices or communications posted to an Internet or intranet website shall be deemed received
upon the deemed receipt by the intended recipient as its email address as described in the
foregoing clause (a)&nbsp;of notification that such notice or communication is available and identifying
the website address therefor.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.6 Whole Agreement</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement together with the other Loan Documents constitutes the whole and entire
agreement between the parties and cancels and supersedes any prior agreements, undertakings,
declarations and representations, written or verbal, in respect of the subject matter of this
Agreement and the other Loan Documents.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.7 Governing Law</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties agree that this Agreement is conclusively deemed to be made under, and for all
purposes to be governed by and construed in accordance with, the laws of the Province of Alberta
and of Canada applicable therein. There shall be no application of any conflict of law or other
rules which would result in any laws other than internal laws in force in the Province of Alberta
applying to this</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 -->105<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Agreement. The parties hereto do hereby irrevocably submit and attorn to the non-exclusive
jurisdiction of the courts of the Province of Alberta for all matters arising out of or relating to
this Agreement or any other Loan Document, or any of the transactions contemplated hereby or by any
thereof, without prejudice to the rights of the Agent or any Secured Lender to take proceedings in
other jurisdictions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.8 Term of Agreement and Survival</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and all covenants, undertakings, agreements, representations and warranties
shall continue and survive until the termination of all Secured Documents such that thereafter
there is not nor can there be any Borrowings or other Secured Obligations arising under any Secured
Document, with the exception of the indemnities provided in Section&nbsp;11.6 which shall survive any
such termination.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.9 Time of Essence</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time shall be of the essence of this Agreement.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.10 Anti-Money Laundering Legislation</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="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Borrower acknowledges that, pursuant to the <I>Proceeds of Crime (Money Laundering) and
Terrorist Financing Act </I>(Canada) and other applicable anti-money laundering, anti-terrorist
financing, government sanction and &#147;know your client&#148; Applicable Laws, whether within Canada, the
United States or elsewhere (collectively, including any guidelines or orders thereunder, &#147;<B>AML
Legislation</B>&#148;), the Secured Lenders and the Agent may be required to obtain, verify and record
information regarding the Borrower, its directors, authorized signing officers, direct or indirect
shareholders or unitholders or other Persons in control of the Borrower, and the transactions
contemplated hereby. The Borrower shall promptly: (i)&nbsp;provide all such information, including
supporting documentation and other evidence, as may be reasonably requested by any Lender or the
Agent, or any prospective assignee of a Secured Lender or the Agent, in order to comply with any
applicable AML Legislation, whether now or hereafter in existence; and (ii)&nbsp;notify the recipient of
any such information of any changes 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="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Secured Lenders agrees that the Agent has no obligation to ascertain the identity
of the Borrower or any other Loan Party or any authorized signatories of the Borrower or any other
Loan Party on behalf of any Secured Lender, or to confirm the completeness or accuracy of any
information it obtains from the Borrower or any other Loan Party or any such authorized signatory
in doing so.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.11 Conflict with Other Documents</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event there is a conflict or inconsistency as to any matter between the provisions
hereof and the provisions of any other Loan Document or Secured Document, the provisions of this
Agreement shall prevail to the extent of such conflict or inconsistency; provided, however, that
for the purposes of this Section&nbsp;14.11 there shall not be considered to be a conflict or
inconsistency between any provision hereof and any provision of any other Loan Document or Secured
Document merely because such Loan Document or Secured Document does, and this Agreement does not,
deal with the particular matter.</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 -->106<!-- /Folio -->



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.12 Saskatchewan Legislation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Land Contracts (Actions) Act </I>of the Province of Saskatchewan shall have no application to
any action, as defined in <I>The Land Contracts (Actions) Act </I>with respect to this Agreement or the
other Loan Documents or Secured Documents and <I>The Limitation of Civil Rights Act </I>of the Province of
Saskatchewan shall have no application to this Agreement or the other Loan Documents or Secured
Documents. The Borrower agrees that the provisions of both <I>The Land Contracts (Actions) Act</I>
(Saskatchewan) and <I>The Limitation of Civil Rights Act </I>(Saskatchewan) are hereby waived.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14.13 Counterpart Execution</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in any number of counterparts and by different parties in
separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same instrument.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>&#091;remainder of page intentionally left blank&#093;</I></B>
</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF </B>the parties hereto have caused this Agreement to be duly executed on
the date and year first above written.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ADDRESSES FOR NOTICES:</B>
</DIV>

<P><DIV style="position: relative; float: left; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Borrower:</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4200, 150 6 Avenue SW<BR>
Calgary, AB T2P 3Y7

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attention: Vice President Finance (with a copy to the General Counsel)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Facsimile:
(403) 264-0251
</DIV>

</DIV>
<DIV style="position: relative; float: right; width: 48%">
<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="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><B>PRECISION DRILLING CORPORATION</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">Per:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Joanne Alexander</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joanne Alexander</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">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, General Counsel and Corporate Secretary</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">Per:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Robert McNally</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert McNally</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">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and <BR>
Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<BR clear="all"><BR>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</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">

</DIV>

<P><DIV style="position: relative; float: left; width: 48%">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Agent:</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Royal Bank of Canada<BR>
Agency Services Group<BR>

12<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor, 200 Bay Street<BR>
Toronto, ON M5J 2W7

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attention: Manager, Agency

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Facsimile:
(416) 842-4023

</DIV>
</DIV>
<DIV style="position: relative; float: right; width: 48%">
<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="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>ROYAL BANK OF CANADA, </B>as Agent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR>
    <TD style="font-size: 10pt">&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">/s/ Yvonne Brazier</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>
Name: Yvonne Brazier
</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">Title: Manager, Agency</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">&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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</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">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>
<BR clear="all"><BR>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>ROYAL BANK OF CANADA, </B>as Lender</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Debra Giles</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Debra Giles
</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">Title: Authorized Signatory</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">Per:</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</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">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>CREDIT SUISSE AG, TORONTO BRANCH, </B>as Lender</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Alain Daoust</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Alain Daoust
</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">Title: Director</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Steve W. Fuh</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Steve W. Fuh
</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">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>WELLS FARGO BANK, N.A., </B>as Lender</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ C. David Allman</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: C. David Allman
</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">Title: Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>THE TORONTO-DOMINION BANK,</B> as Lender</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Loretta Palandri</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loretta Palandri</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">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Associate Vice President</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">Commercial National Accounts</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Rahul Baswan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rahul Baswan, Analyst</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">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Commercial National Accounts</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>HSBC BANK CANADA, </B>as Lender</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Greg Gannett</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Greg Gannett
</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">Title: Director</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Vivek Varma</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Vivek Varma
</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">Title: Associate Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>EXPORT DEVELOPMENT CANADA, </B>as Lender</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ David Kneebone</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: DAVID KNEEBONE
</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">Title: FINANCING MANAGER</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Christiane De Billy</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: CHRISTIANE DE BILLY
</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">Title: FINANCING MANAGER</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BANK OF AMERICA, N.A., CANADA BRANCH, </B>as Lender</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ James K.G. Campbell</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: James K.G. Campbell
</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">Title: Senior Vice President</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">Per:</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</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">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>MORGAN STANLEY BANK, N.A., </B>as Lender</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Ryan Vetsch</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Ryan Vetsch
</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">Title: Authorized Signatory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>DEUTSCHE BANK AG, CANADA BRANCH, </B>as Lender</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Rod O&#146;hara</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: ROD O&#146;HARA
</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">Title: DIRECTOR</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Renate Engel</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Renate Engel
</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">Title: Assistant Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>ALBERTA TREASURY BRANCHES,</B> as Lender</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Wes Jardine</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Wes Jardine
</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">Title: Director</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Derek Zhao</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Derek Zhao
</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">Title: Associate Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>CANADIAN WESTERN BANK, </B>as Lender</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John Plant</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: John Plant
</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">Title: AVP, Energy Lending</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Duncan Levy</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Duncan Levy
</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">Title: Manager, Energy Lending</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>THE BANK OF NOVA SCOTIA, </B>as Lender</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Andrew Kellock</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Andrew Kellock
</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">Title: Director</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Jeff Cebryk</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Jeff Cebryk
</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">Title: Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>SUMITOMO MITSUI BANKING CORPORATION OF CANADA, </B>as Lender</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">Per:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Alfred Lee</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Alfred Lee
</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">Title: Senior Vice President</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">Per:</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</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">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</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">

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Schedule&nbsp;A to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as Borrower, and a syndicate of Lenders with Royal Bank of Canada, as Agent
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMMITMENTS AND ADDRESSES</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="46%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>FRONTED LC</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B><FONT style="FONT-variant: SMALL-CAPS">Lender</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>COMMITMENT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>COMMITMENT</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Royal Bank of Canada</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S. $66,666,667
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S. $65,000,000</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Suite&nbsp;3900, 888 &#150; 3<SUP style="FONT-size: 85%; vertical-align: text-top">rd</SUP> Street S.W.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Calgary, Alberta</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T2P 5C5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax No.: (403) 292-3234</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Credit Suisse AG, Toronto Branch</B><br>
1 First Canadian Place, Suite&nbsp;2900<br>
P.O. Box 301<br>
Toronto Ontario<br>
M5X 1C9<br>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S. $66,666,667
for Letters of Credit
other than
documentary letters of
credit)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S. $65,000,000</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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: Director<br>
Fax No.: (416) 352-4576
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil for Letters of
Credit constituting
documentary letters of
credit.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Wells Fargo Bank, N.A.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S. $66,666,666
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S. $50,000,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor, 1000 Louisiana Street</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Houston, Texas 77002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: Manager</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax No.: (713) 739-1087</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>The Toronto-Dominion Bank</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S. $50,000,000</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Suite&nbsp;910, 333 &#150; 7<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Calgary, Alberta</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T2P 2Z1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: Senior Manager</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax No.: (403) 292-1317</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>FRONTED LC</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B><FONT style="FONT-variant: SMALL-CAPS">Lender</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>COMMITMENT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>COMMITMENT</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>HSBC Bank Canada</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S. $50,000,000</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor, 407 &#150; 8<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Calgary, Alberta</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T2P 1E5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: Corporate &#038; Institutional Banking</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax No.: (403) 693-8616</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Export Development Canada</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S. $40,000,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">151 O&#146;Connor Street</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ottawa, Ontario</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K1A 1K3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">For Administrative matters:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: Loan Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax No.: (613) 598-2514</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">For credit related matters:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: Asset Management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax No.: (613) 598-3186</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Bank of America, N.A., Canada Branch</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S. $40,000,000</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2620, 255 &#150; 5<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Calgary, Alberta</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T2P 3G6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: Senior Vice President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax No.: (403) 237-7372</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Morgan Stanley Bank, N.A.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S. $40,000,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">One Utah Center</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">201 South Main Street, 5<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Salt Lake City, Utah</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">84111</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: Documentation Team</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax No.: (718) 233-0967</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Deutsche Bank AG, Canada Branch</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S. $30,000,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">60 Wall Street</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">New York, NY 10005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax No.: (212) 797-4872</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>FRONTED LC</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B><FONT style="FONT-variant: SMALL-CAPS">Lender</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>COMMITMENT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>COMMITMENT</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Alberta Treasury Branches</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S. $30,000,000</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">600, 444 &#150; 7<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Calgary, Alberta</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T2P 0X8</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: Director, Energy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax No.: (403) 974-5784</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Canadian Western Bank</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S. $30,000,000</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">606 &#150; 4<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Street S.W.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Calgary, Alberta</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T2P 1T1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: Vice President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax No.: (403) 264-1619</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>The Bank of Nova Scotia</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S. $30,000,000</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2000, 700 &#150; 2<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> Street S.W.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Calgary, Alberta</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">T2P 2W1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax No.: (403) 221-6497</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Sumitomo Mitsui Banking Corporation of Canada</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S. $30,000,000</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Suite&nbsp;1400, Ernst &#038; Young Tower,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Toronto-Dominion Centre, P.O. Box 172,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">222 Bay Street</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Toronto Ontario</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">M5K 1H6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention: Senior Vice President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fax No.: (416) 367-3565</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Total</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S. $200,000,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">U.S. $550,000,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Schedule&nbsp;B to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as Borrower, and a syndicate of Lenders with Royal Bank of Canada, as Agent
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BORROWING / REPAYMENT NOTICE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><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">Royal Bank of Canada, as Agent<BR>
Agency Services Group<BR>
12<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor, 200 Bay Street<BR>
Toronto, ON M5J 2W7

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attention: Manager, Agency
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Facsimile: (416)&nbsp;842-4023

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Re: PRECISION DRILLING CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We refer to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as borrower, and a syndicate of lenders with Royal Bank of Canada, as Agent (as the
same may be amended, renewed, extended, modified and/or restated from time to time, the &#147;<B>Credit
Agreement</B>&#148;). Capitalized terms used herein have the same meaning as in the Credit Agreement. The
undersigned are officers of Precision Drilling Corporation and are authorized to make and deliver
this notice pursuant to the Credit Agreement.
</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>We hereby give notice of &#091;our request for an Accommodation pursuant to Section&nbsp;3.6/repayment
of a Borrowing pursuant to Section&nbsp;3.11&#093; of the Credit Agreement particulars of which are as
follows:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;Drawdown/Repayment&#093; Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>Amount: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>Nature of &#091;Accommodation/Borrowing to be repaid&#093;: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>Libor Interest Period (only applicable to Libor loans): <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>Term (only applicable to Bankers&#146; Acceptances): <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>Payment Instructions (if any): <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;If applicable&#093; We hereby request that the Lenders purchase Bankers&#146; Acceptances at the
applicable Discount Rate.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">B-2
</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;If applicable &#151; when Lenders not purchasing Bankers&#146; Acceptances&#093; We will forward a
Notice of Borrowing by way of Bankers&#146; Acceptance in the form of Schedule&nbsp;E to the Credit
Agreement on &#091;the Drawdown Date&#093;.</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>&#091;If applicable &#151; when Lenders are purchasing Bankers&#146; Acceptance&#093; Please forward the funding
particulars with respect to the Bankers&#146; Acceptance on &#091;the Drawdown Date&#093;.</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;If applicable &#151; The details with respect to the requested Letter of Credit, including the
Fronting Lender and any appropriate forms of certificates and demand notices are &#091;provide
details&#093;&#093;.</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;For an Accommodation only:&#093; All of the representations and warranties of Borrower deemed to
be made by the Borrower pursuant to Section&nbsp;2.2 of the Credit Agreement are true and correct
in all respects on the date 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="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;For an Accommodation only:&#093; There exists no Default or Event of Default on the date hereof.</TD>
</TR>

</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="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Yours very truly,</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>PRECISION DRILLING CORPORATION</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">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">
    <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:</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">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Schedule&nbsp;C to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as Borrower, and a syndicate of Lenders with Royal Bank of Canada, as Agent
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ROLLOVER NOTICE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: <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">Royal Bank of Canada<BR>
Agency Services Group<BR>
12<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor, 200 Bay Street<BR>
Toronto, ON M5J 2W7

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attention: Manager, Agency
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Facsimile: (416)&nbsp;842-4023

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Re: PRECISION DRILLING CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We refer to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as borrower, and a syndicate of lenders with Royal Bank of Canada, as Agent (as the
same may be amended, renewed, extended, modified and/or restated from time to time, the &#147;<B>Credit
Agreement</B>&#148;). Capitalized terms used herein have the same meaning as in the Credit Agreement. The
undersigned are officers of Precision Drilling Corporation and are authorized to make and deliver
this notice pursuant to the Credit Agreement.
</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>This Rollover Notice is delivered to you pursuant to Section&nbsp;3.14 of the Credit 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="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We hereby request a Rollover as follows:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rollover Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>Amount of Rollover: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>Bankers&#146; Acceptances or Libor Loan: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>Libor Interest Period (only applicable to Libor Loans): <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>Term (only applicable to Bankers&#146; Acceptances): <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;If applicable&#093; We hereby request that the Lenders purchase Bankers&#146; Acceptances at the
applicable Discount Rate.</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>&#091;If applicable &#151; when Lenders not purchasing Bankers&#146; acceptances&#093; We will forward a Notice
of Borrowing by way of Bankers&#146; Acceptance in the form of Schedule&nbsp;E to the Credit Agreement
on &#091;the Rollover Date&#093;.</TD>
</TR>

</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">C-2
</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;If applicable &#151; when Lenders are purchasing Bankers&#146; Acceptance&#093; Please forward the
funding particulars with respect to the Bankers&#146; Acceptance on &#091;the Rollover Date&#093;.</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;If applicable&#093; Please extend the maturity of the following Letter of Credit &#091;provide details&#093;.</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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There exists no Default or Event of Default on the date hereof.</TD>
</TR>

</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="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Yours very truly,</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>PRECISION DRILLING CORPORATION</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">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">
    <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:</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">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Schedule&nbsp;D to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as Borrower, and a syndicate of Lenders with Royal Bank of Canada, as Agent
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONVERSION NOTICE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: <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">Royal Bank of Canada, as Agent<BR>
Agency Services Group<BR>
12<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor, 200 Bay Street<BR>
Toronto, ON M5J 2W7

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attention: Manager, Agency
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Facsimile: (416)&nbsp;842-4023

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Re: PRECISION DRILLING CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We refer to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as borrower, and a syndicate of lenders with Royal Bank of Canada, as Agent (as the
same may be amended, renewed, extended, modified and/or restated from time to time, the &#147;<B>Credit
Agreement</B>&#148;). Capitalized terms used herein have the same meaning as in the Credit Agreement. The
undersigned are officers of Precision Drilling Corporation and are authorized to make and deliver
this notice pursuant to the Credit Agreement.
</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>This Conversion Notice is delivered to you pursuant to Section&nbsp;3.13 of the Credit 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="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We hereby request a Conversion as follows:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Conversion 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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Type of Borrowing to be Converted from: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>Amount of Borrowing to be converted: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>Type of Borrowing to be Converted to: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>Libor Interest Period (only applicable to portion Converted to or not Converted
from a Libor Loan): <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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>Term (only applicable to portion Converted to or not Converted from Bankers&#146;
Acceptances): <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;If applicable&#093; We hereby request that the Lenders purchase Bankers&#146; Acceptances at the
applicable Discount Rate.</TD>
</TR>

</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">D-2
</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;If applicable &#151; when Lenders not purchasing Bankers&#146; Acceptances&#093; We will forward a
Notice of Borrowing by way of Bankers&#146; Acceptance in the form of Schedule&nbsp;E to the Credit
Agreement on &#091;the Conversion Date&#093;.</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;If applicable &#151; when Lenders are purchasing Bankers&#146; Acceptance&#093; Please forward the funding
particulars with respect to the Bankers&#146; Acceptance on &#091;the Conversion Date&#093;.</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There exists no Default or Event of Default on the date hereof.</TD>
</TR>

</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="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Yours very truly,</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>PRECISION DRILLING CORPORATION</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">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">
    <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:</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">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Schedule&nbsp;E to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as Borrower, and a syndicate of Lenders with Royal Bank of Canada, as Agent
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NOTICE OF BORROWING BY WAY OF BANKERS&#146; ACCEPTANCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: <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">Royal Bank of Canada, as Agent<BR>
Agency Services Group<BR>
12<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor, 200 Bay Street<BR>
Toronto, ON M5J 2W7

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attention: Manager, Agency

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Facsimile: (416)&nbsp;842-4023

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We refer to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as borrower, and a syndicate of lenders with Royal Bank of Canada, as Agent (as the
same may be amended, renewed, extended, modified and/or restated from time to time, the &#147;<B>Credit
Agreement</B>&#148;). Capitalized terms used herein have the same meaning as in the Credit Agreement. The
undersigned are officers of Precision Drilling Corporation and are authorized to make and deliver
this notice pursuant to the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with Section&nbsp;3.6, 3.13 or 3.14 of the Credit Agreement, we confirm our instructions
regarding the issuance of the following Bankers&#146; Acceptances for value on <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">Each should be dated so as to mature on <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, resulting in a term of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Particulars in respect of such Bankers&#146; Acceptances are as set out in Exhibit&nbsp;1 attached hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby confirm that each condition precedent referred to in Section&nbsp;8.2 of the Credit Agreement
will be satisfied on the &#091;Drawdown Date/Conversion Date/Rollover Date&#093;.
</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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Yours very truly,</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>PRECISION DRILLING CORPORATION</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">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">
    <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:</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">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">E-2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Exhibit&nbsp;1 to Notice of Borrowing by way of Bankers&#146; Acceptances
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CONFIRMATION OF BANKERS&#146; ACCEPTANCES FUNDING DETAILS</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="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Royal Bank of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Credit Suisse AG,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><DIV style="margin-left:35px; text-indent:-20px">Name
of Lender</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Canada</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Toronto Branch</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amount</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Discount Rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Discount Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acceptance Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchaser</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left" colspan="2">Note: if any Non-Acceptance Lenders include particulars of BA Equivalent Advance</TD>
</TR>

</TABLE>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Schedule&nbsp;F to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as Borrower, and a syndicate of Lenders with Royal Bank of Canada, as Agent
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPLIANCE CERTIFICATE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">I, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, of the City of Calgary, in the Province of Alberta, hereby certify
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="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I am the <B>&#091;insert title of senior officer&#093; </B>of Precision Drilling 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="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Certificate applies to the <B>&#091;Fiscal Year/Fiscal Quarter&#093; </B>ending <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>;</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>I am familiar with and have examined the provisions of the Credit Agreement dated as of
November&nbsp;17, 2010 between Precision Drilling Corporation, as borrower (the &#147;<B>Borrower</B>&#148;) and a
syndicate of lenders with Royal Bank of Canada, as Agent (as the same may be amended, renewed,
extended, modified and/or restated from time to time, the &#147;<B>Credit Agreement</B>&#148;), and have made
such reasonable investigations of corporate records and inquiries of other officers and senior
personnel of the Borrower and its agents as I have deemed necessary for purposes of this
Certificate;</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>Except where the context otherwise requires, all capitalized terms used herein have the same
meaning as in the Credit 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="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Default or Event of Default exists;</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of the last day of the above referenced <B>&#091;Fiscal Quarter/Fiscal Year&#093;</B>, the Consolidated Senior
Debt to EBITDA Ratio was <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, and attached hereto are the detailed particulars of the
manner in which such ratio was calculated;</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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of the last day of the above referenced <B>&#091;Fiscal Quarter/Fiscal Year&#093;</B>, the Consolidated Total
Debt to EBITDA Ratio was <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, and attached hereto are the detailed particulars of
the manner in which such ratio was calculated;</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">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of the last day of the above referenced <B>&#091;Fiscal Quarter/Fiscal Year&#093;</B>, the Consolidated
Interest Coverage Ratio was <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, and attached hereto are the detailed particulars of
the manner in which such ratio was calculated;</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">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The current credit rating in respect of the Borrower from S&#038;P is <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> and from Moody&#146;s is
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>;</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">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attached hereto is a current listing of all Subsidiaries of the Borrower, showing the
percentage of capital stock owned by each Loan Party and its jurisdiction of organization;</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">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The only Secured Documents currently in effect are as follows <B>&#091;revise as
necessary&#093;</B>:</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Credit Agreement;</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">F-2
</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ISDA Master Agreement dated May&nbsp;15, 2009 (as amended from time to time) between
the Borrower and RBC and any Lender Swaps entered into thereunder from time to 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operating facility letter agreement dated November&nbsp;17, 2010 (as amended from
time to time) between the Borrower and RBC currently providing for Cdn. $25,000,000 in
credit facilities to the Borrower;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operating facility letter agreement dated May&nbsp;27, 2010 (as amended from time to
time) between Precision Drilling Oilfield Services Corporation (&#147;<B>PDOSC</B>&#148;) and Wells
Fargo Bank, N.A. currently providing for U.S. $15,000,000 in credit facilities to
PDOSC;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>centralized banking agreement dated December&nbsp;23, 2008 (as amended from time to
time) between the Borrower, certain of its Subsidiaries and RBC.</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copies of any Secured Documents not previously provided to the Agent are attached; 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">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Certificate is given by the undersigned officer in his or her capacity as an
officer of the Borrower without any personal liability.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">WITNESS
OUR HANDS at the City of Calgary, in the Province of Alberta, this &#95;&#95;&#95; day of
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20&#95;&#95;.
</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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PRECISION DRILLING CORPORATION</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">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">
    <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:</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">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Schedule&nbsp;G to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as Borrower, and a syndicate of Lenders with Royal Bank of Canada, as Agent
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REQUEST FOR EXTENSION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: <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">Royal Bank of Canada, as Agent<BR>
Agency Services Group<BR>
12<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor, 200 Bay Street<BR>
Toronto, ON M5J 2W7

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attention: Manager, Agency
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Facsimile: (416)&nbsp;842-4023

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Re: PRECISION DRILLING CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We refer to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as borrower, and a syndicate of lenders with Royal Bank of Canada, as Agent (as the
same may be amended, renewed, extended, modified and/or restated from time to time, the &#147;<B>Credit
Agreement</B>&#148;). Capitalized terms used herein have the same meaning as in the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with Section&nbsp;3.2 of the Credit Agreement, we hereby request that the Lenders each
provide an offer to extend its Maturity Date to <B>&#091;<B>&#149;</B>&#093;</B>, and in accordance with Section&nbsp;3.10, we hereby
request that each Fronting Lender extend its Fronted LC Commitment to <B>&#091;<B>&#149;</B>&#093;</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby certify 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="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as disclosed to the Agent in writing, the representations and warranties contained in
Section&nbsp;2.1 of the Credit Agreement (other than those made as of a specific date) are and will
be true and correct on the date hereof and on the date of extension, as applicable, with the
same effect as if such representations and warranties were made on the date hereof; 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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there exists no Default or Event of Default.</TD>
</TR>

</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="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Yours very truly,</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>PRECISION DRILLING CORPORATION</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">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">
    <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:</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">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Schedule&nbsp;H to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as Borrower, and a syndicate of Lenders with Royal Bank of Canada, as Agent
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LENDER TRANSFER AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>TO: Royal Bank of Canada, as Agent</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>AND TO: Precision Drilling Corporation (the &#147;Borrower&#148;)</B>

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>RE:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Credit Agreement dated as of November&nbsp;17, 2010 (as amended, amended and restated or replaced
from time to time, the &#147;Credit Agreement&#148;) between the Borrower, the Lenders and the Agent and
each of the financial institutions which have entered into or shall enter into a Lender
Transfer Agreement</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used in this Lender Transfer Agreement without definition shall have the
meanings set out in the Credit Agreement.
</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><B>&#091;name of new lender&#093; </B>(the &#147;<B>Assignee</B>&#148;) acknowledges that its proper officers have received and
reviewed a copy of the Loan Documents and further acknowledges the provisions of the Loan
Documents.</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>The Assignee desires to become a Lender under the Credit Agreement; <B>&#091;name of selling Lender&#093;</B>
(the &#147;<B>Assignor</B>&#148;) has agreed to and does hereby sell, assign and transfer to the Assignee an
undivided &#95;&#95;&#95;% interest in the Total Commitment equal to the Commitment as calculated in
paragraph 4 below; and, accordingly, the Assignee has agreed to execute this Lender Transfer
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="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Assignee, by its execution and delivery of this Lender Transfer Agreement, agrees that
from and after the date hereof it shall be a Lender under the Credit Agreement and agrees to
be bound by and to perform all of the terms, conditions and covenants of the Credit Agreement
applicable to a Lender including, without limitation, the liability to make available its
Lender&#146;s Proportion of Borrowings made on or after the date hereof in accordance with its
Commitment identified in paragraph 4 of this Lender Transfer 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="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Assignee confirms that, after giving effect to the assignment set forth herein, its
Commitment under the Credit Agreement shall be $ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Assignee agrees to assume, without recourse to the Assignor, all liabilities and
obligations of the Assignor as Lender under the Credit Agreement arising after the date hereof
to the extent of the Assignee&#146;s Commitment as provided for herein and the Assignor is hereby
released and discharged from such obligations and liabilities to the same extent; provided
that if any Bankers&#146; Acceptances accepted by the Assignor remain outstanding on such date,
such Bankers&#146; Acceptances shall remain the liability and obligation of the Assignor and <B>&#091;the
Assignor shall be entitled to all of the rights, titles and benefits arising out of the Credit
Agreement and the other Loan Documents with respect to such Bankers&#146; Acceptances (including
reimbursement rights); and the Assignee shall indemnify the Assignor and hold the Assignor
harmless from and against any losses or costs paid or incurred by the Assignor in connection
with such Bankers&#146; Acceptances (other than losses or costs which arise out of the negligence
or wilful misconduct of the Assignor) to the extent of the Assignee&#146;s Commitment provided for
herein, and shall be entitled to that percentage (as agreed to between the</B></TD>
</TR>

</TABLE>
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">H-2
</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Assignee and the Assignor) of a proportionate amount of the fees paid in respect of such
Bankers&#146; Acceptances based upon the relative proportions of the Commitments of the Assignor
and Assignee and the number of days remaining in the term of any such Bankers&#146; Acceptances&#093;</B>
or <B>&#091;the assignment contained herein shall exclude the obligation of the Borrower to repay or
reimburse the Assignor the face amounts of outstanding Bankers&#146; Acceptances which have been
accepted by the Assignor prior to the date hereof (&#147;Outstanding BAs&#148;) and if an Event of
Default occurs prior to the Assignor being repaid or reimbursed in respect of Outstanding
BAs, then until such repayment or reimbursement is made, for the purposes of voting under
the Credit Agreement the Assignor shall be considered to have a Commitment increased by, and
the Commitment of the Assignee shall be considered to be reduced by, the face amount of such
Outstanding BAs&#093;</B>.</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Assignee acknowledges and confirms that it has not relied upon, and that the Assignor or
the Agent or any of their respective directors, officers, employees or agents have not made,
any representation or warranty whatsoever as to the due execution, legality, effectiveness,
validity or enforceability of any of the Loan Documents or any other documentation or
information delivered by the Assignor or the Agent to the Assignee in connection therewith or
for the performance thereof by any party thereto or of the financial condition of the Borrower
or any other Loan Party. All representations, warranties and conditions express or implied by
law or otherwise are hereby excluded.</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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Assignee represents and warrants that it has itself been, and will continue to be,
solely responsible for making its own independent appraisal of and investigation into the
financial condition, creditworthiness, affairs, status and nature of the Borrower and any
other Loan Party and has not relied and will not hereafter rely on the Assignor or the Agent
or any of their respective directors, officers, employees or agents to appraise or keep under
review on its behalf the financial condition, creditworthiness, affairs, status or nature of
the Borrower or any other Loan Party.</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">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Assignor and the Assignee represents and warrants to the other, and to the Agent
and the Lenders that it has the capacity and power to enter into this Lender Transfer
Agreement in accordance with the terms hereof and to perform its obligations arising
therefrom, and all actions required to authorize the execution and delivery hereof and the
performance of such obligations have been duly taken.</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">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Lender Transfer Agreement shall be governed by and construed in accordance with the
laws of the Province of Alberta.</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">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notices shall be given to the Assignee in the manner provided for in the Credit Agreement 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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Branch of Account:</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#091;<B>&#149;</B>&#093;</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#091;<B>&#149;</B>&#093;</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attention: <B>&#091;<B>&#149;</B>&#093;</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Telecopier: <B>&#091;<B>&#149;</B>&#093;</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">H-3
</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">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Lender Transfer Agreement shall be binding upon the Assignee and its successors and
permitted assigns.</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">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Lender Transfer Agreement may be executed in any number of counterparts and by different
parties in separate counterparts and by facsimile execution, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the
same document.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">DATED this ____ day of <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="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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>&#091;Name of Assign&#093;</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">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">
    <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:</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">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Assignor hereby acknowledges the above Lender Transfer Agreement and agrees that its
Commitment is reduced by an amount equal to the Commitment assigned to the undersigned hereby and
confirms that its Commitment as so reduced is Cdn. $<B>&#149;</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="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>&#091;Name of Assignee&#093;</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">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">
    <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:</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">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, as Agent, hereby acknowledges the above Lender Transfer Agreement and
consents to the Assignee becoming <B>&#091;continuing as&#093; </B>a Lender under the Credit Agreement to the extent
of its Commitment as set out in paragraph 4 of the Lender Transfer Agreement.
</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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>ROYAL BANK OF CANADA</B>, as Agent</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">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">
    <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:</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">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;<B>&#149;</B>&#093;</B>, as Fronting Lender, hereby acknowledges the above Lender Transfer Agreement and consents
to the Assignee becoming <B>&#091;continuing as&#093; </B>a Lender under the Credit Agreement to the extent of its
Commitment as set out in paragraph 4 of the Lender Transfer Agreement.
</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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>&#091;<B>&#149;</B>&#093;</B>, as Fronting Lender</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">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">
    <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:</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">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">H-4
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;<B>&#149;</B>&#093;</B>, as Fronting Lender, hereby acknowledges the above Lender Transfer Agreement and consents
to the Assignee becoming <B>&#091;continuing as&#093; </B>a Lender under the Credit Agreement to the extent of its
Commitment as set out in paragraph 4 of the Lender Transfer Agreement.
</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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>&#091;<B>&#149;</B>&#093;</B>, as Fronting Lender</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">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">
    <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:</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">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower hereby acknowledges the above Lender Transfer Agreement and consents to the Assignee
becoming <B>&#091;continuing as&#093; </B>a Lender under the Credit Agreement to the extent of its Commitment as set
out in paragraph 4 of the Lender Transfer Agreement.
</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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PRECISION DRILLING CORPORATION</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">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">
    <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:</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">Title:</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">Per:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">
    <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:</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">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Schedule&nbsp;I to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as Borrower, and a syndicate of Lenders with Royal Bank of Canada, as Agent
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FORM OF POWER OF ATTORNEY TERMS &#151; BANKERS&#146; ACCEPTANCES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to facilitate the acceptance of Bankers&#146; Acceptances pursuant to the terms of the
credit agreement dated as of November&nbsp;17, 2010 between Precision Drilling Corporation, as borrower
(the &#147;<B>Borrower</B>&#148;), Royal Bank of Canada, as Agent, and the Lenders from time to time party thereto
(as amended, supplemented and restated from time to time, the &#147;<B>Credit Agreement</B>&#148;), the Borrower
hereby appoints each Lender (hereinafter individually called the &#147;<B>Bank</B>&#148;), acting by an authorized
signing officer (the &#147;<B>Attorney</B>&#148;) for the time being of the Bank&#146;s Branch of Account, the attorney
of the Borrower:
</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 sign for and on behalf and in the name of the Borrower as drawer, drafts in
the Bank&#146;s standard form which are &#147;depository bills&#148; under and as defined in the
Depository Bills and Notes Act (Canada) (the &#147;<B>DBNA</B>&#148;) (&#147;<B>Drafts</B>&#148;) drawn on the Bank
payable to a &#147;clearing house&#148; under the DBNA or its nominee for deposit by the Bank
with the &#147;clearing house&#148; after acceptance thereof by the Bank; 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 fill in the amount, date and maturity date of such Drafts;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided that such acts in each case are to be undertaken by the Bank in accordance with
instructions given to the Bank by the Borrower as provided in this power of attorney.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Instructions to the Bank relating to the execution, completion, endorsement, discount,
purchase and/or delivery by the Bank on behalf of the Borrower of Drafts which the Borrower wishes
to submit to the Bank for acceptance by the Bank shall be communicated by the Agent in writing to
the Attorney at the Bank&#146;s Branch of Account concurrently with delivery by the Borrower, pursuant
to the provisions of: (i)&nbsp;Section&nbsp;3.6 of the Credit Agreement, a Borrowing Notice by way of
Bankers&#146; Acceptances in the form of Schedule&nbsp;B to the Credit Agreement; (ii)&nbsp;Section&nbsp;3.14 of the
Credit Agreement, a Rollover Notice in the form of Schedule&nbsp;C to the Credit Agreement or (iii)
Section&nbsp;3.13 of the Credit Agreement, a Conversion Notice in the form of Schedule&nbsp;D to the Credit
Agreement. The instructions to the Bank shall specify the following information:
</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>a Canadian Dollar amount, which shall be the aggregate face amount of the
Drafts to be accepted by the Bank in respect of a particular Borrowing, Conversion or
Rollover; 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>a specified period of time, as provided in the Credit Agreement, which shall be
the number of months after the date of such Drafts that such Drafts are to be payable,
and the dates of issue and maturity of such Drafts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The communication in writing to the Bank of the instructions referred to above shall
constitute (a)&nbsp;the authorization and instruction of the Borrower to the Bank to complete and
endorse Drafts in accordance with such information as set out above and (b)&nbsp;the request of the
Borrower to the Bank to accept such Drafts and deposit the same with the &#147;clearing house&#148; against
payment as set out in the instructions. The Borrower acknowledges that the Bank shall not be
obligated to accept any such Drafts except in accordance with the provisions of the Credit
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank shall be and it is hereby authorized to act on behalf of the Borrower upon and in
compliance with instructions communicated to the Bank as provided herein if the Bank reasonably
believes them to be genuine.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">I-2
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby agrees to indemnify the Bank and its directors, officers, employees,
affiliates and agents and to hold it and them harmless from and against any loss, liability,
expense or claim of any kind or nature whatsoever incurred by any of them as a result of any
action or inaction in any way relating to or arising out of this power of attorney or the acts
contemplated hereby including the deposit of any Draft with the &#147;clearing house&#148;; provided that
this indemnity shall not apply to any such loss, liability, expense or claim which results from
the gross negligence or wilful misconduct of the Bank or any of its directors, officers,
employees, affiliates or agents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This power of attorney may be revoked at any time upon not less than fifteen (15)&nbsp;Business
Days&#146; written notice served in accordance with Section&nbsp;14.5 of the Credit Agreement upon the Bank
at its Branch of Account, provided that: (i)&nbsp;it may be replaced with another power of attorney
forthwith on terms satisfactory to the Bank; and (ii)&nbsp;no such revocation shall reduce, limit or
otherwise affect the obligations of the Borrower in respect of any Draft executed, completed,
endorsed, discounted and/or delivered in accordance herewith prior to the time at which such
revocation becomes effective. This power of attorney may be terminated by the Bank at any time upon
not less than fifteen (15)&nbsp;Business Days written notice to the Borrower in accordance with Section
14.5 of the Credit Agreement. Any revocation or termination of this power of attorney shall not
affect the rights of the Bank and the obligations of the Borrower with respect to the indemnities
of the Borrower above stated with respect to all matters arising prior in time to any such
revocation or termination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This power of attorney is in addition to and not in substitution for any agreement to which
the Bank and the Borrower are parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This power of attorney shall be governed in all respects by the laws of the Province of
Alberta and the laws of Canada applicable therein and each of the Borrower and the Bank hereby
irrevocably attorns to the non-exclusive jurisdiction of the courts of such jurisdiction in
respect of all matters arising out of this power of attorney.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a conflict between the provisions of this Power of Attorney and the Credit
Agreement, the Credit Agreement shall prevail. Capitalized terms used and not defined herein shall
have the meanings given to them in the Credit Agreement.
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Schedule&nbsp;J to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as Borrower, and a syndicate of Lenders with Royal Bank of Canada, as Agent
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FORM OF POWER OF ATTORNEY TERMS &#151; BA EQUIVALENT ADVANCES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to facilitate the making of BA Equivalent Advances pursuant to the terms of the
credit agreement dated as of November&nbsp;17, 2010 between Precision Drilling Corporation, as borrower
(the &#147;<B>Borrower</B>&#148;), Royal Bank of Canada, as Agent, and the Lenders from time to time party thereto
(as amended, supplemented and restated from time to time, the &#147;<B>Credit Agreement</B>&#148;), the Borrower
hereby appoints each Lender (hereinafter individually called the &#147;<B>Bank</B>&#148;), acting by an authorized
signing officer (the &#147;<B>Attorney</B>&#148;) for the time being of the Bank&#146;s Branch of Account, the attorney
of the Borrower:
</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 sign for and on behalf and in the name of the Borrower as drawer, promissory
notes in the Bank&#146;s standard form for advances in the nature of BA Equivalent Advances
(&#147;<B>Notes</B>&#148;) payable to the Bank or its order evidencing BA Equivalent Advances made by
the Bank to the Borrower pursuant to the Credit 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 fill in the amount, date and maturity date of such Notes;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided that such acts in each case are to be undertaken by the Bank in accordance with
instructions given to the Bank by the Borrower as provided in this power of attorney.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Instructions to the Bank relating to the execution, completion, endorsement, discount,
purchase and/or delivery by the Bank on behalf of the Borrower of Notes which the Borrower wishes
to issue to the Bank shall be communicated by the Agent in writing to the Attorney at the Bank&#146;s
Branch of Account concurrently with delivery by the Borrower, pursuant to the provisions of: (i)
Section&nbsp;3.6 of the Credit Agreement, a Borrowing Notice by way of Bankers&#146; Acceptances in the form
of Schedule&nbsp;B to the Credit Agreement; (ii)&nbsp;Section&nbsp;3.14 of the Credit Agreement, a Rollover Notice
in the form of Schedule&nbsp;C to the Credit Agreement; or (iii)&nbsp;Section&nbsp;3.13 of the Credit Agreement, a
Conversion Notice in the form of Schedule&nbsp;D to the Credit Agreement. The instructions to the Bank
shall specify the following information:
</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>a Canadian Dollar amount, which shall be the aggregate face amount of the Notes
in respect of a particular Borrowing, Conversion or Rollover; 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>a specified period of time, as provided in the Credit Agreement, which shall be
the number of months after the date of such Notes that such Notes are to be payable,
and the dates of issue and maturity of such Notes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The communication in writing to the Bank of the instructions referred to above shall
constitute the authorization and instruction of the Borrower to the Bank to complete and, if
applicable, endorse Notes in accordance with such information as set out above. The Borrower
acknowledges that the Bank shall not be obligated to make any BA Equivalent Advance and thereafter
complete and execute, and if applicable, endorse any such Notes except in accordance with the
provisions of the Credit Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank shall be and it is hereby authorized to act on behalf of the Borrower upon and in
compliance with instructions communicated to the Bank as provided herein if the Bank reasonably
believes them to be genuine.
</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="center" style="font-size: 10pt; margin-top: 18pt">J-2
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to indemnify the Bank and its directors, officers, employees, affiliates
and agents and to hold it and them harmless from and against any loss, liability, expense or claim
of any kind or nature whatsoever incurred by any of them as a result of any action or inaction in
any way relating to or arising out of this power of attorney or the acts contemplated hereby;
provided that this indemnity shall not apply to any such loss, liability, expense or claim which
results from the gross negligence or wilful misconduct of the Bank or any of its directors,
officers, employees, affiliates or agents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This power of attorney may be revoked at any time upon not less than fifteen (15)&nbsp;Business
Days&#146; written notice served in accordance with Section&nbsp;14.5 of the Credit Agreement upon the Bank
at its Branch of Account, provided that: (i)&nbsp;it may be replaced with another power of attorney
forthwith on terms satisfactory to the Bank; and (ii)&nbsp;no such revocation shall reduce, limit or
otherwise affect the obligations of the Borrower in respect of any Notes executed, completed,
endorsed, discounted and/or delivered in accordance herewith prior to the time at which such
revocation becomes effective. This power of attorney may be terminated by the Bank at any time upon
not less than fifteen (15)&nbsp;Business Days written notice to the Borrower in accordance with Section
14.5 of the Credit Agreement. Any revocation or termination of this power of attorney shall not
affect the rights of the Bank and the obligations of the Borrower with respect to the indemnities
of the Borrower above stated with respect to all matters arising prior in time to any such
revocation or termination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This power of attorney is in addition to and not in substitution for any agreement to which
the Bank and the Borrower are parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This power of attorney shall be governed in all respects by the laws of the Province of
Alberta and the laws of Canada applicable therein and each of the Borrower and the Bank hereby
irrevocably attorns to the non-exclusive jurisdiction of the courts of such jurisdiction in
respect of all matters arising out of this power of attorney.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a conflict between the provisions of this Power of Attorney and the Credit
Agreement, the Credit Agreement shall prevail. Capitalized terms used and not defined herein shall
have the meanings given to them in the Credit Agreement.
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Schedule&nbsp;K to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as Borrower, and a syndicate of Lenders with Royal Bank of Canada, as Agent
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORPORATE CHART</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Please see next page
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="o69608o6960860.gif" alt="(LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRECISION DRILLING CORPORATION<BR>
Group Organization Chart<BR>
as at November&nbsp;12, 2010
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" NOWRAP>PRECISION DRILLING CORPORATION &#038; SUBSIDIARIES<BR>
(Active and Inactive)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960861.gif" alt="(FLOW CHART)">
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left" colspan="2">Note 1: Precision Drilling Corporation owns 800,000 Series&nbsp;A
Preferred Shares of Precision Drilling, Inc. (&#147;PDI&#148;) which represents
all the issued and outstanding preferred shares of PDI.</TD>
</TR>

</TABLE>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="o69608o6960860.gif" alt="(LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PRECISION DRILLING CORPORATION<BR>
Group Organization Chart<BR>
as at November&nbsp;12, 2010
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" NOWRAP>PRECISION DRILLING US CORPORATE STRUCTURE<BR>
(Active and Inactive)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960862.gif" alt="(FLOW CHART)">
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left" colspan="2">Note 1: Precision Drilling Corporation owns 800,000 Series&nbsp;A
Preferred Shares of Precision Drilling, Inc. (&#147;PDI&#148;) which represents
all the issued and outstanding preferred shares of PDI.</TD>
</TR>

</TABLE>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Schedule&nbsp;L to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as Borrower, and a syndicate of Lenders with Royal Bank of Canada, as Agent
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXISTING LENDER SWAPS</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interest rate swap maturing December&nbsp;23, 2013 entered into between RBC and the
Borrower under an ISDA Master Agreement dated May&nbsp;15, 2009; 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>Libor Cap swap maturing December&nbsp;31, 2013 entered into between RBC and the
Borrower under an ISDA Master Agreement dated May&nbsp;15, 2009.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Schedule&nbsp;M to the Credit Agreement dated as of November&nbsp;17, 2010 between Precision Drilling
Corporation, as Borrower, and a syndicate of Lenders with Royal Bank of Canada, as Agent
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXISTING LETTERS OF CREDIT</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="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">LC#
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HCCSLC210637AM
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">G192419
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">G194115
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">388647&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">388825&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">389836&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>
    <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">Issue Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;27, 2009
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 5/09
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March 5/09
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;10/09
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;12/09
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;23/09</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>
    <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">Expiry Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2011
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;31/11
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;20/11
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dec 20/10
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;11/11
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;22/11</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>
    <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">Automatic Renewal:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1 Year Auto-Renew
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1 Year Auto-Renew
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1 Year Auto-Renew
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1 Year Auto-Renew
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1 Year
Auto-Renew
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1 Year Auto-Renew</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>
    <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">Type:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial</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>
    <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">Fronting Lender:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">HSBC Bank Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The
Toronto-Dominion
Bank
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The
Toronto-Dominion
Bank
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Royal Bank of Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Royal Bank of Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Royal Bank of Canada</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>
    <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">Amount:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">USD 195,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">USD 675,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">USD 57,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">USD 3,500,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">USD 19,448,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">USD 1,005,943</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-12.1
<SEQUENCE>45
<FILENAME>o69608exv12w1.htm
<DESCRIPTION>EX-12.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv12w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;12.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PRECISION DRILLING CORPORATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><u><B>Ratio of earnings to fixed charges</B></u>
</DIV>


<DIV align="left" style="font-size: 10pt"><B>(Stated in thousands of Canadian dollars)</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="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>

</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Precision</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pretax income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">349,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">587,658</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Add</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed charges (interest)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed charges (amortized premiums)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed charges est. interest in rent expense (NOTE 1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distributed income of equity investees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings per Item&nbsp;503</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">307,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">357,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">596,709</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fixed charges</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,051</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Ratio of earnings to fixed charges</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65.92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NOTE 1 Calculated as:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rent expense from annual report</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,189</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rent expense calculation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2009 rent total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Increase for office space increase in 2009 - Calgary
data centre</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Esimated rent expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,189</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assumed interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" nowrap align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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>&nbsp;</TD>
    <TD align="right">451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>46
<FILENAME>o69608exv21w1.htm
<DESCRIPTION>EX-21.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv21w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;21.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Subsidiaries of Precision Drilling Corporation</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Alberta, Canada </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1198430 Alberta Ltd.<BR>
Arrowstar Drilling Partnership<BR>
Canadian Waste Management Inc.<BR>
Four Lakes Precision Drilling Limited Partnership<BR>
Grey Wolf Global Employment Corporation<BR>
Peritus International Oilfield Services Ltd.<BR>
Precision Diversified Oilfield Services Corp.<BR>
Precision Drilling Canada Limited Partnership<BR>
Precision Limited Partnership<BR>
Precision Oilfield Personnel Services Ltd.<BR>
Sierra Drill Manufacturing Ltd.

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>California</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Bolting, Inc.

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Canada (federal)</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Grey Wolf International Drilling Corporation

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Delaware</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kenting Inc.<BR>
Murco Drilling Corporation<BR>
Precision Completion &#038; Production Services Ltd.<BR>
Precision Drilling, Inc.

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Louisiana</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling LLC

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Nevada</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Grey Wolf Mexico Holdings LLC

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&nbsp;2&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Precision Drilling Holdings Company

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Texas</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">DI Energy, Inc.<BR>
DI/Perfensa Inc.<BR>
Grey Wolf International, Inc.<BR>
Grey Wolf Supply Inc.<BR>
Precision Directional Services, Inc.<BR>
Precision Drilling Company LP<BR>
Precision Drilling Oilfield Services Corporation

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Yukon, Canada</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">31795 Yukon Inc.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.6
<SEQUENCE>47
<FILENAME>o69608exv23w6.htm
<DESCRIPTION>EX-23.6
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w6</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.6</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="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o69608o6960872.gif" alt="(KPMG)"></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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>KPMG LLP</B></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"><B>Chartered Accountants</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(403)&nbsp;691-8000</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">2700 205 &#151; 5<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue SW
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telefax&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(403)&nbsp;691-8008</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">Calgary AB T2P 4B9
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Internet&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; www.kpmg.ca</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consent of Independent Auditors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors of Precision Drilling Corporation
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the use of our reports with respect to the consolidated financial statements and the
effectiveness of internal control over financial reporting incorporated by reference herein and to
the reference to our firm under the heading &#147;Experts&#148; in the prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><IMG src="o69608o6960873.gif" alt="(KPMG LLP)"><BR><BR style="font-size: 6pt">
Chartered Accountants<BR>
Calgary, Canada<BR>
May&nbsp;4, 2011

</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG
network of independent member firms affiliated with KPMG International Cooperative
(&#147;KPMG International&#148;), a Swiss entity. <BR>

KPMG Canada provides services to KPMG LLP.</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>48
<FILENAME>o69608exv25w1.htm
<DESCRIPTION>EX-25.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv25w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;25.1</B>
</DIV>
<DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 3px double #000000">&nbsp;</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">FORM T-1
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">STATEMENT OF ELIGIBILITY<BR>
UNDER THE TRUST INDENTURE ACT OF 1939 OF A<BR>
CORPORATION DESIGNATED TO ACT AS TRUSTEE
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CHECK IF AN APPLICATION TO DETERMINE<BR>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<BR>
SECTION 305(b)(2) <FONT style="font-family: Wingdings">&#254;</FONT>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE BANK OF NEW YORK MELLON<BR>
(Exact name of trustee as specified in its charter)
</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="67%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">New York
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;13-5160382</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(State of incorporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(I.R.S. employer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">if not a U.S. national bank)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">identification no.)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">One Wall Street, New York, NY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;10286</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Address of principal executive offices)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Zip code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PRECISION DRILLING CORPORATION<BR>
(Exact name of obligor as specified in its charter)
</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="67%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alberta, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(State or other jurisdiction of
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(I.R.S. employer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">incorporation or organization)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">identification no.)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4200, 150-6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue S.W.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T2P 3Y7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Calgary, Alberta, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Zip code)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Address of principal executive offices)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SEE TABLE OF ADDITIONAL OBLIGORS
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">6.625% SENIOR NOTES DUE 2020<BR>
(Title of the indenture securities)
</DIV>
<DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 3px double #000000">&nbsp;</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF ADDITIONAL OBLIGORS</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="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Obligor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>as Specified in its</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>I.R.S.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Charter (or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Organizational</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Addresses of Principal Executive</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Document)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">DI Energy, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">74-2175411
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite&nbsp;700 Houston, TX 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">DI/Perfensa Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0378440
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite&nbsp;700 Houston, TX 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Grey Wolf International,<br> Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0000351
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite&nbsp;700 Houston, TX 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Grey Wolf International<br> Drilling Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not Applicable
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4200, 150 &#151; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W. Calgary, Alberta, Canada T2P 3Y7</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Grey Wolf Supply Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">27-0185992
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite&nbsp;700 Houston, TX 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Murco Drilling <br>Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">72-0512163
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite&nbsp;700 Houston, TX 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Precision Completion &#038; <br>Production Services Ltd.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">98-0679637
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite&nbsp;700 Houston, TX 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Precision Directional<br> Services, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">45-0603611
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite&nbsp;700 Houston, TX 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Precision Diversified Oilfield <br>Services Corp.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Alberta, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not Applicable
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4200, 150 &#151; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W. Calgary, Alberta, Canada T2P 3Y7</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Precision Drilling <br>Canada Limited<br> Partnership
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Alberta, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not Applicable
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4200, 150 &#151; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W. Calgary, Alberta, Canada T2P 3Y7</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Precision Drilling<br> Company LP
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0590999
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite&nbsp;700 Houston, TX 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Precision Drilling <br>Holdings Company
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">74-1987143
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite&nbsp;700 Houston, TX 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Precision Drilling, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">26-4435759
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite&nbsp;700 Houston, TX 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Precision Drilling LLC
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Louisiana
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">72-1433406
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite&nbsp;700 Houston, TX 77042</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Obligor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>as Specified in its</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>I.R.S.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Charter (or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Organizational</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Addresses of Principal Executive</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Document)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Precision Drilling<br> Oilfield Services<br> Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">26-3638348
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10350 Richmond Avenue, Suite&nbsp;700 Houston, TX 77042</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Precision Limited<br> Partnership
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Alberta, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not Applicable
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4200, 150 &#151; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W. <br>Calgary, Alberta, Canada T2P 3Y7</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Precision Oilfield<br> Personnel Services Ltd.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Alberta, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not Applicable
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4200, 150 &#151; 6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Avenue, S.W. <br>Calgary, Alberta, Canada T2P 3Y7</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV 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"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General information. Furnish the following information as to the Trustee:</B></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"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Name and address of each examining or supervising authority to which it is
subject.</B></TD>
</TR>

</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="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Address</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Superintendent of Banks of the State of New York
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One State Street, New York, N.Y.</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">10004-1417, and Albany, N.Y. 12223</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Federal Reserve Bank of New York
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33 Liberty Street, New York, N.Y. 10045</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Federal Deposit Insurance Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Washington, D.C. 20429</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">New York Clearing House Association
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, New York 10005</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Whether it is authorized to exercise corporate trust powers.</B></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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes.</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"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Affiliations with Obligor.</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>If the obligor is an affiliate of the trustee, describe each such affiliation.</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None.</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"><B>16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>List of Exhibits.</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exhibits identified in parentheses below, on file with the Commission, are incorporated
herein by reference as an exhibit hereto, pursuant to Rule&nbsp;7a-29 under the Trust Indenture
Act of 1939 (the &#147;Act&#148;) and 17 C.F.R. 229.</B><B>10(d)</B><B>.</B></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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the Organization Certificate of The Bank of New York Mellon
(formerly The Bank of New York and formerly Irving Trust Company) as now in effect,
which contains the authority to commence business and a grant of powers to exercise
corporate trust powers. (Exhibit&nbsp;1 to Amendment No.&nbsp;1 to Form T-1 filed with
Registration Statement No.&nbsp;33-6215, Exhibits 1a and 1b to Form T-1 filed with
Registration Statement No.&nbsp;33-21672, Exhibit&nbsp;1 to Form T-1 filed with Registration
Statement No.&nbsp;33-29637 and Exhibit&nbsp;1 to Form T-1 filed with Registration Statement No.
333-121195 and Exhibit&nbsp;1 to Form T-1 filed with Registration Statement No.
333-152735.)</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the existing By-laws of the Trustee. (Exhibit&nbsp;4 to Form T-1 filed
with Registration Statement No.&nbsp;333-121195.)</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consent of the Trustee required by Section 321(b) of the Act. (Exhibit&nbsp;6
to Form T-1 filed with Registration Statement No.&nbsp;333-152735.)
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the latest report of condition of the Trustee published pursuant to
law or to the requirements of its supervising or examining authority.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Act, the Trustee, The Bank of New York Mellon, a corporation
organized and existing under the laws of the State of New York, has duly caused this statement of
eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The
City of New York, and State of New York, on the 2<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> day of May, 2011.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">THE BANK OF NEW YORK MELLON<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Teisha Wright
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Teisha Wright&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Associate&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><u><B>
EXHIBIT 7</B></u>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Consolidated Report of Condition of
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE BANK OF NEW YORK MELLON
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">of One Wall Street, New York, N.Y. 10286<BR>
And Foreign and Domestic Subsidiaries,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">a member of the Federal Reserve System, at the close of business December&nbsp;31, 2010, published in
accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions
of the Federal Reserve Act.
</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="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Dollar Amounts In Thousands</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and balances due from depository
institutions:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Noninterest-bearing balances and currency
and coin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,924,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest-bearing balances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,634,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Held-to-maturity securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,651,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,491,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal funds sold and securities purchased
under agreements to resell:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal funds sold in domestic offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities purchased under agreements to
resell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,792,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans and lease financing receivables:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans and leases held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans and leases, net of unearned income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,307,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">LESS: Allowance for loan and
lease losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">482,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans and leases, net of unearned
income and allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,825,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trading assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,910,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premises and fixed assets (including
capitalized leases)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,163,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other real estate owned</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments in unconsolidated subsidiaries and
associated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">947,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Direct and indirect investments in real estate
ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,364,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,805,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Dollar Amounts In Thousands</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,317,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,855,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">In domestic offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,674,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Noninterest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,246,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,428,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">In foreign offices, Edge and Agreement
subsidiaries, and IBFs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,029,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Noninterest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,900,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,129,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal funds purchased and securities sold
under agreements to repurchase:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal funds purchased in domestic offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,272,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities sold under agreements to
repurchase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,550,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trading liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,207,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other borrowed money:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(includes mortgage indebtedness and
obligations under capitalized leases)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,191,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Not applicable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Not applicable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subordinated notes and debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,490,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,577,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" 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">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165,990,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>EQUITY CAPITAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Perpetual preferred stock and related
surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,135,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Surplus (exclude all surplus related to
preferred stock)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,591,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,821,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-1,044,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other equity capital components</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total bank equity capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,503,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Noncontrolling (minority)&nbsp;interests in
consolidated subsidiaries </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total equity capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,865,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities and equity capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,855,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, Thomas P. Gibbons, Chief Financial Officer of the above-named bank do hereby declare that this
Report of Condition is true and correct to the best of my knowledge and belief.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Thomas P. Gibbons,<BR>
Chief Financial Officer
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the undersigned directors, attest to the correctness of this statement of resources and
liabilities. We declare that it has been examined by us, and to the best of our knowledge and
belief has been prepared in conformance with the instructions and is true and correct.
</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="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert P. Kelly</DIV></TD>
    <TD style="border-top: 1px solid #000000; border-right: 1px solid #000000">&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">Gerald L. Hassell
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Directors</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Catherine A. Rein</DIV></TD>
    <TD style="border-bottom: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>49
<FILENAME>o69608exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99.1</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PRECISION
    DRILLING CORPORATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">LETTER OF TRANSMITTAL</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">OFFER TO EXCHANGE</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">US$650,000,000 AGGREGATE
    PRINCIPAL AMOUNT OF ITS 6.625% SENIOR NOTES&#160;DUE 2020, WHICH
    HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
    AMENDED, FOR ANY AND ALL OF ITS OUTSTANDING 6.625% SENIOR
    NOTES&#160;DUE 2020</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">THE EXCHANGE OFFER WILL EXPIRE
    AT 11:59&#160;P.M., NEW YORK CITY TIME,
    ON&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 (THE &#147;EXPIRATION DATE&#148;) UNLESS THE OFFER IS
    EXTENDED. TENDERS MAY BE WITHDRAWN PRIOR TO 11:59&#160;P.M., NEW
    YORK CITY TIME,
    ON&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011.</FONT></B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>The Exchange Agent for the Exchange Offer is:</I></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>THE BANK OF NEW YORK MELLON</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="34%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>By Registered or Certified Mail:</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I>By Regular Mail:</I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I>By Overnight Courier or Hand Delivery:</I>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    The Bank of New York Mellon Corporation<BR>
    Corporate Trust&#160;Reorganization Unit 480 Washington
    Boulevard&#160;&#151;<BR>
    27<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Floor<BR>
    Jersey City, NJ 07310<BR>
    Attn: Ms.&#160;Diane Amoroso<BR>
    Telephone:
    <FONT style="white-space: nowrap">(212)&#160;815-2742</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    The Bank of New York Mellon Corporation<BR>
    Corporate Trust Reorganization Unit 480 Washington
    Boulevard&#160;&#151;<BR>
    27<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Floor<BR>
    Jersey City, NJ 07310 <BR>
    Attn: Ms. Diane Amoroso Telephone:&#160;(212) 815-2742
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    The Bank of New York Mellon Corporation<BR>
    Corporate Trust Reorganization Unit 480 Washington
    Boulevard&#160;&#151;<BR>
    27<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Floor <BR>
    Jersey City, NJ 07310<BR>
    Attn: Ms. Diane Amoroso Telephone:&#160;(212) 815-2742
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I>By Facsimile Transmission</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I>(eligible institutions only):</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    (212) 298-1915
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <I>Telephone Inquiries:</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    (212) 815-2742
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS OTHER
    THAN AS SET FORTH ABOVE, OR TRANSMISSION OF THIS LETTER OF
    TRANSMITTAL VIA FACSIMILE TRANSMISSION WHEN PERMITTED TO A
    NUMBER OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID
    DELIVERY. THE INSTRUCTIONS&#160;ACCOMPANYING THIS LETTER OF
    TRANSMITTAL SHOULD BE READ CAREFULLY BEFORE THIS LETTER OF
    TRANSMITTAL IS COMPLETED.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders of Outstanding Notes (as defined below) should complete
    this Letter of Transmittal either if Outstanding Notes are to be
    forwarded herewith or if tenders of Outstanding Notes are to be
    made by book-entry transfer to an account maintained by the
    Exchange Agent at the book-entry transfer facility specified by
    the holder pursuant to the procedures set forth in &#147;The
    Exchange Offer&#160;&#151; Book-Entry Delivery Procedures&#148;
    and &#147;The Exchange Offer&#160;&#151; Procedures for
    Tendering Outstanding Notes&#148; in the Prospectus (as defined
    below) and an &#147;Agent&#146;s Message&#148; (as defined
    below) is not delivered. If tender is being made by book-entry
    transfer, the holder must have an Agent&#146;s Message delivered
    in lieu of this Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders of Outstanding Notes whose certificates for such
    Outstanding Notes are not immediately available or who cannot
    deliver their certificates and all other required documents to
    the Exchange Agent on or prior to the Expiration Date or who
    cannot complete the procedures for book-entry transfer on a
    timely basis may tender their Outstanding Notes according to the
    guaranteed delivery procedures set forth in &#147;The Exchange
    Offer&#160;&#151; Guaranteed Delivery Procedures&#148; in the
    Prospectus.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless the context otherwise requires, the term
    &#147;holder&#148; for purposes of this Letter of Transmittal
    means any person in whose name Outstanding Notes are registered
    or any other person who has obtained a properly completed bond
    power from the registered holder or any person whose Outstanding
    Notes are held of record by The Depository Trust&#160;Company
    (&#147;DTC&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned acknowledges receipt of the Prospectus
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 (as it may be amended or supplemented from time to time,
    the &#147;Prospectus&#148;) of Precision Drilling Corporation, a
    corporation amalgamated under the laws of the Province of
    Alberta, Canada (the &#147;Company&#148;), and certain of the
    Company&#146;s subsidiaries (each, a &#147;Guarantor&#148; and
    collectively, the &#147;Guarantors&#148;), this Letter of
    Transmittal (the &#147;Letter of Transmittal&#148;), and, if
    resident in Canada, the corresponding confidential Canadian
    offering memorandum of which the Prospectus forms a part (the
    &#147;Canadian Offering Memorandum&#148;) which together, as
    applicable, constitute the Company&#146;s offer (the
    &#147;Exchange Offer&#148;) to exchange up to US$650,000,000
    aggregate principal amount of its 6.625% Senior Notes due 2020
    (the &#147;Exchange Notes&#148;), which have been registered
    under the Securities Act of 1933, as amended (the
    &#147;Securities Act&#148;), for any and all of its outstanding
    6.625% Senior Notes due 2020 (the &#147;Outstanding
    Notes&#148;). The Outstanding Notes are unconditionally
    guaranteed (the &#147;Old Guarantees&#148;) by the Guarantors
    and the Exchange Notes will be unconditionally guaranteed (the
    &#147;New Guarantees&#148;) by the Guarantors. Upon the terms
    and subject to the conditions set forth in the Prospectus
    (which, where the context dictates and when used in respect of
    holders of Outstanding Notes resident in Canada, includes the
    Canadian Offering Memorandum) and this Letter of Transmittal,
    the Guarantors offer to issue the New Guarantees with respect to
    all Exchange Notes issued in the Exchange Offer in exchange for
    the Old Guarantees of the Outstanding Notes for which such
    Exchange Notes are issued in the Exchange Offer. Throughout this
    Letter of Transmittal, unless the context otherwise requires and
    whether so expressed or not, references to the &#147;Exchange
    Offer&#148; include the Guarantors&#146; offer to exchange the
    New Guarantees for the Old Guarantees, references to the
    &#147;Exchange Notes&#148; include the related New Guarantees
    and references to the &#147;Outstanding Notes&#148; include the
    related Old Guarantees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For each Outstanding Note accepted for exchange, the holder of
    such Outstanding Note will receive an Exchange Note having a
    principal amount equal to that of the surrendered Outstanding
    Note. The Exchange Notes will accrue interest at a rate of
    6.625% per annum, payable on May 15 and November 15 of each year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Capitalized terms used but not defined herein shall have the
    same meaning given them in the Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    YOUR BANK OR BROKER CAN ASSIST YOU IN COMPLETING THIS FORM. THE
    INSTRUCTIONS&#160;INCLUDED WITH THIS LETTER OF TRANSMITTAL MUST
    BE FOLLOWED. QUESTIONS AND REQUESTS FOR ASSISTANCE OR FOR
    ADDITIONAL COPIES OF THE PROSPECTUS AND THIS LETTER OF
    TRANSMITTAL MAY BE DIRECTED TO THE EXCHANGE AGENT, WHOSE ADDRESS
    AND TELEPHONE NUMBER APPEAR ON THE FRONT PAGE&#160;OF THIS
    LETTER OF TRANSMITTAL.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned has completed the appropriate boxes below and
    signed this Letter of Transmittal to indicate the action that
    the undersigned desires to take with respect to the Exchange
    Offer.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PLEASE
    READ THE ENTIRE LETTER OF TRANSMITTAL AND THE PROSPECTUS<BR>
    CAREFULLY BEFORE CHECKING ANY BOX BELOW.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    List below the Outstanding Notes to which this Letter of
    Transmittal relates. If the space provided below is inadequate,
    the certificate numbers and aggregate principal amounts of
    Outstanding Notes should be listed on a separate signed schedule
    affixed hereto.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">All
    Tendering Holders Complete Box 1:</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Box 1*<BR>
    </FONT></B>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD colspan="13" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
    <B>Description of Outstanding Notes Tendered Herewith</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>Name(s) and<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>Address(es) of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>Registered<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>Holder(s)<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>(Please fill in, if<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Certificate or<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Principal<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Aggregate Principal<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>blank, exactly as<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registration<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount Represented<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Amount of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>name(s) appear(s)<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Series of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number(s) of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>by Outstanding<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Outstanding Notes<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>on Certificate(s))</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Outstanding Notes</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Outstanding Notes**</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Notes</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Being Tendered***</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>Total:</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -15pt; margin-left: 20pt">
    *&#160;&#160;If the space provided is inadequate, list the
    certificate numbers and principal amount of Outstanding Notes on
    a separate signed schedule and attach the list to this Letter of
    Transmittal.
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -20pt; margin-left: 20pt">
    **&#160;&#160;Need not be completed by book-entry holders.
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="13" align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -20pt; margin-left: 20pt">
    ***&#160;The minimum permitted tender is US$2,000 in principal
    amount. All tenders must be in the amount of US$2,000 or in
    integral multiples of US$1,000 in excess thereof. Unless
    otherwise indicated in this column, the holder will be deemed to
    have tendered the full aggregate principal amount represented by
    such Outstanding Notes. See instruction&#160;2.
</DIV>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Box 2<BR>
    Book-Entry Transfer</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;</TD>
    <TD align="left">
    CHECK HERE IF TENDERED OUTSTANDING NOTES&#160;ARE BEING
    DELIVERED BY BOOK-ENTRY TRANSFER MADE TO THE ACCOUNT MAINTAINED
    BY THE EXCHANGE AGENT AND COMPLETE THE FOLLOWING:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name of Tendering
    Institution:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Account
    Number:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Transaction Code
    Number:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders of Outstanding Notes that are tendering by book-entry
    transfer to the Exchange Agent&#146;s account at DTC can execute
    the tender through DTC&#146;s Automated Tender Offer Program
    (&#147;ATOP&#148;), for which the transaction will be eligible.
    DTC participants that are accepting the Exchange Offer must
    transmit their acceptances to DTC, which will verify the
    acceptance and execute a book-entry delivery to the Exchange
    Agent&#146;s account at DTC. DTC will then send a
    computer-generated message (an &#147;Agent&#146;s Message&#148;)
    to the Exchange Agent for its acceptance in which the holder of
    the Outstanding Notes acknowledges and agrees to be bound by the
    terms of, and makes the representations and warranties contained
    in, this Letter of Transmittal, and the DTC participant confirms
    on behalf of itself and the beneficial owners of such
    Outstanding Notes all provisions of this Letter of Transmittal
    (including any representations and warranties) applicable to it
    and such beneficial owner as fully as if it had completed the
    information required herein and executed and transmitted this
    Letter of Transmittal to the Exchange Agent. Each DTC
    participant and the beneficial owners of any tendered
    Outstanding Notes transmitting an acceptance of the Exchange
    Offer through the ATOP procedures will be deemed to have agreed
    on behalf of itself to be bound by the terms of this Letter of
    Transmittal. Delivery of an Agent&#146;s Message by DTC will
    satisfy the terms of the Exchange Offer as to execution and
    delivery of a Letter of Transmittal by the participant
    identified in the Agent&#146;s Message. DTC participants may
    also accept the Exchange Offer by submitting a Notice of
    Guaranteed Delivery through an Agent&#146;s Message via ATOP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Box 3<BR>
    Notice of Guaranteed Delivery<BR>
    (See Instruction&#160;1 below)</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;</TD>
    <TD align="left">
    CHECK HERE IF TENDERED OUTSTANDING NOTES&#160;ARE BEING
    DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY
    SENT TO THE EXCHANGE AGENT AND COMPLETE THE FOLLOWING:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="28%"></TD>
    <TD width="72%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Name(s) of Registered Holder(s):</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="28%"></TD>
    <TD width="72%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Window Ticket Number (if any):</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="55%"></TD>
    <TD width="45%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Name of Eligible Guarantor Institution that Guaranteed Delivery:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="45%"></TD>
    <TD width="55%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Date of Execution of Notice of Guaranteed Delivery:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="73%"></TD>
    <TD width="27%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    IF GUARANTEED DELIVERY IS TO BE MADE BY BOOK-ENTRY TRANSFER:</TD>
    <TD align="left">

</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="26%"></TD>
    <TD width="74%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Name of Tendering Institution:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="15%"></TD>
    <TD width="85%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Account Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="22%"></TD>
    <TD width="78%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Transaction Code Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Box 4<BR>
    Return of Non-Exchanged Outstanding Notes<BR>
    Tendered by Book-Entry Transfer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;</TD>
    <TD align="left">
    CHECK HERE IF OUTSTANDING NOTES&#160;TENDERED BY BOOK-ENTRY
    TRANSFER AND NON-EXCHANGED OUTSTANDING NOTES&#160;ARE TO BE
    RETURNED BY CREDITING THE ACCOUNT NUMBER SET FORTH ABOVE.
</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Box 5<BR>
    Participating Broker-Dealer</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;</TD>
    <TD align="left">
    CHECK HERE IF YOU ARE A BROKER-DEALER WHO ACQUIRED THE
    OUTSTANDING NOTES&#160;FOR YOUR OWN ACCOUNT AS A RESULT OF
    MARKET-MAKING OR OTHER TRADING ACTIVITIES AND WISH TO RECEIVE
    TEN (10)&#160;ADDITIONAL COPIES OF THE PROSPECTUS AND OF ANY
    AMENDMENTS OR SUPPLEMENTS THERETO.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Address:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the undersigned is not a broker-dealer, the undersigned
    represents that it is acquiring the Exchange Notes in the
    ordinary course of business and has no arrangement or
    understanding with any person to participate in a distribution
    of the Exchange Notes. If the undersigned is a broker-dealer
    that will receive Exchange Notes for its own account in exchange
    for Outstanding Notes that were acquired as a result of
    market-making activities or other trading activities, it
    acknowledges that it will deliver a prospectus meeting the
    requirements of the Securities Act in connection with any resale
    or transfer of such Exchange Notes; however, by so acknowledging
    and by delivering a prospectus, the undersigned will not be
    deemed to admit that it is an &#147;underwriter&#148; within the
    meaning of the Securities Act. A broker-dealer may not
    participate in the Exchange Offer with respect to Outstanding
    Notes acquired other than as a result of market-making
    activities or other trading activities. Any broker-dealer who
    purchased Outstanding Notes from the Company to resell pursuant
    to Rule&#160;144A under the Securities Act or any other
    available exemption under the Securities Act must comply with
    the registration and prospectus delivery requirements under the
    Securities Act.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Box 6<BR>
    Holders of Outstanding Notes&#160;Resident in Canada</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;</TD>
    <TD align="left">
    CHECK HERE IF YOU ARE A HOLDER OF OUTSTANDING NOTES&#160;THAT IS
    RESIDENT OF CANADA AND YOU ACKNOWLEDGE AND CONFIRM ALL OF THE
    REPRESENTATIONS, AGREEMENTS, CONFIRMATIONS AND CERTIFICATIONS
    SET FORTH UNDER THE HEADING &#147;REPRESENTATIONS OF
    HOLDERS&#148; IN THE CANADIAN OFFERING MEMORANDUM.
</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PLEASE
    READ THE ACCOMPANYING INSTRUCTIONS&#160;CAREFULLY</FONT></B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ladies and Gentlemen:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon the terms and subject to the conditions of the Exchange
    Offer, the undersigned hereby tenders to the Company the
    aggregate principal amount of the Outstanding Notes indicated
    above. Subject to, and effective upon, the acceptance for
    exchange of all or any portion of the Outstanding Notes tendered
    herewith in accordance with the terms and conditions of the
    Exchange Offer (including, if the Exchange Offer is extended or
    amended, the terms and conditions of any such extension or
    amendment), the undersigned hereby exchanges, assigns and
    transfers to, or upon the order of, the Company all right, title
    and interest in and to such Outstanding Notes as are being
    tendered herewith.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned hereby irrevocably constitutes and appoints the
    Exchange Agent as its true and lawful agent and attorney-in-fact
    of the undersigned (with full knowledge that the Exchange Agent
    also acts as the agent of the Company, in connection with the
    Exchange Offer) with respect to the tendered Outstanding Notes,
    with full power of substitution and resubstitution (such power
    of attorney being deemed an irrevocable power coupled with an
    interest) to (1)&#160;deliver certificates representing such
    Outstanding Notes, or transfer ownership of such Outstanding
    Notes on the account books maintained by the book-entry transfer
    facility specified by the holder(s) of the Outstanding Notes,
    together, in each such case, with all accompanying evidences of
    transfer and authenticity to, or upon the order of, the Company,
    and (2)&#160;present and deliver such Outstanding Notes for
    transfer on the books of the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned hereby represents and warrants that (a)&#160;the
    undersigned has full power and authority to tender, exchange,
    assign and transfer the Outstanding Notes tendered hereby,
    (b)&#160;when such tendered Outstanding Notes are accepted for
    exchange, the Company will acquire good and unencumbered title
    thereto, free and clear of all liens, restrictions, charges and
    encumbrances and (c)&#160;the Outstanding Notes tendered for
    exchange are not subject to any adverse claims or proxies when
    accepted by the Company. The undersigned hereby further
    represents that any Exchange Notes acquired in exchange for
    Outstanding Notes tendered hereby will have been acquired in the
    ordinary course of business of the person receiving such
    Exchange Notes, whether or not such person is the undersigned,
    that neither the holder of such Outstanding Notes nor any such
    other person is engaged in or intends to engage in, nor has an
    arrangement or understanding with any person to participate in,
    the distribution of such Exchange Notes, and that neither the
    holder of such Outstanding Notes nor any such other person is an
    &#147;affiliate,&#148; as such term is defined in Rule&#160;405
    under the Securities Act, of the Company or any Guarantor. If
    the undersigned is a person in the United Kingdom, the
    undersigned represents that its ordinary activities involve it
    in acquiring, holding, managing or disposing of investments (as
    principal or agent) for the purposes of its business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned also acknowledges that the Exchange Offer is
    being made based on the Company&#146;s understanding of an
    interpretation by the staff of the Securities and Exchange
    Commission (the &#147;SEC&#148;) as set forth in no-action
    letters issued to third parties, including <I>Morgan
    Stanley&#160;&#038; Co. Incorporated </I>(available June&#160;5,
    1991), <I>Exxon Capital Holdings Corporation </I>(available
    May&#160;13, 1988), as interpreted in the SEC&#146;s letter to
    <I>Shearman&#160;&#038; Sterling, </I>dated July&#160;2, 1993,
    or similar no-action letters, that the Exchange Notes issued in
    exchange for the Outstanding Notes pursuant to the Exchange
    Offer may be offered for resale, resold and otherwise
    transferred in the United States by each holder thereof (other
    than a broker-dealer who acquires such Exchange Notes directly
    from the Company for resale pursuant to Rule&#160;144A under the
    Securities Act or any other available exemption under the
    Securities Act or any such holder that is an
    &#147;affiliate&#148; of the Company or the Guarantors within
    the meaning of Rule&#160;405 under the Securities Act), without
    compliance with the registration and prospectus delivery
    provisions of the Securities Act, provided that such Exchange
    Notes are acquired in the ordinary course of such holder&#146;s
    business and such holder is not engaged in, and does not intend
    to engage in, a distribution of such Exchange Notes and has no
    arrangement or understanding with any person to participate in
    the distribution of such Exchange Notes. If a holder of the
    Outstanding Notes is an affiliate of the Company or the
    Guarantors, is not acquiring the Exchange Notes in the ordinary
    course of its business, is engaged in or intends to engage in a
    distribution of the Exchange Notes or has any arrangement or
    understanding with respect to the distribution of the Exchange
    Notes to be acquired pursuant to the Exchange Offer, such holder
    (x)&#160;may not rely on the applicable interpretations of the
    staff of the SEC and (y)&#160;must comply with the registration
    and prospectus delivery requirements of the Securities Act in
    connection with any secondary resale transaction. If the
    undersigned is a broker-dealer that will receive the Exchange
    Notes for its own account in exchange for the Outstanding Notes,
    it represents that the Outstanding Notes to be exchanged for the
    Exchange Notes were acquired by it as a result of market-making
    activities or other trading activities and acknowledges that it
    will deliver a prospectus in connection with any resale or
    transfer of such Exchange Notes; however, by so acknowledging
    and by delivering a prospectus, the undersigned will not be
    deemed to admit that it is an &#147;underwriter&#148; within the
    meaning of the Securities Act.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event the undersigned is a holder of Outstanding Notes
    that is resident in Canada, it acknowledges that each Exchange
    Note issued to the undersigned pursuant to the Exchange offer
    will bear a legend substantially to the following effect:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
    THIS SECURITY MUST NOT TRADE THE SECURITY TO A RESIDENT OF
    CANADA BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE
    DISTRIBUTION DATE.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned will, upon request, execute and deliver any
    additional documents deemed by the Company or the Exchange Agent
    to be necessary or desirable to complete the exchange,
    assignment and transfer of the tendered Outstanding Notes or
    transfer ownership of such Outstanding Notes on the account
    books maintained by the book-entry transfer facility. The
    undersigned further agrees that acceptance of any and all
    validly tendered Outstanding Notes by the Company and the
    issuance of Exchange Notes in exchange therefor shall constitute
    performance in full by the Company of its obligations under the
    Registration Rights Agreement, dated November&#160;17, 2010
    among Precision Drilling Corporation, the subsidiary guarantors
    party thereto and the initial purchasers of the Outstanding
    Notes (the &#147;Registration Rights Agreement&#148;), and that
    the Company shall have no further obligations or liabilities
    thereunder except as provided in Section&#160;5
    (indemnification) of such agreement. The undersigned will comply
    with its obligations under the Registration Rights Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Exchange Offer is subject to certain conditions as set forth
    in the Prospectus under the caption &#147;The Exchange
    Offer&#160;&#151; Conditions to the Exchange Offer.&#148; The
    undersigned recognizes that as a result of these conditions
    (which may be waived, in whole or in part, by the Company), as
    more particularly set forth in the Prospectus, the Company may
    not be required to exchange any of the Outstanding Notes
    tendered hereby and, in such event, the Outstanding Notes not
    exchanged will be returned to the undersigned at the address
    shown above, promptly following the expiration or termination of
    the Exchange Offer. In addition, the Company may amend the
    Exchange Offer at any time prior to the Expiration Date if any
    of the conditions set forth under &#147;The Exchange
    Offer&#160;&#151; Conditions to the Exchange Offer&#148; occur.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All authority herein conferred or agreed to be conferred in this
    Letter of Transmittal shall survive the death or incapacity of
    the undersigned and every obligation of the undersigned
    hereunder shall be binding upon the successors, assigns, heirs,
    administrators, trustees in bankruptcy and legal representatives
    of the undersigned. Tendered Outstanding Notes may be withdrawn
    at any time prior to the Expiration Date in accordance with the
    procedures set forth in the terms of this Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise indicated herein in the box entitled
    &#147;Special Registration Instructions&#148; below, please
    deliver the Exchange Notes (and, if applicable, substitute
    certificates representing the Outstanding Notes for any
    Outstanding Notes not exchanged) in the name of the undersigned
    or, in the case of a book-entry delivery of the Outstanding
    Notes, please credit the account indicated above. Similarly,
    unless otherwise indicated under the box entitled &#147;Special
    Delivery Instructions&#148; below, please send the Exchange
    Notes (and, if applicable, substitute certificates representing
    the Outstanding Notes for any Outstanding Notes not exchanged)
    to the undersigned at the address shown above in the box
    entitled &#147;Description of Outstanding Notes&#160;Tendered
    Herewith.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>THE UNDERSIGNED, BY COMPLETING THE BOX ENTITLED
    &#147;DESCRIPTION OF OUTSTANDING NOTES&#160;TENDERED
    HEREWITH&#148; ABOVE AND SIGNING THIS LETTER, WILL BE DEEMED TO
    HAVE TENDERED THE OUTSTANDING NOTES&#160;AS SET FORTH IN SUCH
    BOX.</B>
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Box 7<BR>
    SPECIAL REGISTRATION INSTRUCTIONS<BR>
    (See Instructions&#160;4 and 5)</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To be completed ONLY if certificates for the Outstanding Notes
    not tendered
    <FONT style="white-space: nowrap">and/or</FONT>
    certificates for the Exchange Notes are to be issued in the name
    of someone other than the registered holder(s) of the
    Outstanding Notes whose name(s) appear(s) above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Issue:&#160;&#160;</TD>
    <TD align="left">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Outstanding
    Notes not tendered to:
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Exchange
    Notes to:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Name(s):</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Please Print or Type)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Address:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Include Zip/Postal
    Code)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="36%"></TD>
    <TD width="64%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Daytime Area Code and Telephone Number.</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 36%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="21%"></TD>
    <TD width="79%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Taxpayer Identification, Social Security Number or Social
    Insurance Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 21%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Box 8<BR>
    SPECIAL DELIVERY INSTRUCTIONS<BR>
    (See Instructions&#160;4 and 5)</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To be completed ONLY if certificates for the Outstanding Notes
    not tendered
    <FONT style="white-space: nowrap">and/or</FONT>
    certificates for the Exchange Notes are to be sent in the name
    of someone other than the registered holder(s) of the
    Outstanding Notes whose name(s) appear(s) above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Send:&#160;&#160;</TD>
    <TD align="left">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Outstanding
    Notes not tendered to:
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;Exchange
    Notes to:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Name(s):</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Please Print or Type)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Address:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Include Zip/Postal
    Code)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="36%"></TD>
    <TD width="64%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Daytime Area Code and Telephone Number.</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 36%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="21%"></TD>
    <TD width="79%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Taxpayer Identification, Social Security Number or Social
    Insurance Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 21%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Box 9<BR>
    TENDERING HOLDER(S) SIGN HERE<BR>
    (Complete accompanying substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    or applicable
    <FONT style="white-space: nowrap">Form&#160;W-8)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Must be signed by the registered holder(s) (which term, for the
    purposes described herein, shall include the book-entry transfer
    facility whose name appears on a security listing as the owner
    of the Outstanding Notes) of the Outstanding Notes exactly as
    their name(s) appear(s) on the Outstanding Notes hereby tendered
    or by any person(s) authorized to become the registered
    holder(s) by properly completed bond powers or endorsements and
    documents transmitted herewith. If signature is by a trustee,
    executor, administrator, guardian, attorney-in-fact, officer of
    a corporation or other person acting in a fiduciary or
    representative capacity, please set forth the full title of such
    person. See Instruction&#160;4.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Signature(s) of
    Holder(s))</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Date:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="11%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#160;&#160;&#160;&#160;&#160;Name(s):</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Please Type or Print)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="16%"></TD>
    <TD width="84%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Capacity (full title):</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="11%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#160;&#160;&#160;&#160;&#160;Address:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Including Zip Code)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Daytime Area Code and Telephone Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="43%"></TD>
    <TD width="57%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Taxpayer Identification or Social Security Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">GUARANTEE
    OF SIGNATURE(S)<BR>
    (If Required&#160;&#151; See Instruction&#160;4)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="22%"></TD>
    <TD width="78%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#160;&#160;&#160;&#160;&#160;Authorized Signature:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Date:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Name:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Title:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Name of Firm:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="18%"></TD>
    <TD width="82%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#160;&#160;&#160;&#160;&#160;Address of Firm:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Include Zip Code)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="30%"></TD>
    <TD width="70%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Area Code and Telephone Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="43%"></TD>
    <TD width="57%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Taxpayer Identification or Social Security Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="28%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="40%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="28%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="7" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Box 10 <BR>
    </FONT></B>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD colspan="7" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
    <B>PAYER&#146;S NAME: THE BANK OF NEW YORK MELLON</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -0pt; margin-left: 0pt;">
<B>Substitute <BR><FONT style="font-variant: SMALL-CAPS">Form </FONT><FONT style="font-size: 16pt"><FONT style="white-space: nowrap">W-9</FONT><!-- WS --> <BR><BR></FONT></B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    <B>Part 1</B>&#160;&#151; PLEASE PROVIDE YOUR TIN IN THE BOX AT
    RIGHT AND CERTIFY BY SIGNING AND DATING BELOW.
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -0pt; margin-left: 0pt;">
<BR><DIV style="font-size: 3pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Name
</DIV>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
    <B><FONT style="font-size: 10pt">Department of the Treasury
    Internal Revenue Service</FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    Social Security Number <BR>
    OR
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
    <B>Payer&#146;s Request for Taxpayer Identification Number
    (TIN)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
<DIV style="text-indent: -0pt; margin-left: 0pt;">
Employer Identification Number <BR><FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173; &#173;</U></FONT><!-- WS -->
</DIV>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Part 3&#160;&#151; Awaiting
    TIN&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT></B>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Part 2&#160;&#151; Certification&#160;&#151; UNDER THE
    PENALTIES OF PERJURY, I CERTIFY THAT:<BR>
    (1)&#160;The number shown on this form is my correct Taxpayer
    Identification Number (or I am waiting for a number to be issued
    to me), and<BR>
    (2)&#160;I am not subject to backup withholding because (a) I am
    exempt from backup withholding, or (b) I have not been notified
    by the Internal Revenue Service (the &#147;IRS&#148;) that I am
    subject to backup withholding as a result of a failure to report
    all interest or dividends, or (c) the IRS has notified me that I
    am no longer subject to backup withholding, and<BR>
    (3)&#160;I am a U.S. person (including a U.S. resident
    alien).</B>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>CERTIFICATE INSTRUCTIONS&#160;&#151; You must cross out item
    (2) above if you have been notified by the IRS that you are
    currently subject to backup withholding because of
    under-reporting interest or dividends on your tax return.
    However, if after being notified by the IRS that you were
    subject to backup withholding you received another notification
    from the IRS that you are no longer subject to backup
    withholding, do not cross out such item (2).</B>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>The Internal Revenue Service does not require your consent to
    any provision of this document other than the certifications
    required to avoid backup withholding.</B>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
<DIV style="text-indent: -49pt; margin-left: 49pt">
    <B>Sign
    Here:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
<DIV style="text-indent: -44pt; margin-left: 44pt">
    <B>Signature</B>&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
<DIV style="text-indent: -23pt; margin-left: 23pt">
    <B>Date</B>&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-size: 8pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>NOTE:&#160;&#160;FAILURE TO COMPLETE AND RETURN THIS
    FORM&#160;MAY RESULT IN BACKUP WITHHOLDING OF 28% OF ANY
    REPORTABLE PAYMENTS MADE TO YOU PURSUANT TO THE EXCHANGE OFFER.
    PLEASE REVIEW THE ENCLOSED GUIDELINES FOR CERTIFICATION OF
    TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE
    <FONT style="white-space: nowrap">FORM&#160;W-9</FONT>
    FOR ADDITIONAL DETAILS.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">YOU MUST
    COMPLETE THE FOLLOWING CERTIFICATE IF YOU<BR>
    CHECKED THE BOX IN PART&#160;3 OF THE SUBSTITUTE
    <FONT style="white-space: nowrap">FORM&#160;W-9.</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>CERTIFICATE OF AWAITING TAXPAYER IDENTIFICATION NUMBER</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    I certify under penalties of perjury that a taxpayer
    identification number has not been issued to me, and either
    (1)&#160;I have mailed or delivered an application to receive a
    taxpayer identification number to the appropriate Internal
    Revenue Service Center or Social Security Administration Office,
    or (2)&#160;I intend to mail or deliver an application in the
    near future. I understand that if I do not provide a taxpayer
    identification number by the time of payment, 28% of all
    reportable payments made to me will be withheld and, if the
    Exchange Agent is not provided with a TIN within 60&#160;days,
    such amounts will be paid over to the Internal Revenue Service.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Signature&#160;<FONT style="word-spacing: 280pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>&#160;Date&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">GUIDELINES
    FOR CERTIFICATION OF TAXPAYER IDENTIFICATION<BR>
    NUMBER ON SUBSTITUTE
    <FONT style="white-space: nowrap">FORM&#160;W-9</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Guidelines for Determining the Proper Identification Number
    for the payee (You) to Give the Payer.</B> &#151;&#160;Social
    security numbers have nine digits separated by two hyphens:
    i.e.,
    <FONT style="white-space: nowrap">000-00-0000.</FONT>
    Employee identification numbers have nine digits separated by
    only one hyphen: i.e.,
    <FONT style="white-space: nowrap">00-0000000.</FONT>
    The table below will help determine the number to give the
    payer. All &#147;Section&#148; references are to the Internal
    Revenue Code of 1986, as amended. &#147;IRS&#148; is the
    Internal Revenue Service.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="45%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="46%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="4" align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    <B>Give the SOCIAL<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>SECURITY number<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="4" align="left" valign="bottom">
    <B>For this type of account:</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>of&#160;&#151;</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    1.
</DIV>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    Individual
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    The individual
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    2.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Two or more individuals (joint account)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The actual owner of the account or, if combined account fund,
    the first individual on the
    account<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    3.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Custodian account of a minor (Uniform Gift to Minors Act)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The minor<SUP style="font-size: 85%; vertical-align: top">2</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    4.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    a.&#160;The usual revocable savings trust account (grantor is
    also trustee)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The
    grantor-trustee<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    b.&#160;So-called trust that is not a legal or valid trust under
    state law
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The actual
    owner<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    5.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Sole proprietorship or disregarded entity owned by an individual
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The owner<SUP style="font-size: 85%; vertical-align: top">3</SUP>

</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="44%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="45%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="4" align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    <B>Give the EMPLOYER<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>IDENTIFICATION number<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="4" align="left" valign="bottom">
    <B>For this type of account:</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>of&#160;&#151;</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    6.
</DIV>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    Disregarded entity not owned by an individual
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    The owner
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    7.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    A valid trust, estate, or pension trust
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The legal
    entity<SUP style="font-size: 85%; vertical-align: top">4</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    8.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Corporate or LLC electing corporate status on Form&#160;8832
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The corporation
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    9.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Association, club, religious, charitable, educational, or other
    tax-exempt organization account
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The organization
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    10.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partnership or multi-member LLC
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    The partnership
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    11.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    A broker or registered nominee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The broker or nominee
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    12.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Account with the Department of Agriculture in the name of a
    public entity (such as a state or local government, school
    district, or prison) that receives agricultural program payments
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    The public entity
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent"><!-- TABLE 06 -->

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">1.
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">List first and circle the name of
    the person whose number you furnish. If only one person on a
    joint account has a social security number, that person&#146;s
    number must be furnished.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">2.
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Circle the minor&#146;s name and
    furnish the minor&#146;s social security number.
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">3.
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">You must show your individual name,
    but you may also enter your business or &#147;doing business
    as&#148; name. You may use either your social security number or
    your employer identification number (if you have one).
    </FONT></TD>
</TR>




<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">4.
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">List first and circle the name of
    the legal trust, estate, or pension trust. (Do not furnish the
    taxpayer identification number of the personal representative or
    trustee unless the legal entity itself is not designated in the
    account title.)
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    <I>NOTE:&#160;&#160;</I></TD>
    <TD align="left">
    <I>IF NO NAME IS CIRCLED WHEN THERE IS MORE THAN ONE NAME, THE
    NUMBER WILL BE CONSIDERED TO BE THAT OF THE FIRST NAME
    LISTED.</I>
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">GUIDELINES
    FOR CERTIFICATION OF TAXPAYER IDENTIFICATION<BR>
    NUMBER ON SUBSTITUTE
    <FONT style="white-space: nowrap">FORM&#160;W-9</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Obtaining
    a Number</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you don&#146;t have a taxpayer identification number or you
    don&#146;t know your number, obtain
    <FONT style="white-space: nowrap">Form&#160;SS-5,</FONT>
    Application for a Social Security Card, at the local Social
    Security Administration office, or
    <FONT style="white-space: nowrap">Form&#160;SS-4,</FONT>
    Application for Employer Identification Number, by calling 1
    (800)&#160;TAX-FORM, and apply for a number.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Payees
    Exempt from Backup Withholding</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Payees specifically exempted from backup withholding
    include:</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    An organization exempt from tax under Section&#160;501(a), an
    individual retirement account (IRA), or a custodial account
    under Section&#160;403(b)(7), if the account satisfies the
    requirements of Section&#160;401(f)(2).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The United States or a state thereof, the District of Columbia,
    a possession of the United States, or a political subdivision or
    wholly-owned agency or instrumentality of any one or more of the
    foregoing.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    An international organization or any agency or instrumentality
    thereof.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A foreign government and any political subdivision, agency or
    instrumentality thereof.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Payees that may be exempt from backup withholding include:</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A corporation.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A financial institution.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A dealer in securities or commodities required to register in
    the United States, the District of Columbia, or a possession of
    the United States.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A real estate investment trust.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A common trust fund operated by a bank under Section&#160;584(a).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    An entity registered at all times during the tax year under the
    Investment Company Act of 1940.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A middleman known in the investment community as a nominee or
    custodian.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A futures commission merchant registered with the Commodity
    Futures Trading Commission.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A foreign central bank of issue.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A trust exempt from tax under Section&#160;664 or described in
    Section&#160;4947.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Payments of dividends and patronage dividends generally
    exempt from backup withholding include:</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Payments to nonresident aliens subject to withholding under
    Section&#160;1441.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Payments to partnerships not engaged in a trade or business in
    the United States and that have at least one nonresident alien
    partner.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Payments of patronage dividends not paid in money.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Payments made by certain foreign organizations.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Section&#160;404(k) payments made by an ESOP.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Payments of interest generally exempt from backup withholding
    include:</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Payments of interest on obligations issued by individuals. Note:
    You may be subject to backup withholding if this interest is
    US$600 or more and you have not provided your correct taxpayer
    identification number to the payer.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Payments described in Section&#160;6049(b)(5) to nonresident
    aliens.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Payments on tax-free covenant bonds under Section&#160;1451.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Payments made by certain foreign organizations.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Mortgage interest paid to you.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain payments, other than payments of interest, dividends,
    and patronage dividends, that are exempt from information
    reporting are also exempt from backup withholding. For details,
    see the regulations under Sections&#160;6041, 6041A, 6042, 6044,
    6045, 6049, 6050A and 6050N.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Exempt payees described above must file
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    or a substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    to avoid possible erroneous backup withholding. FILE THIS
    FORM&#160;WITH THE PAYER, FURNISH YOUR TAXPAYER IDENTIFICATION
    NUMBER, WRITE &#147;EXEMPT&#148; IN PART&#160;2 OF THE FORM,
    SIGN AND DATE THE FORM&#160;AND RETURN IT TO THE PAYER.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Privacy Act Notice.</I>&#160;&#151;&#160;Section&#160;6109
    requires you to provide your correct taxpayer identification
    number to payers, who must report the payments to the IRS. The
    IRS uses the number for identification purposes and may also
    provide this information to various government agencies for tax
</DIV>
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    <BR>
    13
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    enforcement or litigation purposes. Payers must be given the
    numbers whether or not recipients are required to file tax
    returns. Payers must generally withhold 28% of taxable interest,
    dividend, and certain other payments to a payee who does not
    furnish a taxpayer identification number to the payer. Certain
    penalties may also apply.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Penalties</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;<B>Failure to Furnish Taxpayer Identification
    Number</B>.&#160;&#151; If you fail to furnish your taxpayer
    identification number to a payer, you are subject to a penalty
    of US$50 for each such failure unless your failure is due to
    reasonable cause and not to willful neglect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;<B>Civil Penalty for False Information with Respect to
    Withholding</B>.&#160;&#151; If you make a false statement with
    no reasonable basis that results in no backup withholding, you
    are subject to a US$500 penalty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;<B>Criminal Penalty for Falsifying
    Information</B>.&#160;&#151; Willfully falsifying certifications
    or affirmations may subject you to criminal penalties including
    fines <FONT style="white-space: nowrap">and/or</FONT>
    imprisonment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">FOR
    ADDITIONAL INFORMATION CONTACT YOUR TAX CONSULTANT OR THE
    INTERNAL REVENUE SERVICE.</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
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    <BR>
    14
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INSTRUCTIONS<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">FORMING
    PART&#160;OF THE TERMS AND CONDITIONS OF THE EXCHANGE
    OFFER</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Please do not send certificates for Outstanding Notes directly
    to the Company. Your certificates for Outstanding Notes,
    together with your signed and completed Letter of Transmittal
    and any required supporting documents, should be mailed or
    otherwise delivered to the Exchange Agent at the address set
    forth on the first page hereof. The method of delivery of
    Outstanding Notes, this Letter of Transmittal and all other
    required documents is at your sole option and risk and the
    delivery will be deemed made only when actually received by the
    Exchange Agent. If delivery is by mail, registered mail with
    return receipt requested, properly insured, or overnight or hand
    delivery service is recommended. In all cases, sufficient time
    should be allowed to ensure timely delivery.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;<I>Delivery of this Letter of Transmittal and
    Certificates; Guaranteed Delivery Procedures.</I>&#160;&#160;A
    holder of Outstanding Notes (which term, for the purposes
    described herein, shall include the book-entry transfer facility
    whose name appears on a security listing as the owner of the
    Outstanding Notes) may tender the same by (i)&#160;properly
    completing and signing this Letter of Transmittal or a facsimile
    hereof (all references in the Prospectus to the Letter of
    Transmittal shall be deemed to include a facsimile thereof) and
    delivering the same, together with the certificate or
    certificates, if applicable, representing the Outstanding Notes
    being tendered and any required signature guarantees and any
    other documents required by this Letter of Transmittal, to the
    Exchange Agent at its address set forth above on or prior to the
    Expiration Date, (ii)&#160;complying with the procedure for
    book-entry transfer described below or (iii)&#160;complying with
    the guaranteed delivery procedures described below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders who wish to tender their Outstanding Notes and
    (i)&#160;whose Outstanding Notes are not immediately available
    or (ii)&#160;who cannot deliver their Outstanding Notes, this
    Letter of Transmittal and all other required documents to the
    Exchange Agent on or prior to the Expiration Date or
    (iii)&#160;who cannot comply with the book-entry transfer
    procedures on a timely basis, must tender their Outstanding
    Notes pursuant to the guaranteed delivery procedure set forth in
    &#147;The Exchange Offer&#160;&#151; Guaranteed Delivery
    Procedures&#148; in the Prospectus and by completing Box 3.
    Holders may tender their Outstanding Notes if: (i)&#160;the
    tender is made by or through an Eligible Guarantor Institution
    (as defined below); (ii)&#160;the Exchange Agent receives by
    mail or hand delivery, or, if no signatures must be guaranteed,
    facsimile transmission, on or prior to the Expiration Date, a
    properly completed and duly executed Notice of Guaranteed
    Delivery in the form provided or Agent&#146;s Message regarding
    Notice of Guaranteed Delivery that (a)&#160;sets forth the name
    and address of the holder of Outstanding Notes, if applicable,
    the certificate number(s) of the Outstanding Notes to be
    tendered and the principal amount of Outstanding Notes tendered;
    (b)&#160;states that the tender is being made thereby; and
    (c)&#160;guarantees that, within three New York Stock Exchange
    trading days after the Expiration Date, this Letter of
    Transmittal, or a facsimile thereof, together with the
    Outstanding Notes, and any other documents required by this
    Letter of Transmittal or a book-entry confirmation and
    Agent&#146;s Message, will be deposited by the Eligible
    Guarantor Institution with the Exchange Agent; and
    (iii)&#160;the Exchange Agent receives a properly completed and
    executed Letter of Transmittal, or facsimile thereof, and the
    certificate(s) representing all tendered Outstanding Notes in
    proper form and all other documents required by this Letter of
    Transmittal or a confirmation of book-entry transfer of the
    Outstanding Notes into the Exchange Agent&#146;s account at the
    appropriate book-entry transfer facility and an Agent&#146;s
    Message within three New York Stock Exchange trading days after
    the Expiration Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any Holder who wishes to tender Outstanding Notes pursuant to
    the guaranteed delivery procedures described above must ensure
    that the Exchange Agent receives the Notice of Guaranteed
    Delivery relating to such Outstanding Notes prior to the
    Expiration Date. Failure to complete the guaranteed delivery
    procedures outlined above will not, of itself, affect the
    validity or effect a revocation of any Letter of Transmittal
    form properly completed and executed by a holder who attempted
    to use the guaranteed delivery procedures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No alternative, conditional, irregular or contingent tenders
    will be accepted. Each tendering holder, by tendering its
    Outstanding Notes, shall waive any right to receive notice of
    the acceptance of the Outstanding Notes for exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;<I>Partial Tenders; Withdrawals.</I>&#160;&#160;Tenders
    of Outstanding Notes will be accepted only in the principal
    amount of US$2,000 and integral multiples of US$1,000 in excess
    thereof. If less than the entire principal amount of Outstanding
    Notes evidenced by a submitted certificate is tendered, the
    tendering holder(s) must fill in the aggregate principal amount
    of Outstanding Notes tendered in the column entitled
    &#147;Description of Outstanding Notes Tendered Herewith&#148;
    in Box 1 above. A newly issued certificate for the Outstanding
    Notes submitted but not tendered will be sent to such holder
    promptly after the
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Expiration Date, unless otherwise provided in the appropriate
    box on this Letter of Transmittal. All Outstanding Notes
    delivered to the Exchange Agent will be deemed to have been
    tendered in full unless otherwise clearly indicated. Outstanding
    Notes tendered pursuant to the Exchange Offer may be withdrawn
    at any time prior to the Expiration Date, after which tenders of
    Outstanding Notes are irrevocable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To be effective with respect to the tender of Outstanding Notes,
    a written notice of withdrawal (which may be delivered by
    telegram, telex or facsimile if signatures are not required to
    be medallion guaranteed) must: (i)&#160;be received by the
    Exchange Agent at the address for the Exchange Agent set forth
    above before the Company notifies the Exchange Agent that it has
    accepted the tender of Outstanding Notes pursuant to the
    Exchange Offer; (ii)&#160;specify the name of the person who
    tendered the Outstanding Notes to be withdrawn;
    (iii)&#160;identify the Outstanding Notes to be withdrawn
    (including the principal amount of such Outstanding Notes, or,
    if applicable, the certificate numbers shown on the particular
    certificates evidencing such Outstanding Notes and the principal
    amount of Outstanding Notes represented by such certificates);
    (iv)&#160;include a statement that such holder is withdrawing
    its election to have such Outstanding Notes exchanged;
    (v)&#160;specify the name in which any such Outstanding Notes
    are to be registered, if different from that of the withdrawing
    holder; and (vi)&#160;be signed by the holder in the same manner
    as the original signature on this Letter of Transmittal
    (including any required signature guarantee). The Exchange Agent
    will return the properly withdrawn Outstanding Notes promptly
    following receipt of notice of withdrawal. If Outstanding Notes
    have been tendered pursuant to the procedure for book-entry
    transfer, any notice of withdrawal must specify the name and
    number of the account at the book-entry transfer facility to be
    credited with the withdrawn Outstanding Notes or otherwise
    comply with the book-entry transfer facility&#146;s procedures.
    All questions as to the validity, form and eligibility of
    notices of withdrawals, including time of receipt, will be
    determined by the Company, and such determination will be final
    and binding on all parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any Outstanding Notes so withdrawn will be deemed not to have
    been validly tendered for exchange for purposes of the Exchange
    Offer. Any Outstanding Notes which have been tendered for
    exchange but which are not accepted for exchange for any reason
    will be returned to the holder thereof without cost to such
    holder (or, in the case of Outstanding Notes tendered by
    book-entry transfer into the Exchange Agent&#146;s account at
    the book entry transfer facility pursuant to the book-entry
    transfer procedures described above, such Outstanding Notes will
    be credited to an account with such book-entry transfer facility
    specified by the holder) promptly after withdrawal, rejection of
    tender or termination of the Exchange Offer. Properly withdrawn
    Outstanding Notes may be retendered by following one of the
    procedures described under the caption &#147;The Exchange
    Offer&#160;&#151; Procedures for Tendering Outstanding
    Notes&#148; in the Prospectus at any time prior to the
    Expiration Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither the Company, any affiliate or assigns of the Company,
    the Exchange Agent nor any other person will be under any duty
    to give any notification of any irregularities in any notice of
    withdrawal or incur any liability for failure to give such
    notification (even if such notice is given to other persons).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;<I>Beneficial Owner Instructions.</I>&#160;&#160;Only a
    holder of Outstanding Notes (i.e., a person in whose name
    Outstanding Notes are registered on the books of the registrar
    or, or, in the case of Outstanding Notes held through
    book-entry, such book-entry transfer facility specified by the
    holder), or the legal representative or attorney-in-fact of a
    holder, may execute and deliver this Letter of Transmittal. Any
    beneficial owner of Outstanding Notes who wishes to accept the
    Exchange Offer must arrange promptly for the appropriate holder
    to execute and deliver this Letter of Transmittal on his or her
    behalf through the execution and delivery to the appropriate
    holder of the &#147;Instructions to Registered Holder from
    Beneficial Owner&#148; form accompanying this Letter of
    Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;<I>Signature on this Letter of Transmittal; Written
    Instruments and Endorsements; Guarantee of
    Signatures.</I>&#160;&#160;If this Letter of Transmittal is
    signed by the registered holder(s) (which term, for the purposes
    described herein, shall include the
    <FONT style="white-space: nowrap">book-entry</FONT>
    transfer facility whose name appears on a security listing as
    the owner of the Outstanding Notes) of the Outstanding Notes
    tendered hereby, the signature must correspond exactly with the
    name(s) as written on the face of the certificates (or on such
    security listing) without alteration, addition, enlargement or
    any change whatsoever.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any of the Outstanding Notes tendered hereby are owned of
    record by two or more joint owners, all such owners must sign
    this Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a number of Outstanding Notes registered in different names
    are tendered, it will be necessary to complete, sign and submit
    as many separate copies of this Letter of Transmittal (or
    facsimiles hereof) as there are different registrations of
    Outstanding Notes.
</DIV>
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    <BR>
    16
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When this Letter of Transmittal is signed by the registered
    holder(s) of Outstanding Notes (which term, for the purposes
    described herein, shall include the book-entry transfer facility
    whose name appears on a security listing as the owner of the
    Outstanding Notes) listed and tendered hereby, no endorsements
    of certificates or separate written instruments of transfer or
    exchange are required. If, however, this Letter of Transmittal
    is signed by a person other than the registered holder(s) of the
    Outstanding Notes listed or the Exchange Notes are to be issued,
    or any untendered Outstanding Notes are to be reissued, to a
    person other than the registered holder(s) of the Outstanding
    Notes, such Outstanding Notes must be endorsed or accompanied by
    separate written instruments of transfer or exchange in form
    satisfactory to the Company and duly executed by the registered
    holder, in each case signed exactly as the name or names of the
    registered holder(s) appear(s) on the Outstanding Notes and the
    signatures on such certificates must be guaranteed by an
    Eligible Guarantor Institution. If this Letter of Transmittal,
    any certificates or separate written instruments of transfer or
    exchange are signed by trustees, executors, administrators,
    guardians, attorneys-in-fact, officers of corporations or others
    acting in a fiduciary or representative capacity, such persons
    should so indicate when signing, and, unless waived by the
    Company, submit proper evidence satisfactory to the Company, in
    its sole discretion, of such persons&#146; authority to so act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Endorsements on certificates for the Outstanding Notes or
    signatures on bond powers required by this Instruction&#160;4
    must be guaranteed by a member firm of a registered national
    securities exchange or of the Financial Industry Regulatory
    Authority, a commercial bank or trust company having an office
    or correspondent in the United States or another &#147;eligible
    guarantor institution&#148; within the meaning of
    <FONT style="white-space: nowrap">Rule&#160;17A(d)-15</FONT>
    under the Securities Exchange Act of 1934, as amended (an
    &#147;Eligible Guarantor Institution&#148;).</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Signatures on this Letter of Transmittal must be guaranteed
    by an Eligible Guarantor Institution, unless Outstanding Notes
    are tendered: (i)&#160;by a registered holder (which term, for
    the purposes described herein, shall include the book-entry
    transfer facility whose name appears on a security listing as
    the owner of the Outstanding Notes) who has not completed the
    box entitled &#147;Special Registration Instructions&#148; or
    &#147;Special Delivery Instructions&#148; on this Letter of
    Transmittal; or (ii)&#160;for the account of an Eligible
    Guarantor Institution.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.&#160;<I>Special Registration and Delivery
    Instructions.</I>&#160;&#160;Tendering holders should indicate,
    in the applicable Box 6 or Box 7, the name and address in/to
    which the Exchange Notes
    <FONT style="white-space: nowrap">and/or</FONT>
    certificates for Outstanding Notes not exchanged are to be
    issued or sent, if different from the name(s) and address(es) of
    the person signing this Letter of Transmittal. In the case of
    issuance in a different name, the tax identification number or
    social security number of the person named must also be
    indicated. A holder tendering the Outstanding Notes by
    book-entry transfer may request that the Outstanding Notes not
    exchanged be credited to such account maintained at the
    book-entry transfer facility as such holder may designate. See
    Box 4.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If no such instructions are given, the Exchange Notes (and any
    Outstanding Notes not tendered or not accepted) will be issued
    in the name of and sent to the holder signing this Letter of
    Transmittal or deposited into such holder&#146;s account at the
    applicable book-entry transfer facility.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6.&#160;<I>Transfer Taxes.</I>&#160;&#160;The Company shall pay
    all transfer taxes, if any, applicable to the transfer and
    exchange of the Outstanding Notes to it or its order pursuant to
    the Exchange Offer. If, however, certificates representing
    Outstanding Notes for principal amounts not tendered or accepted
    for exchange are to be delivered to, or are to be issued in the
    name of, any person other than the registered holder of
    Outstanding Notes tendered, or the Exchange Notes are delivered
    to or issued in the name of a person other than the registered
    holder, or if a transfer tax is imposed for any reason other
    than the transfer and exchange of Outstanding Notes to the
    Company or its order pursuant to the Exchange Offer, the amount
    of any such transfer taxes (whether imposed on the registered
    holder or any other person) will be payable by the tendering
    holder. If satisfactory evidence of payment of such taxes or
    exemption therefrom is not submitted herewith the amount of such
    transfer taxes will be billed directly to such tendering holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as provided in this Instruction&#160;6, it will not be
    necessary for transfer tax stamps to be affixed to the
    Outstanding Notes listed in this Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    7.&#160;<I>Waiver of Conditions.</I>&#160;&#160;The Company
    reserves the absolute right to waive, in whole or in part, any
    of the conditions to the Exchange Offer set forth in the
    Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.&#160;<I>Mutilated, Lost, Stolen or Destroyed Securities. </I>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#160;&#160;Any holder whose Outstanding Notes have been
    mutilated, lost, stolen or destroyed, should promptly contact
    the Exchange Agent at the address set forth on the first page
    hereof for further instructions. The holder will then be
    instructed as to the steps that must be taken in order to
    replace the certificate(s). This Letter
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    of Transmittal and related documents cannot be processed until
    the procedures for replacing lost, destroyed or stolen
    certificate(s) have been completed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.&#160;<I>No Conditional Tenders; No Notice of
    Irregularities.</I>&#160;&#160;No alternative, conditional,
    irregular or contingent tenders will be accepted. All tendering
    holders, by execution of this Letter of Transmittal, shall waive
    any right to receive notice of the acceptance of their
    Outstanding Notes for exchange. The Company reserves the right,
    in its reasonable judgment, to waive any defects, irregularities
    or conditions of tender as to particular Outstanding Notes. The
    Company&#146;s interpretation of the terms and conditions of the
    Exchange Offer (including the instructions in this Letter of
    Transmittal) will be final and binding on all parties. Unless
    waived, any defects or irregularities in connection with tenders
    of Outstanding Notes must be cured within such time as the
    Company shall determine. Although the Company intends to notify
    holders of defects or irregularities with respect to tenders of
    Outstanding Notes, neither the Company, the Exchange Agent nor
    any other person is under any obligation to give such notice nor
    shall they incur any liability for failure to give such
    notification. Tenders of Outstanding Notes will not be deemed to
    have been made until such defects or irregularities have been
    cured or waived. Any Outstanding Notes received by the Exchange
    Agent that are not properly tendered and as to which the defects
    or irregularities have not been cured or waived will be returned
    by the Exchange Agent to the tendering holder promptly following
    the Expiration Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.&#160;<I>Requests for Assistance or Additional
    Copies.</I>&#160;&#160;Questions relating to the procedure for
    tendering, as well as requests for additional copies of the
    Prospectus and this Letter of Transmittal, may be directed to
    the Exchange Agent at the address and telephone number set forth
    on the first page hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>IMPORTANT: THIS LETTER OF TRANSMITTAL OR A FACSIMILE OR COPY
    THEREOF (TOGETHER WITH CERTIFICATES OF OUTSTANDING
    NOTES&#160;AND ALL OTHER REQUIRED DOCUMENTS), OR A CONFIRMATION
    OF BOOK-ENTRY TRANSFER AND AGENT&#146;S MESSAGE OR A NOTICE OF
    GUARANTEED DELIVERY MUST BE RECEIVED BY THE EXCHANGE AGENT ON OR
    PRIOR TO THE EXPIRATION DATE.</B>
</DIV>
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    <B><FONT style="font-family: 'Times New Roman', Times">IMPORTANT
    TAX INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under U.S.&#160;federal income tax law, a tendering holder whose
    Outstanding Notes are accepted for exchange may be subject to
    backup withholding unless the holder provides the Exchange Agent
    with either (i)&#160;such holder&#146;s correct taxpayer
    identification number (&#147;TIN&#148;) on the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    attached hereto, certifying (A)&#160;that the TIN provided on
    Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    is correct (or that such holder of Outstanding Notes is awaiting
    a TIN), (B)&#160;that the holder of Outstanding Notes is not
    subject to backup withholding because (x)&#160;such holder of
    Outstanding Notes is exempt from backup withholding,
    (y)&#160;such holder of Outstanding Notes has not been notified
    by the Internal Revenue Service that he or she is subject to
    backup withholding as a result of a failure to report all
    interest or dividends or (z)&#160;the Internal Revenue Service
    has notified the holder of Outstanding Notes that he or she is
    no longer subject to backup withholding and (C)&#160;that the
    holder of Outstanding Notes is a U.S.&#160;person (including a
    U.S.&#160;resident alien); or (ii)&#160;an adequate basis for
    exemption from backup withholding. If such holder of Outstanding
    Notes is an individual, the TIN is such holder&#146;s social
    security number. If the Exchange Agent is not provided with the
    correct TIN, the holder of Outstanding Notes may also be subject
    to certain penalties imposed by the Internal Revenue Service and
    any reportable payments that are made to such holder may be
    subject to backup withholding (see below).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain holders of Outstanding Notes (including, among others,
    all corporations and certain foreign holders) are not subject to
    these backup withholding and reporting requirements. However,
    exempt holders of Outstanding Notes should indicate their exempt
    status on the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9.</FONT>
    For example, a corporation should complete the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9,</FONT>
    providing its TIN and indicating that it is exempt from backup
    withholding. In order for a foreign holder to qualify as an
    exempt recipient, the holder must submit a
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or other applicable
    <FONT style="white-space: nowrap">Form&#160;W-8),</FONT>
    signed under penalties of perjury, attesting to that
    holder&#146;s exempt status. A
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or other applicable
    <FONT style="white-space: nowrap">Form&#160;W-8)</FONT>
    can be obtained from the Exchange Agent. See the enclosed
    &#147;Guidelines for Certification of Taxpayer Identification
    Number on Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9&#148;</FONT>
    for more instructions. Holders are encouraged to consult their
    own tax advisors to determine whether they are exempt from these
    backup withholding and reporting requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If backup withholding applies, the Exchange Agent is required to
    withhold 28% of any reportable payments made to the holder of
    Outstanding Notes or other payee. Backup withholding is not an
    additional tax. Rather, the tax liability of persons subject to
    backup withholding will be reduced by the amount of tax
    withheld. If withholding results in an overpayment of taxes, a
    refund may be obtained from the Internal Revenue Service,
    provided the required information is furnished. The Exchange
    Agent cannot refund amounts withheld by reason of backup
    withholding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A holder who does not have a TIN may check the box in
    Part&#160;3 of the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    if the surrendering holder of Outstanding Notes has not been
    issued a TIN and has applied for a TIN or intends to apply for a
    TIN in the near future. If the box in Part&#160;3 is checked,
    the holder of Outstanding Notes or other payee must also
    complete the Certificate of Awaiting Taxpayer Identification
    Number in order to avoid backup withholding. Notwithstanding
    that the box in Part&#160;3 is checked and the Certificate of
    Awaiting Taxpayer Identification Number is completed, the
    Exchange Agent will withhold 28% of all reportable payments made
    prior to the time a properly certified TIN is provided to the
    Exchange Agent and, if the Exchange Agent is not provided with a
    TIN within 60&#160;days, such amounts will be paid over to the
    Internal Revenue Service. The holder of Outstanding Notes is
    required to give the Exchange Agent the TIN (e.g., social
    security number or employer identification number) of the record
    owner of the Outstanding Notes. If the Outstanding Notes are in
    more than one name or are not in the name of the actual owner,
    consult the enclosed &#147;Guidelines for Certification of
    Taxpayer Identification Number on Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9&#148;</FONT>
    for additional guidance on which number to report.
</DIV>
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<TYPE>EX-99.2
<SEQUENCE>50
<FILENAME>o69608exv99w2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w2</TITLE>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    99.2</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PRECISION
    DRILLING CORPORATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">OFFER TO
    EXCHANGE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">US$650,000,000
    AGGREGATE PRINCIPAL AMOUNT OF ITS 6.625% SENIOR NOTES&#160;DUE
    2020, WHICH HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
    1933, AS AMENDED, FOR ANY AND ALL OF ITS OUTSTANDING 6.625%
    SENIOR NOTES&#160;DUE 2020</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <FONT style="font-family: 'Times New Roman', Times">, 2011
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>To Brokers, Dealers, Commercial Banks,</I>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#160;&#160;Trust&#160;Companies and other Nominees:</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As described in the enclosed Prospectus,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 (as the same may be amended or supplemented from time to
    time, the &#147;Prospectus&#148;) (and, in the event that you
    are resident in Canada, a confidential offering memorandum (the
    &#147;Canadian Offering Memorandum&#148;) of which the
    Prospectus forms a part), and Letter of Transmittal (the
    &#147;Letter of Transmittal&#148;), Precision Drilling
    Corporation (the &#147;Company&#148;) and certain subsidiaries
    of the Company (the &#147;Guarantors&#148;), are offering to
    exchange (the &#147;Exchange Offer&#148;) an aggregate principal
    amount of up to US$650,000,000 of the Company&#146;s
    6.625%&#160;Senior Notes due 2020 (the &#147;Exchange
    Notes&#148;), which have been registered under the Securities
    Act of 1933, as amended (the &#147;Securities Act&#148;), for
    any and all of its outstanding 6.625%&#160;Senior Notes due 2020
    (the &#147;Outstanding Notes&#148;) in minimum denominations of
    US$2,000 and any integral multiples of US$1,000 in excess
    thereof upon the terms and subject to the conditions of the
    enclosed Prospectus and Letter of Transmittal. The terms of the
    Exchange Notes are identical in all material respects (including
    principal amount, interest rate and maturity) to the terms of
    the Outstanding Notes for which they may be exchanged pursuant
    to the Exchange Offer, except that the Exchange Notes are freely
    transferable by holders thereof in the United States. In the
    event that you are a resident of Canada, the Exchange Notes will
    be subject to resale restrictions in Canada as described under
    the heading &#147;Legend on Notes&#148; in the Canadian Offering
    Memorandum. The Outstanding Notes are unconditionally guaranteed
    (the &#147;Old Guarantees&#148;) by the Guarantors, and the
    Exchange Notes will be unconditionally guaranteed (the &#147;New
    Guarantees&#148;) by the Guarantors. Upon the terms and subject
    to the conditions set forth in the Prospectus, the Canadian
    Offering Memorandum, if applicable, and the Letter of
    Transmittal, the Guarantors offer to issue the New Guarantees
    with respect to all Exchange Notes issued in the Exchange Offer
    in exchange for the Old Guarantees of the Outstanding Notes for
    which such Exchange Notes are issued in the Exchange Offer.
    Throughout this letter, unless the context otherwise requires
    and whether so expressed or not, references to the
    &#147;Exchange Offer&#148; include the Guarantors&#146; offer to
    exchange the New Guarantees for the Old Guarantees, references
    to the &#147;Exchange Notes&#148; include the related New
    Guarantees and references to the &#147;Outstanding Notes&#148;
    include the related Old Guarantees. The Company will, subject to
    the exercise of its discretion, accept for exchange any and all
    Outstanding Notes properly tendered according to the terms of
    the Prospectus, the Canadian Offering Memorandum, if applicable,
    and the Letter of Transmittal. Consummation of the Exchange
    Offer is subject to certain conditions described in the
    Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>WE URGE YOU TO PROMPTLY CONTACT YOUR CLIENTS FOR WHOM YOU
    HOLD OUTSTANDING NOTES&#160;REGISTERED IN YOUR NAME OR IN THE
    NAME OF YOUR NOMINEE. PLEASE BRING THE EXCHANGE OFFER TO THEIR
    ATTENTION AS PROMPTLY AS POSSIBLE.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Enclosed are copies of the following documents:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;The Prospectus and, if you are a resident in Canada, the
    Canadian Offering Memorandum;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;The Letter of Transmittal for your use in connection
    with the tender of Outstanding Notes and for the information of
    your clients, including a Substitute Form
    <FONT style="white-space: nowrap">W-9</FONT> and
    Guidelines for Certification of Taxpayer Identification Number
    on Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    (providing information relating to U.S.&#160;federal income tax
    backup withholding);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;A form of Notice of Guaranteed Delivery;&#160;and
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;A form of letter, including a letter of instructions to
    a registered holder from a beneficial owner, which you may use
    to correspond with your clients for whose accounts you hold
    Outstanding Notes that are registered in your name or the name
    of your nominee, with space provided for obtaining such
    clients&#146; instructions regarding the Exchange Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Your prompt action is requested. Please note that the Exchange
    Offer will expire at 11:59&#160;p.m., New York City time,
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 (the &#147;Expiration Date&#148;), unless the Company
    otherwise extends the Exchange Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To participate in the Exchange Offer, certificates for
    Outstanding Notes, together with a duly executed and properly
    completed Letter of Transmittal or facsimile thereof with any
    required signature guarantees, and any other required documents,
    or a timely confirmation of a book-entry transfer of such
    Outstanding Notes into the account of The Bank of New York
    Mellon (the &#147;Exchange Agent&#148;), at the book-entry
    transfer facility and an agent&#146;s message to the Exchange
    Agent must be received by the Exchange Agent by the Expiration
    Date as indicated in the Prospectus and the Letter of
    Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company will not pay any fees or commissions to any broker
    or dealer or to any other persons (other than the Exchange
    Agent) in connection with the solicitation of tenders of the
    Outstanding Notes pursuant to the Exchange Offer. However, the
    Company will pay or cause to be paid any transfer taxes, if any,
    applicable to the tender of the Outstanding Notes to it or its
    order, except as otherwise provided in the Prospectus, the
    Canadian Offering Memorandum, if applicable, and Letter of
    Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If holders of the Outstanding Notes wish to tender, but it is
    impracticable for them to forward their Outstanding Notes prior
    to the Expiration Date or to comply with the book-entry transfer
    procedures on a timely basis, a tender may be effected by
    following the guaranteed delivery procedures described in the
    Prospectus, the Canadian Offering Memorandum, if applicable, and
    in the Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any inquiries you may have with respect to the Exchange Offer
    should be addressed to the Exchange Agent at its address and
    telephone number set forth in the enclosed Prospectus and Letter
    of Transmittal. Additional copies of the enclosed materials may
    be obtained from the Exchange Agent.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 45%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Very truly yours,
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 45%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 45%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    PRECISION DRILLING CORPORATION
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    NOTHING CONTAINED HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL
    CONSTITUTE YOU OR ANY OTHER PERSON AS AN AGENT OF THE COMPANY OR
    THE EXCHANGE AGENT, OR AUTHORIZE YOU OR ANY OTHER PERSON TO USE
    ANY DOCUMENT OR MAKE ANY STATEMENTS ON BEHALF OF EITHER OF THEM
    IN CONNECTION WITH THE EXCHANGE OFFER, OTHER THAN THE DOCUMENTS
    ENCLOSED HEREWITH AND THE STATEMENTS EXPRESSLY CONTAINED THEREIN.
</DIV>
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    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>51
<FILENAME>o69608exv99w3.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    99.3</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PRECISION
    DRILLING CORPORATION</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">OFFER TO
    EXCHANGE</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">US$650,000,000
    AGGREGATE PRINCIPAL AMOUNT OF ITS 6.625% SENIOR NOTES&#160;DUE
    2020, WHICH HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
    1933, AS AMENDED, FOR ANY AND ALL OF ITS OUTSTANDING 6.625%
    SENIOR NOTES&#160;DUE 2020</FONT></B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <FONT style="font-family: 'Times New Roman', Times">, 2011
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To Our Clients:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Enclosed for your consideration are a Prospectus,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 (as the same may be amended or supplemented from time to
    time, the &#147;Prospectus&#148;) (and, in the event that you
    are resident in Canada, a confidential offering memorandum (the
    &#147;Canadian Offering Memorandum&#148;) of which the
    Prospectus forms a part), and a Letter of Transmittal (the
    &#147;Letter of Transmittal&#148;), relating to the offer (the
    &#147;Exchange Offer&#148;) by Precision Drilling Corporation
    (the &#147;Company&#148;) and certain subsidiaries of the
    Company (the &#147;Guarantors&#148;), to exchange an aggregate
    principal amount of up to US$650,000,000 of the Company&#146;s
    6.625%&#160;Senior Notes due 2020 (the &#147;Exchange
    Notes&#148;), which have been registered under the Securities
    Act of 1933, as amended (the &#147;Securities Act&#148;), for
    any and all of its outstanding 6.625%&#160;Senior Notes due 2020
    (the &#147;Outstanding Notes&#148;) in minimum denominations of
    US$2,000 and integral multiples of US$1,000 in excess thereof
    upon the terms and subject to the conditions of the enclosed
    Prospectus and Letter of Transmittal. The terms of the Exchange
    Notes are identical in all material respects (including
    principal amount, interest rate and maturity) to the terms of
    the Outstanding Notes for which they may be exchanged pursuant
    to the Exchange Offer, except that the Exchange Notes are freely
    transferable by holders thereof in the United States, upon the
    terms and subject to the conditions of the enclosed Prospectus
    and the related Letter of Transmittal. In the event that you are
    a resident of Canada, the Exchange Notes will be subject to
    resale restrictions in Canada as described under the heading
    &#147;Legend on Notes&#148; in the Canadian Offering Memorandum.
    The Outstanding Notes are unconditionally guaranteed (the
    &#147;Old Guarantees&#148;) by the Guarantors, and the Exchange
    Notes are unconditionally guaranteed (the &#147;New
    Guarantees&#148;) by the Guarantors. Upon the terms and subject
    to the conditions set forth in the Prospectus, the Canadian
    Offering Memorandum, if applicable, and the Letter of
    Transmittal, the Guarantors offer to issue the New Guarantees
    with respect to all Exchange Notes issued in the Exchange Offer
    in exchange for the Old Guarantees of the Outstanding Notes for
    which such Exchange Notes are issued in the Exchange Offer.
    Throughout this letter, unless the context otherwise requires
    and whether so expressed or not, references to the
    &#147;Exchange Offer&#148; include the Guarantors&#146; offer to
    exchange the New Guarantees for the Old Guarantees, references
    to the &#147;Exchange Notes&#148; include the related New
    Guarantees and references to the &#147;Outstanding Notes&#148;
    include the related Old Guarantees. The Company will, subject to
    the exercise of its discretion, accept for exchange any and all
    Outstanding Notes properly tendered according to the terms of
    the Prospectus, the Canadian Offering Memorandum, if applicable,
    and the Letter of Transmittal. Consummation of the Exchange
    Offer is subject to certain conditions described in the
    Prospectus.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    PLEASE NOTE&#160;THAT THE EXCHANGE OFFER WILL EXPIRE AT
    11:59&#160;P.M., NEW YORK CITY TIME,
    ON&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 (THE &#147;EXPIRATION DATE&#148;), UNLESS THE COMPANY
    EXTENDS THE EXCHANGE OFFER.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The enclosed materials are being forwarded to you as the
    beneficial owner of the Outstanding Notes held by us for your
    account but not registered in your name. A tender of such
    Outstanding Notes may only be made by us as the registered
    holder and pursuant to your instructions. Therefore, the Company
    urges beneficial owners of Outstanding Notes registered in the
    name of a broker, dealer, commercial bank, trust company or
    other nominee to contact such registered holder promptly if such
    beneficial owners wish to tender their Outstanding Notes in the
    Exchange Offer.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Accordingly, we request instructions as to whether you wish to
    tender any or all such Outstanding Notes held by us for your
    account, pursuant to the terms and conditions set forth in the
    enclosed Prospectus, the Canadian Offering Memorandum, if
    applicable, and Letter of Transmittal. If you wish to have us
    tender any or all of your Outstanding Notes, please so instruct
    us by completing, signing and returning to us the
    &#147;Instructions to Registered Holder from Beneficial
    Owner&#148; form that appears below. We urge you to read the
    Prospectus and the Letter of Transmittal carefully before
    instructing us as to whether or not to tender your Outstanding
    Notes.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The accompanying Letter of Transmittal is furnished to you for
    your information only and may not be used by you to tender
    Outstanding Notes held by us and registered in our name for your
    account or benefit.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we do not receive written instructions in accordance with the
    below and the procedures presented in the Prospectus, the
    Canadian Offering Memorandum, if applicable, and the Letter of
    Transmittal, we will not tender any of the Outstanding Notes in
    your account.
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INSTRUCTIONS&#160;TO
    REGISTERED HOLDER FROM BENEFICIAL OWNER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned beneficial owner acknowledges receipt of your
    letter and the accompanying Prospectus
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 (as the same may be amended or supplemented from time to
    time, the &#147;Prospectus&#148;)(and, in the event that the
    undersigned is a resident in Canada, a confidential offering
    memorandum (the &#147;Canadian Offering Memorandum&#148;) of
    which the Prospectus forms a part), and a Letter of Transmittal
    (the &#147;Letter of Transmittal&#148;), relating to the offer
    (the &#147;Exchange Offer&#148;) by Precision Drilling
    Corporation (the &#147;Company&#148;) and certain subsidiaries
    of the Company (the &#147;Guarantors&#148;) to exchange an
    aggregate principal amount of up to US$650,000,000 of its
    6.625%&#160;Senior Notes due 2020 (the &#147;Exchange
    Notes&#148;), which have been registered under the Securities
    Act of 1933, as amended (the &#147;Securities Act&#148;), for
    any and all of its outstanding 6.625%&#160;Senior Notes due 2020
    (the &#147;Outstanding Notes&#148;), upon the terms and subject
    to the conditions set forth in the Prospectus and the Letter of
    Transmittal. Capitalized terms used but not defined herein have
    the meanings ascribed to them in the Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This will instruct you, the registered holder, to tender the
    principal amount of the Outstanding Notes indicated below held
    by you for the account of the undersigned, upon the terms and
    subject to the conditions set forth in the Prospectus, the
    Canadian Offering Memorandum, if applicable, and the Letter of
    Transmittal.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Principal Amount Held<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>for Account Holder(s)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Principal Amount to be Tendered*</B>
</DIV>
</TD>
</TR>
<!-- TableOutputBody -->
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Unless otherwise indicated, the entire principal amount held for
    the account of the undersigned will be tendered.</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the undersigned instructs you to tender the Outstanding Notes
    held by you for the account of the undersigned, it is understood
    that you are authorized (a)&#160;to make, on behalf of the
    undersigned (and the undersigned, by its signature below, hereby
    makes to you), the representations and warranties contained in
    the Letter of Transmittal that are to be made with respect to
    the undersigned as a beneficial owner of the Outstanding Notes,
    including but not limited to the representations that the
    undersigned (i)&#160;is not an &#147;affiliate,&#148; as defined
    in Rule&#160;405 under the Securities Act, of the Company or the
    Guarantors, (ii)&#160;is not engaged in, and does not intend to
    engage in, and has no arrangement or understanding with any
    person to participate in, a distribution of Exchange Notes,
    (iii)&#160;is acquiring the Exchange Notes in the ordinary
    course of its business and (iv)&#160;is not a broker-dealer
    tendering Outstanding Notes acquired for its own account
    directly from the Company and, in the event that the undersigned
    is a resident in Canada, the representations, agreements,
    confirmations and certifications set forth under the heading
    &#147;Representations of Holders&#148; in the Canadian Offering
    Memorandum. If a holder of the Outstanding Notes is an affiliate
    of the Company or the Guarantors, is not acquiring the Exchange
    Notes in the ordinary course of its business, is engaged in or
    intends to engage in a distribution of the Exchange Notes or has
    any arrangement or understanding with respect to the
    distribution of the Exchange Notes to be acquired pursuant to
    the Exchange Offer, such holder may not rely on the applicable
    interpretations of the staff of the Securities and Exchange
    Commission relating to exemptions from the registration and
    prospectus delivery requirements of the Securities Act and must
    comply with such requirements in connection with any secondary
    resale transaction.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGN
    HERE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Dated:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>, 2011
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="11%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Signature(s):&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Print Name(s):&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Address:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Please include Zip/Postal
    Code)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="16%"></TD>
    <TD width="84%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Telephone Number&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Please include Area
    Code)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="69%"></TD>
    <TD width="31%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Tax Identification Number, Social Security Number or Social
    Insurance Number:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="28%"></TD>
    <TD width="72%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    My Account Number With You:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>52
<FILENAME>o69608exv99w4.htm
<DESCRIPTION>EX-99.4
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99.4</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PRECISION
    DRILLING CORPORATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">NOTICE OF GUARANTEED
    DELIVERY<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">OFFER TO EXCHANGE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">US$650,000,000 AGGREGATE
    PRINCIPAL AMOUNT OF ITS 6.625% SENIOR NOTES&#160;DUE 2020,<BR>
    WHICH HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
    AMENDED,<BR>
    FOR ANY AND ALL OF ITS OUTSTANDING 6.625% SENIOR NOTES&#160;DUE
    2020</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This form, or one substantially equivalent hereto, must be used
    to accept the Exchange Offer made by Precision Drilling
    Corporation, a corporation amalgamated under the laws of the
    Province of Alberta, Canada (the &#147;Company&#148;), and the
    Guarantors, pursuant to the Prospectus,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 (the &#147;Prospectus&#148; which term, where the context
    dictates and when used in respect of holders of Outstanding
    Notes resident in Canada, includes the confidential Canadian
    offering memorandum of which the Prospectus forms a part), and
    the attached Letter of Transmittal (the &#147;Letter of
    Transmittal&#148;), if the certificates for the Outstanding
    Notes are not immediately available or if the procedure for
    book-entry transfer cannot be completed on a timely basis or
    time will not permit all required documents to reach the
    Exchange Agent prior to 11:59&#160;p.m., New York City time, on
    the Expiration Date of the Exchange Offer. This form may be
    delivered or transmitted by facsimile transmission (if
    signatures are not required to be medallion guaranteed), mail or
    hand delivery to The Bank of New York Mellon (the &#147;Exchange
    Agent&#148;) as set forth below. In addition, in order to
    utilize the guaranteed delivery procedure to tender the
    Outstanding Notes pursuant to the Exchange Offer, a completed,
    signed and dated Letter of Transmittal (or facsimile thereof)
    and the certificates representing the Outstanding Notes,
    together with any documents required by the Letter of
    Transmittal or a book-entry confirmation and agent&#146;s
    message, must also be received by the Exchange Agent within
    three (3)&#160;New York Stock Exchange trading days after the
    Expiration Date of the Exchange Offer. Capitalized terms not
    defined herein have the meanings ascribed to them in the Letter
    of Transmittal.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">The
    Exchange Agent is:</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE BANK
    OF NEW YORK MELLON</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="35%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>By Registered or Certified Mail:</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I>By Regular Mail:</I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I>By Overnight Courier or Hand<BR>
    Delivery:</I>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    The Bank of New York Mellon<BR>
    Corporation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    The Bank of New York Mellon<BR>
    Corporation
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    The Bank of New York Mellon<BR>
    Corporation
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Corporate Trust&#160;Reorganization Unit<BR>
    480 Washington Boulevard&#160;&#151;
    27<SUP style="font-size: 85%; vertical-align: top">th<BR>

    </SUP>Floor<BR>
    Jersey City, NJ 07310<BR>
    Attn: Ms.&#160;Diane Amoroso<BR>
    Telephone:
    <FONT style="white-space: nowrap">(212)&#160;815-2742</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Corporate Trust Reorganization Unit<BR>
    480 Washington Boulevard&#160;&#151;
    27<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Floor <BR>
    Jersey City, NJ 07310<BR>
    Attn: Ms. Diane Amoroso<BR>
    Telephone: (212) 815-2742
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Corporate Trust Reorganization Unit<BR>
    480 Washington Boulevard&#160;&#151;
    27<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Floor<BR>
    Jersey City, NJ 07310<BR>
    Attn: Ms. Diane Amoroso<BR>
    Telephone: (212) 815-2742
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">By
    Facsimile Transmission<BR>
    (eligible institutions only):<BR>
    </FONT></I><FONT style="font-family: 'Times New Roman', Times">
    (212) 298-1915
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Telephone
    Inquiries:<BR>
    </FONT></I><FONT style="font-family: 'Times New Roman', Times">(212)
    815-2742
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS
    OTHER THAN AS SET FORTH ABOVE OR TRANSMISSION VIA FACSIMILE WHEN
    PERMITTED TO A NUMBER OTHER THAN AS SET FORTH ABOVE WILL NOT
    CONSTITUTE A VALID DELIVERY.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Notice of Guaranteed Delivery is not to be used to
    guarantee signatures. If a signature on a Letter of Transmittal
    is required to be guaranteed by an Eligible Guarantor
    Institution (as defined in the Prospectus), such signature
    guarantee must appear in the applicable space in Box 8 provided
    on the Letter of Transmittal for Guarantee of Signatures.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ladies and Gentlemen:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon the terms and subject to the conditions set forth in the
    Prospectus and the accompanying Letter of Transmittal, the
    undersigned hereby tenders to the Company the principal amount
    of Outstanding Notes indicated below, pursuant to the guaranteed
    delivery procedures described in &#147;The Exchange
    Offer&#160;&#151; Guaranteed Delivery Procedures&#148; section
    of the Prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>


<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="59%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Principal Amount of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Certificate Number(s) (if known) of Outstanding Notes or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Represented by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Outstanding Notes Being<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Account Number at Book-Entry Transfer Facility</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Outstanding Notes</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Tendered</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
</DIV><!-- End box 1 -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 11pt; border-right: 1px solid #000000; padding-right: 11pt; border-bottom: 1px solid #000000; padding-bottom: 11pt; border-left: 1px solid #000000; padding-left: 11pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PLEASE COMPLETE AND SIGN</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 42%; border-bottom: 1pt solid #000000"></CENTER>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Signature(s) of Record
    Holder(s))</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 42%; border-bottom: 1pt solid #000000"></CENTER>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Please Type or Print Name(s) of
    Record Holder(s))</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Dated:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>, 2011
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Address:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Zip/Postal Code)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 42%; border-bottom: 1pt solid #000000"></CENTER>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Daytime Area Code and Telephone
    No.)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT></B>&#160;&#160;Check
    this Box if the Outstanding Notes will be delivered by
    book-entry transfer to The Depository Trust&#160;Company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="14%"></TD>
    <TD width="86%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Account Number:&#160;</TD>
    <TD align="left">

</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>THE ACCOMPANYING GUARANTEE MUST BE COMPLETED.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 50 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>GUARANTEE OF DELIVERY</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>(Not to be used for signature guarantee)</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned, a member of a recognized signature medallion
    program or an &#147;eligible guarantor institution,&#148; as
    such term is defined in
    <FONT style="white-space: nowrap">Rule&#160;17A(d)-15</FONT>
    under the Securities Exchange Act of 1934, as amended (the
    &#147;Exchange Act&#148;), hereby (a)&#160;represents that the
    above person(s) &#147;own(s)&#148; the Outstanding Notes
    tendered hereby within the meaning of
    <FONT style="white-space: nowrap">Rule&#160;14e-4(b)(2)</FONT>
    under the Exchange Act, (b)&#160;represents that the tender of
    those Outstanding Notes complies with
    <FONT style="white-space: nowrap">Rule&#160;14e-4</FONT>
    under the Exchange Act and (c)&#160;guarantees to deliver to the
    Exchange Agent, at its address set forth in the Notice of
    Guaranteed Delivery, the certificates representing all tendered
    Outstanding Notes, in proper form for transfer, together with a
    properly completed and duly executed Letter of Transmittal (or
    facsimile thereof), with any required signature guarantees, and
    any other documents required by the Letter of Transmittal or a
    book-entry confirmation (a confirmation of a book-entry transfer
    of the Outstanding Notes into the Exchange Agent&#146;s account
    at The Depository Trust&#160;Company) and agent&#146;s message
    within three (3)&#160;New York Stock Exchange trading days after
    the Expiration Date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Name of Firm:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Authorized Signature)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Address:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Zip/Postal Code)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="20%"></TD>
    <TD width="80%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Area Code and Tel. No.:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Name:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">(Please Type or Print)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Title:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Dated:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT> , 2011
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">NOTE:&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">DO NOT
    SEND OUTSTANDING NOTES&#160;WITH THIS NOTICE OF GUARANTEED
    DELIVERY. OUTSTANDING NOTES&#160;SHOULD BE SENT WITH YOUR LETTER
    OF TRANSMITTAL.</FONT></B>
</TD>
</TR>

</TABLE>
</DIV><!-- End box 50 -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INSTRUCTIONS&#160;FOR
    NOTICE OF GUARANTEED DELIVERY</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Delivery
    of this Notice of Guaranteed Delivery.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A properly completed and duly executed copy of this Notice of
    Guaranteed Delivery and any other documents required by this
    Notice of Guaranteed Delivery must be received by the Exchange
    Agent at its address set forth on the cover page hereof prior to
    the Expiration Date of the Exchange Offer. The method of
    delivery of this Notice of Guaranteed Delivery and any other
    required documents to the Exchange Agent is at the election and
    risk of the holders and the delivery will be deemed made only
    when actually received by the Exchange Agent. Instead of
    delivery by mail, it is recommended that the holders use an
    overnight or hand delivery service, properly insured. If such
    delivery is by mail, it is recommended that the holders use
    properly insured, registered mail with return receipt requested.
    In all cases, sufficient time should be allowed to assure timely
    delivery. For a description of the guaranteed delivery
    procedure, see Instruction&#160;1 of the Letter of Transmittal.
    No Notice of Guaranteed Delivery should be sent to the Company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Signatures
    on this Notice of Guaranteed Delivery.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If this Notice of Guaranteed Delivery is signed by the
    registered holder(s) of the Outstanding Notes referred to
    herein, the signatures must correspond with the name(s) written
    on the face of the Outstanding Notes without alteration,
    addition, enlargement or any change whatsoever. If this Notice
    of Guaranteed Delivery is signed by a person other than the
    registered holder(s) of any Outstanding Notes listed, this
    Notice of Guaranteed Delivery must be accompanied by appropriate
    bond powers, signed as the name of the registered holder(s)
    appear(s) on the Outstanding Notes without alteration, addition,
    enlargement or any change whatsoever. If this Notice of
    Guaranteed Delivery is signed by a trustee, executor,
    administrator, guardian, attorney-in-fact, officer of a
    corporation or other person acting in a fiduciary or
    representative capacity, such person should so indicate when
    signing and, unless waived by the Company, evidence satisfactory
    to the Company of their authority so to act must be submitted
    with this Notice of Guaranteed Delivery.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Questions
    and Requests for Assistance or Additional Copies.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Questions and requests for assistance and requests for
    additional copies of the Prospectus may be directed to the
    Exchange Agent at the address set forth on the cover hereof.
    Holders may also contact their broker, dealer, commercial bank,
    trust company or other nominee for assistance concerning the
    Exchange Offer.
</DIV>
<!-- XBRL Pagebreak Begin -->

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